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Senate committee backs task force to study rising home and commercial insurance costs
Summary
The Minnesota Senate State and Local Government Committee recommended passage of Senate File 2205, which would convene a task force to investigate escalating homeowners, multifamily and small-business insurance costs in the state.
Senate File 2205, a bill to form a task force on homeownership and commercial property insurance, was recommended to pass and referred to the rules committee after members adopted an author's amendment and heard testimony on rapidly rising premiums.
Senator John Port told the committee that the state is seeing “a multiple sector insurance crisis in Minnesota,” citing a Federal Reserve Bank of Minneapolis report he said found multifamily providers saw “an average 45% increase in premiums and a 700%…
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