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Insurance for farm homes clarified

Published (4/20/2012)
By Lee Ann Schutz
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Township mutual insurance companies insure a high percentage of the state’s farms; however, some agents argue that the regulating statutes need clarification.

A new law, signed by Gov. Mark Dayton April 5, will tweak current law as it relates to insuring farm homes through combined policies.

Sponsored by Rep. Greg Davids (R-Preston) and Sen. Gary Dahms (R-Redwood Falls), the law comes in response to a case now before the Minnesota Supreme Court. It pertains to a value dispute between a farmer and his insurance company over the home that was a total loss due to fire.

Davids said the law will add needed clarification for insurance companies that operate under laws that don’t quite line up with those covering more standard insurance coverage. The new law is effective April 6, 2012, and is not retroactive. Therefore it will not affect the outcome of the suit before the courts.

HF2342/ SF1934*/CH162

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