While there's snow in the immediate forecast, the spring storm season has arrived in Minnesota and state officials said with complaints related to homeowner insurance claims on the rise, it is important to monitor changes in policies.

The Minnesota Commerce Department said complaints from policyholders, largely stemming from their claims being denied, have more than doubled since 2020.

Julia Dreier, deputy commissioner of insurance for the Minnesota Department of Commerce, said under a changing climate, the nation is seeing plenty of extreme weather events resulting in wind and hail damage, and insurance companies are adjusting to what's happening.

"Insurance costs are going to increase," Dreier pointed out. "We do want to make sure that Minnesotans are prepared."

As some carriers narrow what is covered or require higher deductibles, Dreier urged consumers to carefully review their policy when it is up for renewal, to avoid surprises when they have to file a claim. The department acknowledged changes can slip under the radar when consumers rely on paperless statements sent via email, or with busy schedules preventing them from reading all the fine print in documents they receive.

The department emphasized it is a complicated process in getting complaints resolved, noting some can be partially reversed in favor of the homeowner. Dreier noted they work closely with the industry to make sure a company's actions are within the letter of the law.

"One of our jobs is to make sure that insurance companies aren't doing something unethical when they're submitting their policy forms to us and their rates to us for review," Dreier added.

The department does have a new video on its YouTube channel, which offers more details on how to better prepare yourself ahead of any future claims, including knowing whether your policy offers flood protection and assessing the value of items in your home.


get more stories like this via email

With Thanksgiving just over two weeks away, will Michiganders and shoppers across the country face sticker shock at the grocery store while planning their holiday meals?

There is a mix of good and not-so-good news. According to consumer experts, grocery inflation has eased, with prices rising just 1.3% over the past year. However, prices are more than 20% higher than four years ago.

David Ortega, professor of food economics and policy at Michigan State University, said you won't have to dig as deep for the star of the Thanksgiving menu: turkey.

"Turkey prices, they're expected to be down compared to last year," Ortega reported. "The industry has been struggling with the bird flu outbreak over the past couple of years but producers are better prepared now. So you can expect to find turkeys anywhere between 2% and 10% lower in price."

The price increases this holiday season stem from several factors, including the 2019 pandemic disrupting supply chains, droughts damaging crops, avian flu driving up egg prices, and global conflicts raising overall costs.

Ortega emphasized taking advantage of your grocery store's loyalty program or app can unlock significant savings, which sometimes offers personalized discounts tailored to your shopping habits. He shared a couple of other practical strategies to help keep your holiday meal costs in check.

"Look for store brands or private labels," Ortega advised. "They're a great way to cut costs and often times, you're not really compromising on quality. And I suggest that you make a detailed shopping list, and that you stick to it."

Ortega added as shoppers become more budget-conscious, stores are offering more promotions and loyalty programs. Retailers are working to keep holiday meals affordable, with some even matching prices from 2019.


get more stories like this via email

Misinformation about electric vehicles is keeping more of them from being on Connecticut roads.

Owners of the state's more than 31,000 registered EVs still face rumors about poor battery range in colder climates. Many agencies said it is false, with some drivers feeling EVs can handle winter roads better than gas-powered cars.

Karamo Kourouma, an EV owner in Cheshire, said driving an EV involves a different mindset from a gas-powered car.

"Being able to know I just go home and plug in my car just like I would do with my cellphone; plug it in at night, wake up in the morning, unplug it, and get on your way," Kourouma explained. "You basically wake up with a fully charged battery."

Another challenge he sees for EVs is how people think of charging stations. While some charge their cars at home or fast-charging stations, Kourouma thinks there are ways to build up the infrastructure. One example is adding electric-vehicle chargers to some parking meters across places such as downtown New Haven with the hope of breaking "range anxiety" some drivers face.

Owning an EV for three years has shown Kourouma gas-powered cars are meeting their match, particularly in costs. Although gas-powered cars are less expensive to buy, EVs are shown to save consumers money in long-term costs such as maintenance, fuel and repair costs. He acknowledged misconceptions about cost keep people from making the switch.

"When people see me drive a Tesla, they think I paid $70,000, $80,000 for it, and I try to explain to them that, no, the vehicle I'm driving is $48,000 before incentives," Kourouma pointed out. "They need to be more aware of the fact now EVs tend to be in a price range that most people can afford them."

Connecticut has myriad programs designed to help people afford EVs. One includes the Connecticut Connecticut Hydrogen and Electric Automobile Purchase Rebate, which offers incentives of up to $7,500 for state residents to buy or lease an eligible clean energy vehicle.

Online scams are growing in scale and sophistication, affecting millions and creating economic losses estimated at $1 trillion globally in 2023.

The upcoming Global Anti-Scam Summit in Arlington, Va., will bring experts together to develop strategies to combat the threat.

Jorij Abraham, managing director of the Global Anti-Scam Alliance, said as scams continue to surge, inflicting financial and emotional harm, there is an urgent need to work together.

"The big challenge is that we have to work across the different industries and across borders because scammers are getting very, very professionalized," Abraham pointed out. "We see scammers usually doing the same scam in 80 different countries and there the challenge is really putting them behind bars."

The summit is scheduled for Nov. 12-13.

Abraham advises people to consult friends and family before acting on suspicious texts or emails. According to the FBI, scams targeting Americans age 60 and older led to more than $3.4 billion in losses in 2023, though many cases go unreported.

The FBI also warns the public about scammers exploiting the 2024 U.S. general election for financial fraud. Abraham noted scams are becoming among the most reported crimes.

"We are continuously being bombarded by scammers who are trying to get our identity or our money," Abraham observed. "The goal of the summit is to discuss how can we reduce the approaches by scammers, trying to make sure that they are less successful and in the end actually are trying to really catch the scammers."

The FBI's report found tech support scams to be the most commonly reported type of elder fraud in 2023, affecting nearly 18,000 victims over age 60. Investment scams, however, were the most financially damaging, resulting in more than $1.2 billion in losses. The FBI said the fraud often involves cryptocurrency schemes targeting older Americans' finances.


get more stories like this via email