Report: Minnesota saw the largest homeowners insurance premium increase in the country
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A new report indicates that Minnesota’s homeowner insurance premiums have grown a whopping 34 percent in the past year alone — the most of any other state in the country.
Julia Dreier, the deputy commissioner of insurance at the Minnesota Department of Commerce said the rise is partly because of an increase in extreme weather events in the state.
“We also have higher construction and repair costs, and then we just have a older housing stock here in Minnesota, and those repairs are just more complex and costly,” she said.
Dreier said the best way to mitigate costs is for homeowners to reassess their policies and double-check what is and isn’t covered. Many people unwittingly have policies that exclude specific coverage or have higher deductibles than anticipated.
She also said that Minnesota has programs for homeowners who, if they’re reinforcing parts of their home, can get large discounts on insurance premiums.
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