Home insurance costs spike across Minnesota
FOX 9 reports Nov. 20 that Minnesota homeowners â including in the Twin Cities â are seeing hazard insurance premiums jump as much as 40% and significant increases to wind and hail deductibles (often from $1,500 to $5,000 or to a percentage of home value), driven by severe weather losses and claims. The Minnesota Department of Commerce urges consumers to shop policies and consider weatherproofing for discounts, while State Farm says it paid out $1.30 in claims/expenses per $1 in Minnesota premiums over the past five years.
Business & Economy
Housing
đ Key Facts
- Premiums up as much as 40% for some Minnesota homeowners
- Wind/hail deductibles rising from $1,500 to $5,000 or shifting to a percentage of home value
- State Farm reports $1.30 paid per $1 premium in Minnesota over five years despite a record $5.3B profit last year
- Minnesota Department of Commerce advises shopping around and weatherproofing; reports numerous consumer complaints after storms