Why are homeowners insurance companies walking back coverage in Minnesota?
It might be time to double-check your home insurance policy as Minnesota moves into severe weather season.
Aaron Cocking's been in insurance long enough to know what's coming.
"We're seeing stronger storms, more severe storms, more severe outbreaks, storms, wind and hail claims," Cocking said. "Hail losses, specifically as it relates to roofs, are some of the biggest cost drivers right now as it relates to property insurance."
An insurance lobbyist at the State Capitol, Cocking said Minnesota insurers have taken a loss during the past five years. They're now taking steps to cut their losses by prorating roof claims, changing deductibles based on type and even changing what they cover all together.
"A lot of homeowners think, 'You know, I've got home insurance, I'm good, I'm covered.' They don't actually look into it," he said.
With decades of construction experience, Dan Walrach runs his own business, educating contractors on how to work with changing claims, and homeowners on what to know about their coverage.
"Read your policy, find your policy. If you don't know how to read your policy, find someone to help read it and know it," Walrach said.
Cocking said if you're banking on a storm to help you to score a new roof this spring, think again.
"I think we've got to get to a point where people realize replacing the roof is part of the cost of owning a home," Cocking said.
He said if you read your policy and don't like it, shop around to find the best fit.
