Indiana went through a major drought last year. While many suffered through the horrendous heat, none got hit harder than Indiana farmers. In the past few months making my economic rounds, I went and talked with a few farmers about crop insurance payments and many said they faced no income level drops compared to a regular crop season. This has been backed up by Gary Truitt of Hoosier Ag Today:
Indiana farmers so far have received more than $1 billion in crop insurance payments from losses last year when drought ravaged crops throughout the state. The payouts are double the previous record. The previous record amount of insurance indemnity payments to Indiana farmers for the three crops was $522 million in 2008.
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