Popular Questions about New Mexico Crop Insurance

Crop insurance has been supported and regulated by the federal government since 1938. The Risk Management Agency (RMA)—part of the US Department of Agriculture—manages the Federal Crop Insurance Corporation (FCIC). 

Since its inception, the crop insurance program has undergone several changes in order to better serve and protect farmers. At one time, crop insurance was mandatory for agricultural landowners. While the mandate was repealed in 1996, farmers who do not have crop insurance are not eligible for other federal disaster benefits after an event like a hurricane or tornado. Crop insurance is, therefore, highly recommended.

Private insurance companies have been offering crop insurance products since 2000. These insurance companies must contract through the RMA in order to sell crop insurance to farmers. 

Local independent insurance agents can help you review your coverage options so you can compare quotes and policies that are available to you.

There are more than 24,000 farms covering 43.2 million acres of land in the state of New Mexico. The combined market value of the agricultural products sold in this state exceeds $2.5 billion. 

New Mexico’s farmland is subject to destruction by forces like fire, hail, flooding, and tornadoes. If a wildfire decimates your crops or if a tornado flattens your fields, crop insurance can help you recover from your financial losses. 

There are three different types of coverage offered by crop insurance: crop-hail coverage, multiple peril crop coverage, and crop revenue coverage. You may elect to purchase any or all of these coverage types.

New Mexico crop insurance premiums depend on several variables including the size of your farm, the types of crops you are insuring, the weather risks in your state, and the types of coverage you wish to buy.

An independent agent can help you determine the types of crop insurance coverage that you need to protect your farm from devastating losses. Independent agents can work with multiple insurance companies, so you can get the best coverage for your unique needs and budget. 

There are currently 146 independent agents in New Mexico. Find an agent near you to learn more about finding the right crop insurance.

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Average farm size in New Mexico 1,748 acres

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Most common disaster in New Mexico Fire

Average crop value per farm in New Mexico $103,157

CityAverage farm size (acres)Average crop value / farmWeather risks
Albuquerque349$18,023Wildfires and floods
Las Cruces302$160,729Floods and severe storms
Rio Rancho349$18,023Wildfires and Floods
Santa Fe1004$17,869Floods and severe Storms
Roswell4173$652,267Wildfires and floods
Farmington923$27,135Floods and severe storms
Clovis1468$745,526Wildfires and severe storms
Hobbs4309$410,708Wildfires and severe storms
Alamogordo2518$6,584Wildfires and floods
Carlsbad2073$216,994Floods and severe storms
Gallup1316$3,652Floods and severe storms
Taos319$8,560Floods and severe storms