May 2021
Upcoming Events
Every Saturday morning “Insights into Insurance” radio show KATE 1450AM 8:45 am
May 9 - Happy Mother’s Day
May 31- Memorial Day (Office Closed)
May 31- Corn Final Planting Date
June 10- Soybeans Final Planting Date
June 20 - Happy Father’s Day
June 25- Corn End of Late Planting Period
July 2-5 Happy Fourth of July (Office Closed)
July 5- Soybeans End of Late Planting Period
July 15 - Acreage Report deadline for FSA and Crop Insurance
Farm Insurance Highlights
Replacement Costs Reach Historic Highs - Are You Covered Properly?
According to Verisk’s total reconstruction costs including materials and labor, have increased sharply – up 9.1% from January 2020 to January 2021, as lumber costs posted a 54% jump. Reconstruction costs increased in all states, with Minnesota increases in the 8.71% -9.49%, slowing slightly from the prior quarter report. Labor also contributed to the rise in costs, with combined labor costs increasing 7.9% in January ’21 over January ’20. A low-interest-rate environment had already created a tight housing market even before the pandemic. But combine a shift to work-at-home requirements (aka “work-from-anywhere” abilities) with an urban exodus amid a pandemic-constricted lumber supply and lumber and construction costs are at an all-time high. Did you know it is the insured's responsibility to make sure you are covered adequately for values? If you would like us to do a new Cost estimator on your home and outbuildings please contact us at 507-377-2000 and we would be glad to do that for you.
Crop Insurance
Crop Insurance Premiums Formula Rewards Improvements
Farmers who embrace new tools and techniques that boost yields receive lower insurance premiums under crop insurance's self-correcting formula that tracks historic yields. The government also sometimes incentivizes desired behavior by paying for part of farmers' premiums.
Grain Marketing
AgriSompo North America Daily Market Outlook Email
Many of our farmers receive a daily email from AgriSompo North America which includes a team of grain marketing experts and revenue analysts who provide easy-to-understand analysis of historical trends, market fluctuations, as well as political and global events that affect today’s producer. Included with this email is a Field and Yield Informant which gives you a breakdown of how the planting, harvesting, weather events, crop conditions, and yields are doing on a daily basis throughout the country.
If you would like to be included to receive this email please email Tom Sorenson toms@americanainsurance.com and he will get you added to the list to receive this.
Financial
USDA Announces CFAP Changes, with Additional Payments Starting on April 19, 2021
Read More
Insights Into Insurance Radio Show
Health Insurance for Farmers- Listen to Tom Sorenson Agency Director of Americana Insurance Group and Mike Woitas of KATE 1450 AM radio interview with Terri Moxley Director of Benefits and Distribution 40 Square Cooperative Solutions.