Minnesota has many amazing parks, lakes and wildlife for both visitors and residents to enjoy. As a state that really caters to its residents, Minnesota also has some reasonable and conservative insurance regulations that keep its citizens protected.
Minnesota Auto Insurance
Minnesota auto insurance regulations require residents of the state to have liability insurance. They require at least $30,000 bodily injury coverage in the event of a single-person injury, $60,000 for multiple person injuries and just $10,000 for property damage liability.
This no-fault state also requires personal injury protection (PIP) and uninsured motorist coverage making Minnesota auto insurance regulations fairly comprehensive.
Minnesota Health Insurance
Minnesota health insurance regulations do not require that health insurance companies provide automatic coverage for pre-existing conditions. They do, however, have a high-risk pool to provide insurance for those who would otherwise be uninsurable. In addition, they allow the contribution to your health savings account (HSA) to be deducted from your state income tax.
Group polices can have as few as two participants and Minnesota health insurance regulations do allow for pre-existing conditions to be excluded from group coverage for up to 12 months if there was a 63 day or longer break in coverage over the past 6 months. Group health insurance rates are protected from becoming cost prohibitive by the existence of rate bands.
Minnesota Home Insurance
Minnesota home insurance regulations do not require all home owning residents of the state to be covered by insurance. With that said, it is important to remember that your individual lender may require it if you still have an outstanding loan or mortgage on the property.
While regulations may not require it, Minnesota home insurance does protect homeowners against damages to their home-including those caused by the tornadoes the state is prone to suffer.
Minnesota Life Insurance
The Minnesota Life and Health Insurance Guaranty Association created in 1977 ensures that policyholders in the state will get some remuneration even if their Minnesota life insurance company becomes insolvent. But that does not mean you are guaranteed the full death benefit of your policy. The association covers life insurance death benefits up to a national high of $500,000 and net cash surrender up to $130,000.
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Tags: Minnesota auto insurance, Minnesota health insurance, Minnesota home insurance, Minnesota insurance, Minnesota life insurance
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