In addition to winter storm preparation for people and pets, it’s also important to prepare your home for winter conditions. Follow these tips to help make sure your home is ready for a winter weather emergency.
Boat Insurance
Learn to stay afloat with the best advice on boat insurance coverage from Prokop Insurance. Get a quote today.
Minnesota Insurance Rates Are Set to Rise 15% In 2025 — Here’s What You Should Do Now
If you own a home in Minnesota, brace yourself: homeowner’s insurance premiums are expected to jump by 15% in 2025, In fact Minnesota is now among the top five states in the U.S. for projected insurance rate increases in 2025. That means the average homeowner will pay over $4,000 this year — an increase of $534 in just one year. (Minnesota insurance rates expected to go up 15% according to new report via Kare11.com).
2024 Average: $3,524
2025 Projected: $4,058
At Prokop Insurance Agency, we’re sounding the alarm early: Now is the time to review your policy! Whether you’re a new customer or have been with us for years. Let’s talk about locking in a better rate before your next renewal adjusts upward.
Why Are Rates Going Up?
Several key factors are driving this spike in insurance premiums in Minnesota:
- Extreme Weather Events: Over the past 3 years, Minnesota has been hit by 18 billion-dollar weather events, a dramatic increase from previous decades.
- Severe Hailstorms: Hail-related claims are a major cost driver, and they’ve become more frequent and more damaging.
- Rising Construction Costs: Since 2020, the cost to rebuild has soared 30% due to supply chain delays, labor shortages, and skyrocketing material prices.
These shifts are forcing insurers to reassess risk and raise rates to stay solvent. You might find it hard to believe but, Minnesota is projected to have the fifth highest price increase this year, behind Louisiana’s 27%, California’s 21%, Iowa’s 19%, and Hawaii’s 17%.
The Minnesota Commerce Department negotiates rate increases with insurance companies and because of rising rates several insurance companies are finding it hard to insure Minnesota without substantial rate increases. Some may leave Minnesota to avoid further losses.
Why You Can’t “Set It and Forget It” Anymore
Depending on your age, you might remember a time when insurance was relatively stable — rates barely changed from year to year, and your policy practically ran on autopilot. Unfortunately, those days are over. With so many new variables impacting rates — from climate shifts to construction costs — staying passive could cost you.
That’s where Prokop Insurance Agency comes in. With over 30 years of experience serving Minnesota families, we act as your partner in navigating this changing landscape. We have access to multiple insurance companies and can help you compare options, coverages, and pricing to find the best fit for your needs and budget.
Don’t Wait — Act Now Before Rates Reset
If you haven’t shopped your policy in over a year, chances are you’re leaving savings on the table.
✔️ We work with multiple top-rated carriers — not just one
✔️ Our team can reassess your coverage for savings opportunities
✔️ You may qualify for discounts based on home updates or bundling options
And for our current Prokop Insurance clients: if your policy renewal is approaching, contact us ASAP. This is your window to re-shop and potentially lock in lower rates before your next adjustment.
📅 Schedule a Policy Review Today
Don’t let rate increases catch you by surprise. Whether you’re looking to switch or want to ensure you’re getting the best rate possible, we’re here to help.
👉 Fill out our Quote form
📞 Schedule a Call at your convenience
The clock is ticking. Insurance rates are rising. Let’s make sure you’re protected without overpaying.
Lamborghini Insurance: How Much Does it Cost to Insure a Supercar?
We just heard Minnesota is about to get a whole lot more exotic. With the recent announcement of Lamborghini Wayzata, the Land of 10,000 Lakes is set to become a haven for high-performance automobiles. But as the number of supercars on our roads increases, a crucial question arises: How much does it cost to insure a Lamborghini, Ferrari, McLaren, or other exotic vehicle?
The High Cost of Insuring a Supercar
Unfortunately, most standard insurance companies, like Progressive, have limitations on the value of vehicles they can insure. Many won’t cover cars exceeding $150,000. This means that if you’re the proud owner of a Bugatti, Ferrari, or other high-end vehicle, you’ll need to seek specialized insurance coverage.
Estimated Cost to Insure a $500,000 Lamborghini Aventador:
The cost to insure a $500,000 Lamborghini Aventador can vary widely depending on several factors, including your driving history, location, and the specific coverage you choose. However you can expect to pay anywhere from $5,000 to $10,000 or more per year to insure a Lamborghini Aventador. This estimate is based on average rates for high-value vehicles, but your actual cost may vary.
Prokop Insurance: Your Exotic Car Insurance Experts
At Prokop Insurance, we understand the unique needs of exotic car owners. We have access to specialized insurance providers like Hagerty and Chubb, who offer comprehensive coverage for high-value vehicles. These policies typically include:
- Agreed Value Coverage: This ensures you receive the full agreed-upon value of your car in case of a total loss.
- Specialized Claims Adjusters: These adjusters understand the intricacies of exotic cars and can expedite the claims process.
- Enhanced Roadside Assistance: Get premium roadside assistance, including towing and transportation services tailored to your vehicle.
Contact Us for a Free Quote
If you’re a proud owner of a supercar or are considering purchasing one, contact Prokop Insurance today for a free quote. We’ll work with you to find the best coverage to protect your investment.
Don’t let the cost of insurance deter you from owning your dream car. With the right insurance partner, you can enjoy the thrill of driving an exotic vehicle with peace of mind.
It’s important to note that this is just an estimate, and the actual cost may be higher or lower. To get an accurate quote, contact Prokop Insurance today.
7 Pre-Storm Activities In Minnesota
Here are 7 pre-storm activities in Minnesota from an insurance agent with 30-plus years of experience that reduce damage and home insurance claims. These DIY activities help to protect your home against severe weather strikes, such as thunderstorms, flash flooding, or tornados, and reduce insurance exposure:
- Prepare an emergency kit:
Before a severe weather event, it’s important to have an emergency kit with essentials such as a battery-powered radio, flashlight, first aid kit, extra batteries, water, non-perishable food, and a whistle to signal for help if needed. Make sure all family members know where the emergency kit is located. - Create a family emergency plan:
Develop a plan with your family that includes escape routes from each room in your home, a designated meeting spot outside the home, and a contact person in case you get separated. Practice the plan with your family to ensure everyone knows what to do in case of a severe weather event. - Protect your windows:
Covering windows with plywood or shutters can help prevent damage from high winds and flying debris. Use 1/2 inch plywood that is pre-cut to fit your windows, and use screws or nails to secure it in place. - Secure outdoor objects:
Bring in or tie down outdoor objects such as patio furniture, trash cans, and plants to prevent them from becoming projectiles in high winds. Use bungee cords or heavy-duty twine to tie down objects, and consider bringing in any outdoor furniture that is not secured. - Clear your gutters:
Clean out your gutters and downspouts to ensure water can flow freely and reduce the risk of damage to your home’s foundation. Use a ladder, gloves, and a scoop or trowel to remove debris, and consider installing gutter guards to prevent debris from entering your gutters. - Install a sump pump backup:
A backup sump pump can help prevent water damage in your home during heavy rainfall. If you have had water issues in your house in any areas below ground, consider purchasing a battery-powered backup sump pump that will work in case of a power outage. Install it according to the manufacturer’s instructions, and make sure it is tested regularly. - Stay informed:
Keep a battery-powered radio and flashlight handy in case the power goes out. Stay informed about weather conditions by tuning into local news and weather reports. Consider downloading a weather app on your phone to receive severe weather alerts.
By taking these DIY steps, you can help protect your home and keep your family safe during a severe thunderstorm, flash flooding, or tornado in Minnesota. Remember, it’s always better to be prepared and take action before a severe weather event occurs.
Looking for more information on what to do right before a storm. These are the DIY actions I recommend you take before a storm in Minnesota.
If you want the best home insurance coverage options with a tailored home insurance policy! With 30 years of dedicated service, our independent agency connects you with over 10 esteemed insurance companies, ensuring you receive the best options and most competitive prices available. Don’t leave your home’s protection to chance. Click here to receive your personalized FREE home insurance quote today and secure the safety net your home deserves.
Top 10 Reasons Someone with Beneficiaries Should Have Life Insurance
30+ years of experience have as allowed me to share the Top 10 Reasons Someone with Beneficiaries Should Have Life Insurance.
Have you ever thought about what would happen to your loved ones if you were to pass away unexpectedly? Who would take care of their financial needs? How would they pay for your final expenses?
Life insurance is a safety net that can provide your beneficiaries with financial security in the event of your death. It’s a way to show your love and care for them, even when you’re gone.
Stats:
- According to the Insurance Information Institute, only 54% of Americans have life insurance.
- The average death benefit for an individual life insurance policy is $270,000.
- Life insurance payouts totaled $94 billion in 2021.
- The most common type of life insurance is term life insurance, which provides coverage for a specific period of time.
- Whole life insurance provides coverage for your entire life and also has a cash value component that grows over time.
Here are the top 10 reasons why someone with beneficiaries should have life insurance:
1. Provide for Your Family’s Financial Needs
Life insurance can replace your income and help your family maintain their standard of living after you’re gone. This is especially important if you have young children or a spouse who relies on your income.
2. Pay for Final Expenses
Funeral costs, medical bills, and other end-of-life expenses can add up quickly. Life insurance can help your family cover these expenses without having to go into debt.
3. Pay Off Debts
If you have outstanding debts, such as a mortgage or credit card debt, life insurance can help your family pay them off. This can prevent your loved ones from inheriting your debts.
4. Fund Your Child’s Education
Life insurance can help you save for your child’s education, even if you’re not around to see them graduate. This can give your child a head start in life and help them achieve their dreams.
5. Leave a Legacy
Life insurance can help you leave a legacy for your loved ones. You can use it to fund a scholarship, donate to a charity, or start a foundation in your name.
6. Protect Your Business
If you own a business, life insurance can help protect your business from financial ruin in the event of your death. It can provide your family with the funds they need to keep the business running or sell it on favorable terms.
7. Peace of Mind
Knowing that your loved ones will be financially secure in the event of your death can give you peace of mind. It can allow you to live your life to the fullest, without worrying about what will happen to your family if you’re gone.
8. It’s More Affordable Than You Think
Life insurance is more affordable than most people think. In fact, you can get a term life insurance policy for as little as $10 a month.
Life insurance can help you save for retirement.
If you have a whole life insurance policy, the cash value component can grow over time. You can borrow against the cash value or withdraw it to supplement your retirement income. This can be a valuable source of funds, especially if you don’t have a pension or other retirement savings plan.
Example:
John is a 45-year-old business owner. He has a wife and two young children. He also has a whole life insurance policy with a death benefit of $500,000. The cash value of the policy is currently $100,000.
John is planning to retire in 20 years. He estimates he will need $1 million in savings to retire comfortably. He can use the cash value of his life insurance policy to help him reach his retirement savings goal.
John can borrow against the cash value of his policy or withdraw it to supplement his retirement income. He can also use the death benefit from his policy to provide for his family in the event of his death.
Life insurance is a versatile financial tool that can provide you with financial security throughout your life.
10. It’s Easy to Get
- Applying for life insurance is easy. You can do it online, over the phone, or through an insurance agent.
Sources:
Conclusion
It is my sincere hope that you know how important why your beneficiaries should have Life Insurance. Life insurance is a must-have. It’s an affordable way to provide your loved ones with financial security in the event of your death. Don’t wait until it’s too late. Get life insurance today.
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