The Brief
- Homeowners’ insurance rates will jump 15% this year, according to Insurify.
- The average annual premium will be $4,058, up from $3,524, the report said.
- The report blames severe weather in recent years for the price hikes.
MINNEAPOLIS (FOX 9) – Homeowners’ insurance premiums in Minnesota are projected to jump by 15%, according to Insurify.
Homeowners’ insurance to get more expensive
The backstory:
Homeowners’ insurance premiums in Minnesota are projected to jump by 15%, according to Insurify. The average annual premium will rise to $4,058, up from $3,524, the report said.
Why are rates going up?
What we know:
The report blamed severe weather in recent years – including hail storms, which often damage roofs – for the price hikes. Severe weather leads to claims, which costs insurance companies more money, the report said.…