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Homeowners Insurance Threshold

 

MN §60A.201 Subdivision 2(c) requires that certain types of insurance be automatically presumed available from licensed insurance companies and therefore unavailable from surplus lines carriers.  Included in these types of insurance are homeowners and property insurance on owner-occupied dwellings if the value is less than a specified dollar threshold.  This dollar threshold was set at $500,000 when the original bill was enacted into law in 1981.  The Department of Commerce has adjusted it annually since then, based on the change in the consumer price index for the Minneapolis-St. Paul metropolitan area.

Based on the consumer price index for the Minneapolis-St. Paul metropolitan area, the revised statutory threshold is $1,450,000 (rounded to the nearest thousand).

Consumer Price Index for the Minneapolis-St. Paul Metropolitan Area
CPI-U Series ID: CUUSA211SA0
  Year  Index % Change
Since 1980
 60A.201
Threshold
  1980   78.9    N/A   $500,000
  1981   88.6    12%   $561,500
    *     *     *         *
    *     *     *       *
    *     *     *       *
  1996   151.9    93%   $962,611
  1997   155.4    97%   $984,791
  1998   158.3   101%   $1,003,169
  1999   163.3   107%   $1,034,854
  2000   170.1   116%   $1,077,947
  2001   176.5   124%   $1,118,504
  2002   179.6   128%   $1,138,504
  2003   182.7   132%   $1,157,795
  2004   187.9   138%   $1,190,748
  2005   193.1    145%   $1,224,000
  2006   196.2   149%   $1,243,000
  2007   201.2   155%   $1,275,000
  2008   209.0   165%   $1,324,000
  2009   207.9   164%    $1,317,000
  2010   211.7   168%   $1,342,000
  2011   219.3   178%   $1,390,000
  2012   224.5   185%   $1,423,000
  2013   228.8   190%   $1,450,000