Even if you believe you may have a claim due to this year's drought, crop insurance premium payments will still accrue interest if not paid by October 31. The Risk Management Agency has announced that for the 2012 crop year only, accrual of any interest on unpaid spring crop insurance premium is deferred for 30 days, until November 1, for all policies with a premium billing date of August 15, 2012. However, interest that accrues after October 31 will not be waived, only deferred. For example, if the premium is not paid by October 31, two months of interest will attach at a rate of 1.25% per month. Choosing to wait for a potential claim to pay for an insurance premium will include charges for all interest that accrues during that period.