Wiser Insurance Agency

06/06/2025

Attention Minnesota Boaters!

Visit the MN DNR-approved course site:
➡️ https://www.dnr.state.mn.us/safety/boatwater/education.html

05/16/2025

🚤 Spring is here and the water is calling! 🌞
Are you buying a boat this season? Whether you're cruising, fishing, or just floating in style, don’t forget one of the most important things before you set sail: boat insurance!

At Wiser Insurance Agency, we’ll help you navigate smooth waters with coverage that fits your needs and your budget. 🛟💸

Let us give you a competitive quote so you can focus on the fun – not the "what ifs."

📞 Call us at (952) 472-3660
🌐 Or visit: www.wiser-ins.com

Because being smart on the water starts with being Wiser on land. 😉

Discover the difference with Wiser Insurance Agency, a leading provider of comprehensive insurance options in Mound, MN. Get a quote today and experience our friendly, professional service.

04/18/2025

To Whom It May Concern,

It has come to our attention that there is a rumor circulating that the buildings located in Mound, MN—home to Wiser Insurance, the Old Bank Building, TC Closets building, and the former vacuum cleaner repair/record store building—is for sale. We want to make it very clear that this is entirely false.

These buildings are not for sale, has never been for sale, and no one involved has any intention of selling.

We kindly ask that those spreading this misinformation stop immediately. False rumors like this create unnecessary confusion and disruption within our community. We appreciate your cooperation in helping maintain a respectful and honest environment.

Thank you.

04/09/2025

Home Insurance Premiums Expected to See Significant Increases in 2025 – Minnesota Set for another premium increase.

As we approach 2025, homeowners in several states are facing sharp increases in home insurance premiums. Minnesota, in particular, is expected to see one of the largest hikes, with premiums rising by as much as 20% in some areas. This increase is due to a combination of extreme weather events, rising repair costs, and inflation, all of which are pushing insurance rates higher.

Stay informed and make sure you're prepared for the upcoming changes in the insurance landscape.

For full details, check out the article here: Read More

07/03/2024

In observance of Independence Day, I leave you with a few historical facts surrounding this day in our Nation’s history that one of our insurance companies (Midwest Family Mutual Insurance Company) we work with shared:

⦁ July 4, 1776 saw the unanimous Declaration of Independence of the thirteen United States of America, marked the formal beginning of the American Revolution and we celebrate it as our nation’s birthday, but the fighting with England was well underway before the events of that famous day. Shots had been fired in Lexington and Concord more than a year earlier. Americans had spilled blood from Quebec to Charleston. George Washington was in the field, commanding the Continental Army, and hopes for reconciling with England had been cast aside.
⦁ The young Thomas Jefferson of Virginia was tasked with hammering out the first draft of the Declaration. None of the ideas he set down were original – he borrowed thoughts that had been expressed throughout the ages, from the ancient Greeks and Romans to the philosopher John Locke to recent sermons of the day. But he did set down those thoughts in brilliant fashion. It took him two weeks to forge the draft.
⦁ On July 1st Congress took up the resolution to break away from England, entering what John Adams called “the greatest debate of all.”
⦁ Over the course of the next few days Congress turned to reading, discussing and editing the draft. Congress deleted 630 words and added 146, leaving a final text of 1,322 words.
⦁ On July 4th, twelve of the thirteen state delegations adopted the final draft of the Declaration. (New York adopted it on July 9th).
⦁ On July 9th George Washington ordered that it be read to his troops in New York City. Up and down the seaboard, Americans pulled down images of George III and other symbols of royal authority after they heard the Declaration’s words.

I’ll leave you with the opening words of the document that inspired the birth of the greatest nation the world has ever seen:

When in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. That to secure these rights, Governments are instituted among men, deriving their just powers from the consent of the governed, - that whenever any form of government becomes destructive to these ends, it is the right of the people to alter or to abolish it, and to institute a new government, laying its foundation on such principles and organizing powers in such form, as to them shall seem most likely to effect their safety and happiness. Prudence, indeed, will dictate that governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same object, evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security. Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former systems of government. The history of the King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute tyranny over these states.

Each and everyone of us has reaped the benefits of the actions of our brave Forefathers. Let us not be the ones that squander their valiant efforts!!!

As always, we appreciate your trust and your business.

06/10/2024

ATTENTION DRIVERS AND MOTORCYCLISTS - NEW LAW GOES INTO EFFECT ON JULY 1, 2025.

SPLIT ON SPLITTING LANES? Last month Gov. Walz signed HF 5247 into law making Minnesota the sixth state and the easternmost state to pass a law for motorcycles to allow “lane splitting” and a practice called “filtering” starting July 1st, 2025. Minnesota joins California, Utah, Montana, Arizona and Colorado as states that permit lane splitting/filtering. Lane filtering is the ability to filter through stationary traffic in backup situations and at stop lights it gives motorcycles the ability to move to the front, lane splitting is the ability for motorcycles to move through traffic in motion and share a lane with another vehicle or motorcycle. The new law allows a person to “operate a motorcycle and overtake and pass another vehicle in the same direction of travel and within the same traffic lane if the motorcycle is operated: 1) at not more than 25 miles per hour; and (2) no more than 15 miles per hour over the speed of traffic in the relevant traffic lanes. It also adds a new punishment for drivers impeding motorcycles stating, “an operator of a motor vehicle must not intentionally impede or attempt to prevent the operator of a motorcycle when filtering”. The American Motorcyclist Association supports lane filtering and says it has a well-documented success in other states and says it can reduce traffic and the severity of motorcycle accidents. So, what are your thoughts on lane splitting/filtering and what impacts do you think this will have on motorcycle insurance?

05/31/2024

What a great article about what the Minnesota Legislature is trying to do to the Minnesota Citizens with the passing of most recent Omnibus bill and how to protect yourself as a citizen when the MN state Legislation passes legislation as one bill.

https://www.minnpost.com/community-voices/2024/05/why-the-large-omnibus-bill-passed-in-minnesota-violates-the-single-subject-rule/ #:~:text=Article%20four%2C%20section%2017%20of,constitutions%20in%20the%20United%20States.

At 1,400 pages, the bill that passed in the waning days of the session could be vulnerable to a constitutional challenge.

04/19/2024

WHY DO SO MANY MINNESOTA HOMEOWNERS GET FREE ROOFS AFTER A HAILSTORM? A recent article published in Curious Minnesota, was inspired by someone wondering why so many Minnesota residents get “free” roof replacements after a hailstorm? We know that the party is over and even the one asking the question admitted that we pay for it either way. The article noted that an increase in convective storm activity, especially in 2022 when storms caused $6.3 billion in property damage, has caused insurers to implement changes such as higher deductibles, percentage-based wind and hail deductibles and move away from replacement-cost coverage to actual cash value by insurance carriers. Aaron Cocking from the Insurance Federation of MN commented, “There's still coverage, but we're paying for the actual cost value remaining on that roof.” In 2022, insurers paid out $1.92 in claims for every $1 paid by MN homeowners. Rates are adjusting to account for that. FULL STORY -

As soon as summer hail storms pass, roofing contractors arrive in Erik Neu's Woodbury neighborhood. After living in Indiana and Connecticut, Neu said it seems like it's more routine in Minnesota for insurance to cover roof replacements after hailstorms. He sought clarity on the issue from Curious Mi...

01/15/2024

THE STATE OF THE MINNESOTA MARKET

The Twin Cities Insurance Club meeting on Monday, January 8th at SFM’s corporate office featured a CE presentation by Aaron Cocking, President and CEO of the Insurance Federation of MN, the association representing the insurance companies that do most of the business in the state. Cocking’s presentation, titled The State of the Minnesota Market discussed some of the drivers of recent (and coming) insurance premium increases. He pointed to the historic storms of 1998 as the beginning of our upward trend of weather-related claims with $1.5 billion in insured losses, which totaled more than the previous 40 years of losses combined. Since then, Minnesota has experienced more storms, stronger storms, more severe storms and larger storm outbreaks, making Minnesota the #2 state with the most extreme weather, coming in behind California. In 1998, the average homeowner’s premium in MN was just $368 and below the national average of $455. From there, premiums only went up, surpassing the national average in 2010, and in 2019, the average MN homeowner’s premium jumped to $1,433. Several extreme weather events led to the dramatic increase in premium over the last two decades, including a June 11, 2017, hailstorm in Blaine and C**n Rapids that totaled $3.2 billion in insured losses, making it the most expensive storm in MN history and the 10th most expensive storm in the World in 2017. But the increasing number of catastrophic convective events is not the only problem. When it comes to home repairs, the cost of inflation of building materials and price-gouging contractors and the labor shortage have become a factor. When insurers have more losses, they hit their reinsurers harder. While insurance companies may have difficulty raising rates where regulators are difficult or due to public and competitive market pressure, reinsurers have the ability to recoup their losses much more quickly and increase the retention level or “deductible” for insurers, which also adds to the cost of insurance. Mr. Cocking also added that while weather is driving the current price increases for homeowners’ insurance, legislative mandates like the ban on dog breed underwriting and prohibiting family exclusions in boat, auto and umbrella policies will also serve to increase premiums. So, do not look for much relief anytime soon. We need a quiet weather year (or two) to bring back some stability to the market.

PREMIUMS RISING FASTER THAN SURPLUS

According to information in The Wall Street Journal article, Buying Home and Auto Insurance Is Becoming Impossible, US P&C insurers had $32.2 billion in net underwriting losses in the first nine months of 2023. That is $7.6 billion worse than the (very bad) same period in 2022. With such large hits to surplus, about 15% of US P&C insurers are experiencing "severely detrimental surplus conditions," as about 170 US insurers had surplus levels at the end of the third quarter of 2023 that were down 20% compared with 2021 levels, said Jeff Rieder of Aon's Ward Benchmarking in a recent Carrier Management article. "Some companies are growing [premiums] at levels that are far greater than they're able to grow their surplus," Rieder said, stressing that the financial position of the industry as a whole still remains very strong. “But I don’t want to minimize the impact [of financial challenges] on many particularly personal lines-focused organizations…Several have gone into rehabilitation or liquidation, and we’re seeing many that are dealing with surplus positions that are in some cases half of what they were at the beginning of the year,” Rieder said. “There will be some organizations that will certainly be stressed. The volatility of losses and rising cost of reinsurance and inability to get adequate rate is going to certainly stress the financial strength of those organizations.”

BUT THERE IS LIGHT ON THE HORIZON

While strong premium increases and increased underwriting scrutiny will not do anything to help with pricing or availability, it will help stave off insurance losses. A Swiss Re Institute report forecasts that the US property casualty insurance sector will have a 98.5% combined ratio this year and next, improving from the estimated 103% last year. The sector's growth in 2024 likely will be driven by personal lines, and its investment yields are forecast to improve to 3.7% this year and 4.1% next year, compared with 3.5% last year, according to yesterday’s Reinsurance News article.