Drought Insurance Payouts To Top $20 Billion?

By: CNN
By: CNN

The drought toll tally continues to rise.

Now insurance money paid out on crop losses is expected to break records.

The National Crop Insurance Services group estimates losses could top $20 billion.

Most farmers carry crop insurance to cover them during disastrous seasons like the one we are experiencing now. Crop insurance is heavily subsidized, with the federal government paying an average of 60-cents on the dollar of premiums.

That means taxpayers will be footing part of the bill. That's on top of the prices increases they're expected to face at the grocery store.


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