Minnesota home insurance prices on the riseFargo, ND (WDAY TV) - Minnesotans are shelling out more money than ever to protect their houses. The average yearly premium for insurance has doubled in the last 10 years.
Fargo, ND (WDAY TV) - Minnesotans are shelling out more money than ever to protect their houses. The average yearly premium for insurance has doubled in the last 10 years.
The average cost of home insurance in Minnesota sits between $700 and $1,200 a month - a lot for the average homeowner.
Before you break the bank on insurance, there are options to keep costs low.
Rick Stotts can feel the pinch on his pocketbook.
Rick Stotts, Moorhead Homeowner: "Insurance was about 300 dollars a month."
Now, his home insurance premiums are up 500 dollars. A significant increase in his 14 years.
Stotts: "Everything is going up. From the grocery store to gas, now this. It all adds up and the pinch gets harder every year."
State Farm Insurance Agent David Eggers says - blame it on our wild weather.
David Eggers, State Farm Ins. Agent: "Hail and wind is driving homeowners and property rates in general."
Eggers says modern building materials don't help. They damage easily.
He says if hail hits an older home, the cost of a claim is between $5,000-10,000. But on a newer home? It can run between $20,000-$40,000.
Eggers: "Typically vinyl siding, steel siding, so when hail comes through it either puts holes in the siding, or dents in the siding."
However, there is hope. Eggers says you can reduce the premium price. You can bundle your home and auto insurance for a discount. Or, install a security system. Either way, you should touch base with your agent often.
Eggers: "Review the coverage they have on their home. Review their deductible. Typically if you take a higher deductible you reduce the insurance cost. That means of course you pay a little more when a claim occurs."
Eggers says severe storms in recent years could have an influence on the rising rate of premiums. From strong winds, to last year's tornado that tore through Minneapolis. It all adds up to be the high price we pay for living in the Midwest.