The growing prevalence of extreme weather events and high construction costs are pushing property insurers to significantly increase prices, particularly in the Upper Midwest.
Homeowners insurance premiums have risen 41% in South Dakota over 7 years, influenced by rising construction costs and increased frequency of wind and hailstorms.
Insurers are imposing new conditions on coverage for common perils such as wind and hail damage, leading to decreased value for homeowners.
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