ZIP 55024 Insurance Data

Data Snapshot: ZIP 55024 (Farmington, MN)

ZIP 55024 (Farmington, MN) shows an average homeowners insurance premium of $2,343 per year as of 2022, based on U.S. Treasury FIO ZIP-level observations across approximately 140 reported policies. That is 32% above the national average of $1,776 per year, placing this ZIP in the 85th percentile nationally. Compared to the Minnesota state average of $1,928, this ZIP runs 22% above, reflecting neighborhood-level differences in catastrophe exposure, property age, and claims history.

The loss ratio for ZIP 55024 is 94.1%, meaning insurers are operating on thin margins here. Claim frequency — the share of policies with at least one claim — is 9.82%, and the average claim severity (amount paid per claim) is $22,462. Nonrenewal — insurers declining to extend coverage at policy expiration — occurs at 0.68% in this ZIP, a drop of 32.5% over the past five years; rising nonrenewal often signals insurer retreat from high-risk markets.

Across 5 years (2018–2022), premiums in ZIP 55024 have risen by 12.7%, ranging from $2,079 to $2,343 with a five-year average of $2,207 — an annualized rate of +3.0% per year. FIO data aggregates voluntary reporting from the 40 largest homeowners insurers, covering roughly 80% of the U.S. market, so figures represent market averages rather than individual policy quotes; your own premium will vary with dwelling value, deductible, coverage limits, construction type, and insurer-specific underwriting. This page is educational research only and is not insurance advice — homeowners should request quotes from multiple licensed carriers or an independent agent before purchasing or renewing coverage.