Category: Homeowner Insurance
Why Are Homeowners Rates Increasing & Coverage Decreasing?
Posted: March 16, 2012
The answer to the questions is "catastrophe losses". Catastrophe losses have been increasing for the last 10 to 15 years. Thunderstorm/Tornadoes have decimated areas in the Southeast and Midwest. The term “catastrophe” in the property insurance industry denotes a natural or man-made disaster that is unusually severe. An event is designated a catastrophe by the industry when claims are expected to reach a certain dollar...
Minnesota Homeowners Insurance Legislation
Posted: March 8, 2012
The Minnesota Legislator has starting hearings on a new law relating to weather related homeowner insurance claims. The primary changes are: Allows insurers to employ separate deductibles or surcharges for homeowners with multiple weather claims (in my opinion this is a mixed bag for insurance consumers in Minnesota. Premiums will increase for homeowners with multiple claims which makes sense. Insurance carriers could, I mean will...
Roof Replacement Cost Coverage May Soon Go Away
Posted: February 13, 2012
Allstate is the first company to make a major homeowner insurance coverage change. Depreciation in the cost of roof replacement due to storm damage may soon be the norm. Usually when one insurance company makes a major coverage change the rest follow. What this means for consumers is roof maintenance is going be the responsibility of the homeowner once again and not the insurance companies....
Minnesota Home Insurance Rate Increases Likely to Average 22%
Posted: February 10, 2012
We first warned in March of 2010 that significant changes were coming for homeowners insurance and 2012 is the year changes will begin. We think 22% will be the average increase in premium so many homeowners may get larger increases and reductions in coverage. Please contact us if you receive your homeowners insurance renewal so we can help mitigate your personal homeowners insurance impact. MINNEAPOLIS -...
Does Your Homeowners Insurance Cover Backup of Sewer & Drains???
Posted: September 9, 2011
Backup of sewer and drains... Will your homeowners insurance cover this? Fall and spring tend to be our wettest seasons making our homes most susceptible to the backup of sewer or drain lines. While these events don't occur often, when they do, the problem can be a small disaster. Did you know a standard homeowner's insurance policy excludes coverage for such an event? It's true....
