Is extreme weather a problem in Minnesota?
Winters in Minnesota can be extremely cold, with temperatures dropping well below freezing, and heavy snowfall is common. During the summer, temperatures can reach into the 90s Fahrenheit and heat waves and severe thunderstorms with high winds and heavy rain are not uncommon.
Minnesota is also located in an area known as “Tornado Alley,” where conditions are favorable for the formation of tornadoes. The state experiences an average of 26 tornadoes each year, and the risk of tornadoes peaks during the spring and summer months.
In addition to tornadoes, Minnesota also experiences severe thunderstorms that can bring strong winds, heavy rain, and hail.
How is Minnesota handling homeowners insurances?
Minnesota is a state where a lot of residents own a homeowners’ insurance. Due to the high risk, premiums, however, have risen by about 4 times the price in 20 years.
Annually, averagely, insuring a home would now cost about $1,500 in the state. And however it is not the most expensive state in the US, it is on the rise to become on of them.
It is therefore, that bills are being introduced that offer grants and discounts to residents that are willing to renovate or rebuild there home to a more ‘climate-resilient’ home.
Beside this, Governor Tim Walz plans a program called ‘Strengthen Minnasota Homes’, to offer financial help for home improvements against the extreme weather.
With all these introductions, the state hopes to lower the risk of homes being damaged and lower premiums along with it.
How can I prevent my homeowners insurance from skyrocketing?
To prevent your homeowners insurance premium from skyrocketing, it’s important to take a proactive approach.
Start by shopping around for the best insurance quotes from multiple providers, and consider improving your home’s safety and security by installing smoke detectors, burglar alarms, and other safety features.
Maintaining a good credit score and bundling multiple insurance policies with the same provider can also help lower your premium.
Reviewing your coverage regularly to ensure you have the right amount of coverage and considering a higher deductible are additional steps you can take to control the cost of your homeowners insurance.
By taking these steps, you can keep your premium under control and have the peace of mind that comes with knowing you have the right coverage at a price you can afford.