This paper analyzes the determinants of farm income among farmers producing crops and animals in the Greater Accra Region of Ghana. It further estimates the willingness to pay for agricultural insurance by farmers. The farm income function was evaluated using a logarithmic function in which farm income is regressed as a function of determinants affecting it. The econometric results suggest that gender, education, farm size, farming experience, fertilizer usage and input cost all have a positive and statistically significant association with farm income. The results indicate that when investing in agriculture in the study region, weather hazards and pest and disease attacks are two important risk factors that need to be considered in the implementation of insurance policies since they have and statistically significant negative associations with farm income. The paper further observes that weather and pest/disease attacks are two significant risk factors that tend to influence farmers’ willingness to adopt and pay for agricultural insurance.