ZIP 56116 Insurance Data

Data Snapshot: ZIP 56116 (Beaver Creek, MN)

ZIP 56116 (Beaver Creek, MN) shows an average homeowners insurance premium of $1,853 per year as of 2022, based on U.S. Treasury FIO ZIP-level observations across approximately 5 reported policies. That is 4% above the national average of $1,776 per year, placing this ZIP in the 69th percentile nationally. Compared to the Minnesota state average of $1,928, this ZIP runs 4% below, reflecting neighborhood-level differences in catastrophe exposure, property age, and claims history.

The loss ratio for ZIP 56116 is 375.7%, meaning insurers paid out more in claims than they collected — a signal that premiums may rise or carriers may exit. Claim frequency — the share of policies with at least one claim — is 53.62%, and the average claim severity (amount paid per claim) is $12,981. Nonrenewal — insurers declining to extend coverage at policy expiration — occurs at 1.45% in this ZIP; rising nonrenewal often signals insurer retreat from high-risk markets.

Across 5 years (2018–2022), premiums in ZIP 56116 have risen by 19.4%, ranging from $1,552 to $1,853 with a five-year average of $1,685 — an annualized rate of +4.5% 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.