The FARMER Act of 2024 modifies federal crop insurance programs to increase premium subsidies for farmers who choose certain insurance plans. Specifically, the bill raises government premium support from current levels to 77 percent for certain revenue or yield protection plans using enterprise or whole farm units, and increases subsidies for supplemental coverage options from 65 percent to 80 percent. The legislation also makes technical adjustments to coverage levels for supplemental insurance products to expand their usefulness. Additionally, the bill requires the Federal Crop Insurance Corporation to study whether supplemental coverage can be modified to serve larger counties with coverage options between individual farm policies and full county-wide policies, with findings due to Congress within one year of the bill's enactment. The changes primarily benefit grain and commodity farmers who purchase crop insurance through federal programs.
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