Minnesota lawmakers look to ease extreme weather-related insurance spikes
ST. PAUL, Minn. — Minnesota lawmakers will hear first-hand Wednesday about the impacts climate change is having on insurance premiums.
This is a continuing conversation from the last legislative session as lawmakers try to figure out how to help Minnesotans weather the extreme weather-related events caused by climate change.
Lawmakers heard last session from experts who reported Minnesota homeowners insurance premiums have soared by nearly 400% in the last two decades as destructive weather events become more common.
In 1998, the average annual cost to have a home insured in Minnesota was $368, but that increased to $1,433 in 2019. Minnesota now has the 14th highest rate in the country.
Lawmakers also established a program last session that set aside $1 million for homeowners to upgrade their roofs to make them more weather-resistant.
The program also requires insurance companies to offer premium discounts to Minnesotans who upgrade or build a new roof that meets the standards.
Lawmakers say more needs to be done. Wednesday's hearing starts at 1 p.m.