One day left to purchase crop insurance

LAFAYETTE, Ind. (WLFI) - Time is ticking for farmers looking to insure their crops this year.

Friday is the deadline to purchase crop insurance.

Tuesday, Indiana farmers received payouts from insurance companies for 2012 corn, soybean and wheat losses totaling more than $1 billion.

"That by far is the largest amount in crop insurance payouts that have ever occurred," agricultural economist at Purdue Chris Hurt said. "Those total over $1 billion. The previous record was a bit over $500 million."

"In years past when we've had droughts like this, Congress would come in and throw together these billion-dollar disaster programs to help bail everybody out," President of The Assure Group Chris Webb said. "But with the crop insurance in place, that is the disaster program right now."

"Over time we will pay more in premiums than we'll ever get paid back," Carroll County Farmer Brian Scott said. "We don't buy crop insurance to get a check at the end. We want to raise a good crop and make money that way but this year is the big exception."

Seventy-five percent of Indiana crop acres were insured last year.