This summer has lived up to its stormy predictions across Minnesota, bringing through a large sum of severe thunderstorms, hail, and tornadoes. Unfortunately, these relentless weather patterns are contributing to rising home insurance premiums throughout the state.

The storms have caused significant damage, particularly to roofs and siding, leading to many high-dollar claims. In response, some insurance companies are making changes to their policies. One major change is the shift from covering replacement costs to paying actual cash value for roof damage, regardless of the roof’s age. This means that if your roof is older, you could receive a payout based on its depreciated value, potentially leaving you with higher out-of-pocket expenses for repairs or replacements.

Additionally, some insurers are adding higher deductibles specifically for wind and hail damage. This means that before your coverage kicks in, you’ll need to pay a larger portion of the repair costs yourself.

Although not all insurance companies are making these changes, it is important for homeowners to carefully review their insurance policies to understand these new terms and avoid unexpected out of pocket costs. Check your policy details to confirm your coverage limits and deductibles, and feel free to reach out to us to discuss your policy and coverages.