To provide technical support for effectively improving the insurance company’s compensation for meteorological disasters, we employed longsequence meteorological dataset, planting area, total production, and yield per unit area of peanut to quantify the threshold for disaster indices of the continuous rain days corresponding to different yieldreduction rates, established continuous rain weather index insurance models, and designed insurance products of continuous rain weather index suitable to the study area. According to the continuous rain disaster index, the deductible amount was 0% in Lankao, Yucheng and Tongxu counties, 10% in six counties such as Kaifeng, 15% in four counties such as Suixian, and 20% in six counties such as Huaiyang. The pure insurance rates and insurance expenses in different regions were determined, and an agrometeorological insurance index contract was designed. The weather index insurance products adopt objective meteorological data to fix the loss and are very maneuverable, which can effectively transfer the risk of meteorological disasters during peanut growth and help agricultural insurance companies to provide economic compensation for meteorological disasters objectively and quickly.