Information courtesy of St. Cloud Area Association of Realtors (SCAAR) Government Affairs.

MN Homeowner Insurance Updates 2025:

The major weather events in Minnesota are severe thunderstorms, tornadoes, flooding, and drought. According to several reports, homeowners insurance premiums in Minnesota are projected to jump by 15% in 2025. This is one of the highest projected increases in the country for this year. The average annual premium is expected to rise from $3,524 in 2024 to $4,058 in 2025. This means an average increase of about $44 per month for homeowners.

Homeowners insurance legislation in the Minnesota Legislature this session:

• MN HF 1519/SF 2230 was introduced on February 26, 2025. This bill requires insurance companies offering homeowner’s insurance to disclose two things in all advertisements: (1) their total advertising and marketing spending from the previous year, and (2) if publicly traded, how their stock price changed during that year. Bill did not pass.
• MN HF 2228/SF 2205 was introduced on March 12, 2025. This bill is creating a Task Force on Homeowners and Commercial Property Insurance to study and recommend solutions for insurance affordability and stability affecting housing and small businesses. The 13-member task force will review risk, coverage practices, reinsurance, and market challenges, and submit a report with findings and legislative proposals by February 15, 2026. Bill did not pass.
• MN HF 2460/SF 665 was introduced on March 17, 2025. This bill amended its homeowner’s insurance law to require 60 days' notice for policy cancellations, nonrenewals, or midterm cancellations, up from 20 or 30 days previously. This change provides consumers with more time to respond or seek alternative coverage. The new rule does not apply to commercial insurance policies. Bill did not pass.