Last year's drought has caused a record amount of damage in Texas, resulting in record crop insurance payments and overall losses for the farmers affected by the dry spell.
Officials recently revealed the loss of money will exceed $5.2 billion, which was the original estimate calculated back in August. Crop insurance companies have already paid out more than $2.5 billion in damages to farmers in Texas, reports The Houston Chronicle. Both figures are record highs.
"It's hard to imagine the damage it's caused across the state," said Travis Miller, a crop science specialist who serves on the state's Drought Preparedness Council. "It's nothing anybody alive has seen before."
According to the U.S. Department of Agriculture, Texas farmers harvested just 57 percent of their crops last year. For comparison's sake, 2010 saw 87 percent of all crops harvested.
One way for farmers to protect themselves from these types of disasters is by investing in used agricultural equipment. Combine harvesters and other pieces of equipment can help farms increase productivity and harvest crops at a faster rate. In addition, those who are looking to save money due to last year's disastrous crop yield can buy used equipment online through the auction site IronPlanet.
