Based on the theory of perceived value and data from three pig-raising counties in Sichuan Province,this paper constructed structural equation model of farmers’ willingness to pay for the policy insurance of pigs associated with farmers’ willingness to pay and influencing factors.Empirical analysis showed that cost was most influential for farmers' willingness to pay and then the perceived risk,cognitive attitude and value of function.In addition,influence degree of risks,cost,satisfaction degree of compensation,convenience degree of buying insurance and subsidies from the government were relatively influencing in the 12 observed variables.Hence,the local government should further promote public’s awareness of the policy insurance of pigs,provide more priorities for large piggeries in policy,identify the cost for insurance according to the amount of pigs,increase compensation in so far as the piggeries can sit tight and work with local insurance companies to improve the procedure and efficiency of insurance payment.