Minnesota home insurance premiums near $3K annually
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The average annual home insurance premium in Minnesota was just shy of $3,000 as of July, according to one new study.
The big picture: Extreme weather is driving sky-high home insurance prices in some especially storm-prone parts of the country.
Driving the news: The national average for annual home insurance premiums is up 9% since 2023, per a new Bankrate breakdown, hitting $2,470 in July.
- That's based on quotes for married male-female homeowners with an eight-year-old $300,000 home, a clean claim history and good credit.
Between the lines: While we aren't as prone to some costly natural disasters like hurricanes, frequent hailstorms play a role in Minnesotans' rising rates, as Nick reported this spring off a separate report that projected even higher premiums.
Reality check: The amount you'll actually pay depends on many factors, including your credit score and the cost of your home.