BISMARCK, N.D. – North Dakota Insurance Commissioner Jon Godfread addressed insurance affordability during his opening remarks at today’s North Dakota Residential Resiliency Roundtable at the Bismarck Event Center.
Property insurance rates are tied to the cost of property losses. The rising costs of materials, labor and recent severe weather have put pressure on property insurance rates.
Godfread explained that people and communities can help to bring prices down by preparing for risks.
“North Dakota has a strong and competitive insurance market, and our goal is to keep it that way,” Godfread said. “To keep the long-term cost of insurance down, we have to look at ways to reduce the long-term cost of losses.”
While economic factors have increased the cost of damages from wind, hail and fire, we also have more information about how to build properties that resist damage.
“Insurance by itself does not make a community resilient,” Godfread said. “We build resiliency by engineering and constructing properties that can handle North Dakota’s climate. The time to have these talks is before the disaster, not after it.”
In addition to resilient building principles, Godfread noted the critical role fire departments play in protecting property. He credited State Fire Marshal Matt Clark and fire-service leaders across North Dakota for work that is underway to improve training, reporting, inspections, accountability and local fire protection.
“Our rural and volunteer fire departments are an essential part of North Dakota's infrastructure,” Godfread said. “That belongs in the insurance affordability conversation. When we strengthen local fire response, we improve the overall risk environment.”
The roundtable was hosted by the North Dakota Insurance and Securities Department in partnership with the American Property Casualty Insurance Association (APCIA) and the Reinsurance Association of America (RAA). It brought together representatives from the insurance industry, lending, real estate, construction, business and government to discuss homeowners insurance affordability and availability, property loss trends, housing costs, resilience and potential solutions.
For more information, visit insurance.nd.gov or call (701) 328-2440.
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The North Dakota Insurance & Securities Department oversees and regulates the state’s insurance industry, investment industry firms, and state fire marshal. Led by the insurance commissioner, elected by the people, the mission of the North Dakota Insurance & Securities Department is to safeguard the promises made to North Dakotans and foster a fair and thriving marketplace to meet the needs of our consumers and evolving insurance industry.