What to do about rising home insurance costs
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If your budget is being squeezed from all sides, you’re not alone. Owning an insurance policy for your home is becoming more expensive.
“Insurance is getting more expensive because the cost of repairing homes is getting more expensive,” said Julia Dreier, deputy commissioner of insurance for the Minnesota Department of Commerce.
Additionally, Dreier said premiums themselves aren’t rising as much as the deductibles are.
“So their insurance product is not as valuable as it used to be,” she said. Dreier also recommended that policy owners really spend time to review their policies and see what’s covered and what isn’t.
“A lot of people don’t realize that floods aren't covered under a typical homeowner's policy, and now is the time you want to think about buying a separate flood insurance policy before spring thaw happens,” she said.
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