North Dakota homeowners could see some easing in their home insurance rates.
"Over the last couple of years, we have seen some stabilization in the property and casualty market," said North Dakota Insurance Department Property and Casualty Division director Blaine Bergstedt. "We are also seeing some 'lightening' of that market, mostly in home and auto. And we're looking at some premium lightening coming up, so we're hoping that trickles into some other markets as well."
Bergstedt said some insurers did pull out of North Dakota, because of large storm losses, and the pandemic. But he said some are coming back.
"That'll increase competition, furthering the lessening of premiums," Bergstedt said.
Bergstedt said now could be a good time for people to shop around for insurance. He said some people may feel uncomfortable doing that.
"A lot of people are with carriers and agents for a long time, and it's difficult to shop around," Bergstedt said. "But we encourage it. It's sometimes had to do, but just to look at other companies and see what they're offering, if only to see where you're at. You may be in the ballpark of where other companies are. You could stay, or find potential savings."
