- Median home values in North Dakota are being tracked, involving the Pew Research Center and the Department of Housing and Urban Development.
- Jon Godfread warns about rising home damage costs in North Dakota.
North Dakota Property Insurance Rates Projected to Rise 26% by 2028
- Reports
- 3
- Developments
- 1
- Repetition
- 67%
New informationRepeats or wire copies
What happened
Residential property insurance rates in North Dakota are projected to increase 26% between 2025 and 2028, according to American Property Casualty Insurance Association figures presented in Bismarck. Jon Godfread, the Insurance Commissioner, noted that this projection follows an average increase of about 14% experienced by North Dakota property owners between 2024 and 2025. Godfread stated that the increase is partly attributed to rising labor and material costs, which result in more expensive storm damage.
From y94.com
Why it matters
The projected rate jump signals increased costs for commercial, residential, and multi-family businesses across North Dakota. Furthermore, Godfread noted that the lack of a dedicated enforcement division for the state's building codes causes concern for insurers when determining rates.
Jon Godfread has been warning about rising home damage costs across North Dakota, a situation that involves tracking median home values.
From y94.com
Who's involved
- North DakotaThe state where insurance projections and regulatory discussions are taking place.
- Jon GodfreadThe Insurance Commissioner for North Dakota.
- FargoA city mentioned in state flood mitigation projects.
- Grand ForksA city receiving state flood mitigation infrastructure projects.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Xcel EnergySpeculative
Could face increased infrastructure and resiliency expenses due to rising labor and material costs.
- Grand ForksSpeculative
May receive state or federal funding for flood mitigation infrastructure projects.
Keep exploring
The entities involved
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North Dakota
state of the United States of America
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Jon Godfread
American politician
Nothing else this week.
Related events
- Various counties and cities in North Dakota, including Billings, Burleigh, Grand Forks, Fargo, Jamestown, and Ward, are noted as locations within the state.
- A financial crisis has affected rural states, including North Dakota, with reports involving Lehman Brothers.
- A collection of facts about North Dakota, including that Bismarck is the capital city, Armstrong is a North Dakota official, and Tim Mathern represents Fargo in the legislature.
- Bismarck serves as the capital city of the state of North Dakota.