The Federal Reserve Bank of Minneapolis report shows that premiums rose 45% from 2023 to 2024 for apartment owners in the Upper Midwest.
Dive Brief:
- Although it is well documented
that apartment owners in states like Florida, Texas and California have
been hit with significant insurance increases over the last few years, operators in the Upper Midwest are also facing challenges.
- A new survey from the Federal
Reserve Bank of Minneapolis shows that apartment owners in Minnesota,
Montana, North Dakota and South Dakota — four states that lie entirely
within the Ninth Federal Reserve District — saw their annual premiums increase by an average of 14% from 2021 to 2022, 22% from 2022 to 2023 and 45% from 2023 to 2024.
- The average 2024 property insurance premiums reported by the respondents, which included 35 owners who operate nearly 45,000 units, were double those of 2021, more than six times the increase in the Consumer Price Index over the same time period. While median increases were lower, they still outpaced inflation.
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RSK: And we thought the upper midwest was safer for insurance rate increases because no hurricanes and giant wildfires. Nope! Property damage by demonstrators in a certain party are driving rates up and they are the first to complain about rent increases etc.
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- - Volume: 25 - WEEK: 14 Date: 4/2/2025 9:54:34 AM -