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Bob Johnson: Minnesota’s rising homeowners insurance easily fixed

Bob Johnson: Minnesota’s rising homeowners insurance easily fixed

Bob Johnson: Minnesota’s rising homeowners insurance easily fixed
News from Post-Bulletin:

By Bob Johnson

Many Minnesota homeowners have been surprised this year to see a significant premium increase when they open their homeowner’s insurance statement. Some recent news articles have explored why.
   
While average auto insurance premiums have been trending downward over the last few years thanks to safer cars, fewer miles driven and far fewer accidents, homeowners’ insurance rates have done the opposite. After decades of being a low-cost state for property insurance, we’ve made a dramatic turn in the wrong direction. Thankfully, there are ways to reverse this trend through simple legislative changes that most other states already have enacted.
   
In 1997, Minnesota’s average homeowner’s insurance premium was $ 345 per year. Today, it’s $ 919, a 265 percent increase! This year, for the first time that we’ve known, Minnesota’s statewide average premium is higher than the national average. There are two major reasons for this.
   
While rising property repair costs since 1997 are one part of the increase; the other part may not come as a surprise to many weather watchers.
   
Simply put, since 1998, Minnesota has become a major natural catastrophe state.
   
In 1998, three major storms struck Minnesota. Insurers paid out more than $ 1.5 billion in storm losses that ye…………… continues on Post-Bulletin

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