Metro Area Housing Insurance (Woodbury: home, deductible, price)

[Teak]

This question is in relation to the Twin Cities Metro area and suburbs; thus, pertinent for this site and not some general one.

Just got a letter today from my insurance company indicating a 61% hike in price for property insurance!

The explanation was that the company was no longer providing a deduction for wind and hail damage. Sounded a bit dodgy, but the rep worked with me to get the price hike lowered quite a bit. Had to raise a deductible, go to "cash value" on personal property, and lower a property liability amount by 80%.

Any of you other Metro area home owners seeing the same magnitude of price hike?

Come to think of it, the letter arrived April 1, but it was NO JOKE.

[WoodburyWoody]

There was an article about this in February in the StarTrib:


https://www.startribune.com/ramstad-...ers/600345821/

From the article:

"State law permits regulators to call for a public hearing whenever an insurance carrier raises premiums 25% or more in a year, a prospect that tends to lead insurers to stay below that threshold."

There may be many Minnesotans calling state regulators.

[Teak]

Originally Posted by WoodburyWoody

There was an article about this in February in the StarTrib:


https://www.startribune.com/ramstad-...ers/600345821/

From the article:

"State law permits regulators to call for a public hearing whenever an insurance carrier raises premiums 25% or more in a year, a prospect that tends to lead insurers to stay below that threshold."

There may be many Minnesotans calling state regulators.

Thanks for the link.

I reworked the numbers yesterday after realizing that the 61% increase was across two years. It turns out I had an 18% increase 22-23 to 23-24 and ONLY a 51% increase from 23-24 to 24-25. I will be contacting the insurance company about that 25% limit.