Minnesota Home Insurance

Over the last few years the state of Minnesota has risen in the ranks from an average windstorm state to the point where it is now in the top three when it comes to windstorm losses. Because of this, the average homeowner’s insurance policy premium in Minnesota has gone from about $600 about a decade ago to about $1,000. During that same time period the average Minnesota auto policy premium has actually declined from about $925 to around $900.

Auto insurance policies have gone down because people are driving less due to higher gasoline costs so they have fewer accidents. As gasoline prices have now gone down driving is increasing and so are auto losses.

Because homeowner’s insurance policy premiums have gone up, more and more people are considering different deductibles on their policies. Several homeowner’s insurance companies in Minnesota have gone to a percentage of loss for a deductible. With the high cost of replacing a roof, people should consider what 2% of a total roof loss would be before agreeing to that kind of policy deductible.

Minnesotans love outdoor activities, including hunting. Most homeowner’s policies have a policy limit on what they will pay in total for firearms. If you have quite a few rifles, or expensive rifles, you might want to check with your agent.

If the houses in your area have depreciated you might be tempted to reduce the amount of coverage on your home. Talk to your agent. In many areas, the replacement cost of homes have held fairly steady, or may have actually gone up. You could suffer a coinsurance penalty on a partial loss if you carry your home at market value when the replacement cost is much higher.

Mild winters can also bring new challenges. Many people are finding that pipes that aren’t protected by a snow cover are subject to freezing when they didn’t in prior years. Talk to your agent to make sure you have coverage for that kind of loss. . .before it occurs.

Dates in History (According to National Fire Protection Association)

Marlborough Hotel Fire kills 19, Mpls. MN 1940

Forest fire kills 22, North Border, 1938

Forest fire kills 559, Cloquet, 1918

In 2013 there were 11 fire deaths per million in the United States.

In 2013 there were 9.8 fire deaths per million in Minnesota.

In 2014, according to the National Multifamily Housing Council 11.2% of the State’s residents lived in apartments compared to a national figure of 12.2.

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Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.