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.
Minnesota used to be the state to come to if you wanted to make a profit. Now, if you can believe this, it’s the second-largest catastrophic loss in the nation when it comes to homeowners insurance.
Insurance companies saying they have been taking hit for 12 years. For example, in 2008 Minnesota’s independent insurance companies paid out more than $1.5 billion in losses, Spending $1.57 for every dollar they took in.
Last year, Minnesota had more than 250 cases of severe weather — everything from wind and hail to dozens of tornadoes
by Bill Keller / FOX 9 News