On Fox9 comes word that (wait for it) homeowner insurance is on the rise!  Really? You could of fooled me (sarcasm). HOA residents have seen upwards of 400 percent increases in the last few years in their master insurance coverage, and now Fox9 finally gets around to letting us know what we’ve know all along.  Well — at least the rest of the world is experiencing the pain, and it’s not just us in HOA land. And guess what else? It’s from severe weather claims. Knock me over with a feather.

From their reporting:

Homeowners’ insurance premiums in Minnesota are projected to jump by 15%, according to Insurify. The average annual premium will rise to $4,058, up from $3,524, the report said.

What we know:

The report blamed severe weather in recent years – including hail storms, which often damage roofs – for the price hikes. Severe weather leads to claims, which costs insurance companies more money, the report said.

What the experts say:

“People should not start shopping because underwriters across the board are very leery of new insurers on it because the claims experience of new insurers is much higher than existing,” said Andrew Whitman, an insurance professor at the University of Minnesota. He said it is better to negotiate a new policy with your current insurance company.

You can watch the report HERE.