Category: Homeowner Insurance

Prevent Dog Bites—And a Lawsuit; Average Cost of Dog Bite Claims Is On the Rise

Prevent Dog Bites—And a Lawsuit; Average Cost of Dog Bite Claims Is On the Rise Dog bites accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2011, costing nearly $479 million, according to the Insurance Information Institute (I.I.I.). An analysis of homeowners insurance data by the I.I.I. found that the average cost paid out for dog bite claims was... Read Article

Why Are Homeowners Rates Increasing & Coverage Decreasing?

The answer to the questions is "catastrophe losses". Catastrophe losses have been increasing for the last 10 to 15 years.  Thunderstorm/Tornadoes have decimated areas in the Southeast and Midwest. The term “catastrophe” in the property insurance industry denotes a natural or man-made disaster that is unusually severe. An event is designated a catastrophe by the industry when claims are expected to reach a certain dollar... Read Article

Minnesota Homeowners Insurance Legislation

The Minnesota Legislator has starting hearings on a new law relating to weather related homeowner insurance claims.  The primary changes are: Allows insurers to employ separate deductibles or surcharges for homeowners with multiple weather claims (in my opinion this is a mixed bag for insurance consumers in Minnesota.  Premiums will increase for homeowners with multiple claims which makes sense.  Insurance carriers could, I mean will... Read Article

Roof Replacement Cost Coverage May Soon Go Away

Allstate is the first company to make a major homeowner insurance coverage change.  Depreciation in the cost of roof replacement due to storm damage may soon be the norm.  Usually when one insurance company makes a major coverage change the rest follow. What this means for consumers is roof maintenance is going be the responsibility of the homeowner once again and not the insurance companies.... Read Article

Minnesota Home Insurance Rate Increases Likely to Average 22%

We first warned in March of 2010 that significant changes were coming for homeowners insurance and 2012 is the year changes will begin.  We think 22% will be the average increase in premium so many homeowners may get larger increases and reductions in coverage.  Please contact us if you receive your homeowners insurance renewal so we can help mitigate your personal homeowners insurance impact.   MINNEAPOLIS -... Read Article