U.S. farmers and ranchers spent more than $4 billion last year to purchase 1.2 million crop insurance policies. Judging from their payout, it was money well spent. As of March 4, indemnity payouts to farmers and ranchers have totaled more than $15 billion. According to Farm Futures, producers in Illinois had the highest loss ratio: $3.55 for every $1.00 in premiums. (The typical loss ratio is 1.39.)
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