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Insurance Rate Increases in Minnesota

As you may have noticed, insurance premiums are increasing across Minnesota due to several factors:

  • Volatile Weather: Weather patterns have become more unpredictable, leading to increased frequency and severity of damage claims.
  • Reinsurance Rates: Insurance companies rely on reinsurance to manage risk, but reinsurance rates have surged by 30-80% over the past decade, significantly raising costs.
  • Building Materials and Labor: Inflation has driven up costs for automobiles, construction materials, and labor, impacting insurance payouts for property damage.
  • Fraud and Litigation: Rising instances of fraud and costly litigation have contributed to what’s known as ‘social inflation’, further driving up insurance expenses.

Watch this video to better understand the reasoning to rising insurance rates: Video – Rising Insurance Rates.

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