Premiums and Purchasing
Premium rates are set annually based on historical hail loss experienced by township, and are published on the Straight Hail Insurance Rate Map.
These rates vary by crop depending on the crop’s susceptibility to hail damage.
The Schedule of Insurance (included within the Straight Hail Insurance Rate Map), presents the eligible crops and rates by crop as a:
- base rate
- 3/4 times base rate
- 1 1/2 times base rate
- 1 3/4 times base rate
- 2 times base rate
A clients’ premium is the total dollar coverage multiplied by the premium rate and any applicable premium adjustments. There is a minimum $25 of actual calculated premium per insurance subscription.
Use our Straight Hail Premium Calculator to get an estimate of your premium based on your own crop mix.
Clients can pay online with a credit card at the time of purchase, at a local branch office or charge it to their AFSC account. Interest starts accruing in September and is calculated on a monthly basis at CIBC prime plus two per cent. An early payment discount (two per cent) is applied to premium payments that AFSC receives by June 25 or within 15 days of each version’s billing date; whichever is later.
AFSC offers an option to purchase Straight Hail Insurance at the same time the client elects coverage for Production Insurance for Annual Crops, as well as Silage Greenfeed Insurance and Corn Heat Unit Insurance. The client receives a two per cent discount on the auto-elect Straight Hail Insurance premium.
AFSC offers clients the ability to conveniently purchase Straight Hail Insurance from home, 24 hours per day through AFSC’s online service. A two per cent discount on the Straight Hail Insurance premium is issued to the client when insurance is purchased online.