Minnesotans Urged to Review Insurance as Severe Weather Season Looms

(KNSI) — As sirens wail across Minnesota in observance of Tornado Drill Day, residents are being encouraged to take stock of their preparedness for severe weather and ensure their homes are financially protected.

The Insurance Federation of Minnesota (IFM) is urging homeowners to contact their insurance agents to discuss current coverage levels and potential adjustments. “Don’t wait until after a storm to discover your policy lacks necessary coverage,” said Aaron Cocking, IFM president and CEO. Reviewing policies now helps minimize post-storm headaches.

Discussions with agents should cover understanding existing coverage details, exploring inflation-protection options, and considering additional coverage or policy endorsements. Updating agents on property value changes allows for adjustments in policy limits. Additionally, deductibles should be reviewed – a higher deductible lowers premiums but increases out-of-pocket costs when filing claims.

Rising insurance premiums are a reality due to increasingly severe weather events, coupled with labor and material cost hikes. Insurers rely on collected premiums to pay claims, and higher losses necessitate premium increases. Since 1980, Minnesota has experienced 58 weather disasters costing an estimated $20-$50 billion. As a result, average homeowner premiums have jumped from $368 in 1998 to $1,607 in 2021.

“Severe weather is a Minnesota staple, but the intensity and frequency have risen dramatically,” Cocking said. “Talking to your agent beforehand empowers you to recover effectively if you need to file a claim.”

Beyond insurance discussions, Minnesotans can prepare for storms by:

Creating a detailed inventory of possessions, documented with photos or videos, for insurance claims and potential tax deductions.
Following FEMA’s recommendations for trimming or removing potentially hazardous trees.
Maintaining clear gutters, ensuring proper water drainage, and regularly checking sump pumps.
Securing outdoor furniture, gutters, and downspouts to prevent wind damage.

If your home suffers storm damage, the IFM suggests:

Making temporary repairs to prevent further damage, prioritizing safety.
Promptly contacting your insurance agent or insurer.
Documenting damage and losses with photos, videos, and notes.
Saving receipts for storm cleanup, repairs, and temporary housing, as these may be covered by your policy.
Avoiding rushed repair contracts – conduct thorough research, prioritize reputable contractors with references, and verify licenses with the
Minnesota Department of Labor and Industry.
Contact your agent or insurer if storm damage renders your home uninhabitable, as homeowners’ or renters’ insurance may cover additional living expenses.

Today’s statewide tornado drills are scheduled at 1:45 p.m. and 6:45 p.m.

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