Rates, Deductibles Both Jump

“April showers bring May flowers.”

“2011 insurance claims bring¬† . . . 2012 rate increases.”

Ok, so it’s not as catchy, but it’s still definitely the case that record 2011 insurance claims — due to unprecedented storms and claims nationally last year — are hitting homeowners two ways this Spring.

First, their hazard insurance premiums are jumping; and second, insurers are raising homeowners’ deductibles.

So, instead of a $1,000 deductible, $1,500 appears to be the new standard (or soon will be).

P.S.:  like gas prices, insurers never seem to pass along savings when claims drop.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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