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Whole-Farm Revenue Protection: Difference between revisions
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(Created page with "{{Program |ProgramName=Whole-Farm Revenue Protection (WFRP) |ProgramType=Program |OrgSponsor=Risk Management Agency |TopOrganization=Department of Agriculture |CreationLegislation=Agricultural Act of 2014 (Public Law 113-79), Agricultural Improvement Act of 2018 (Public Law 115-334) |Purpose=The Whole-Farm Revenue Protection (WFRP) program, administered by the U.S. Department of Agriculture (USDA) through its Risk Management Agency (RMA), provides insurance coverage to p...") |
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|TopOrganization=Department of Agriculture | |TopOrganization=Department of Agriculture | ||
|CreationLegislation=Agricultural Act of 2014 (Public Law 113-79), Agricultural Improvement Act of 2018 (Public Law 115-334) | |CreationLegislation=Agricultural Act of 2014 (Public Law 113-79), Agricultural Improvement Act of 2018 (Public Law 115-334) | ||
|Purpose= | |Purpose=Whole-Farm Revenue Protection, run by USDA via RMA, insures diverse farms against disasters and market risks, stabilizing income up to $17M nationwide. | ||
|Website=https://www.rma.usda.gov/en/Policy-and-Procedure/Insurance-Plans/Whole-Farm-Revenue-Protection | |Website=https://www.rma.usda.gov/en/Policy-and-Procedure/Insurance-Plans/Whole-Farm-Revenue-Protection | ||
|ProgramStart=2015 | |ProgramStart=2015 | ||
|InitialFunding=$50 million (initial program allocation) | |InitialFunding=$50 million (initial program allocation) | ||
|Duration=Ongoing | |Duration=Ongoing | ||
|Historic= | |Historic=No | ||
}} | }} | ||
The '''Whole-Farm Revenue Protection (WFRP)''', established in 2015 under the Agricultural Act of 2014 and expanded by the Agricultural Improvement Act of 2018, is administered by the Department of Agriculture (USDA) through its Risk Management Agency (RMA) to provide insurance policies to farmers, allocating over $2 billion since inception to support approximately 10,000 policies annually by 2025. Initially funded with $50 million for program development, it has grown to distribute $300 million in FY 2024 across 10,000 policies, insuring diversified farms like those growing specialty crops, organic produce, and livestock at farms nationwide.<ref>{{cite web |url=https://www.rma.usda.gov/en/Policy-and-Procedure/Insurance-Plans/Whole-Farm-Revenue-Protection |title=Whole-Farm Revenue Protection |publisher=U.S. Risk Management Agency}}</ref> Despite its impact, challenges like funding competition, complex eligibility, and low uptake persist (web ID: 5), but it remains a cornerstone of USDA’s risk management efforts for diversified farms. | The '''Whole-Farm Revenue Protection (WFRP)''', established in 2015 under the Agricultural Act of 2014 and expanded by the Agricultural Improvement Act of 2018, is administered by the Department of Agriculture (USDA) through its Risk Management Agency (RMA) to provide insurance policies to farmers, allocating over $2 billion since inception to support approximately 10,000 policies annually by 2025. Initially funded with $50 million for program development, it has grown to distribute $300 million in FY 2024 across 10,000 policies, insuring diversified farms like those growing specialty crops, organic produce, and livestock at farms nationwide.<ref>{{cite web |url=https://www.rma.usda.gov/en/Policy-and-Procedure/Insurance-Plans/Whole-Farm-Revenue-Protection |title=Whole-Farm Revenue Protection |publisher=U.S. Risk Management Agency}}</ref> Despite its impact, challenges like funding competition, complex eligibility, and low uptake persist (web ID: 5), but it remains a cornerstone of USDA’s risk management efforts for diversified farms. | ||