Abiotic stresses such as droughts and floods significantly constrain rice production in India. New stress-tolerant technologies have the potential to reduce yield variability and help insulate farmers from the risks posed by these hazards. This study aims to explore the potential adoption of these risk-reducing technologies. Using discrete choice experiments conducted in rural Odisha, we estimate farmers’ valuation for drought-tolerant and submergence-tolerant traits embodied in paddy cultivars. We find that farmers value both yield-increasing traits and variability-reducing traits. Interestingly, we find exceptionally high willingness to pay for short-duration varieties. We also attempt to capture heterogeneity in preferences. Our results show that farmers in both drought-prone and flood-prone regions value the reduction in yield variability offered by cultivars.