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Minnesota Homeowners Insurance Quotes

Minnesota is often referred to as the land of 10,000 lakes and we live up to the title. Outdoor fun and getting out on the water are one of the best ways to spend a day in Minnesota. Our lovely summer weather combined with an endless supply of lakes and beaches make Minnesota a great place to visit and live.

When its time to get out of the sun there are plenty of indoor opportunities in Minnesota. Regardless of whether you are looking for fine dining, museums, a world-class zoo or a great amusement park, Minnesota has you covered. As the weather turns cold, Minnesota has plenty of great skating rinks, and ski hills to help you get your fill of winter fun.

Minnesota currently ranks as the 12th largest in area and the 21st most populous state. Roughly 60 percent of Minnesota residents live in the Minneapolis or Saint Paul metropolitan area also known as the "Twin Cities.”

It doesn’t matter if you are considering a move to the Twin Cities or one of our smaller, charming towns like Duluth, Elk River, Red Wing, or even Melrose, Minnesota is a wonderful place to call home.

Minnesota Facts
Minnesota has roughly 5,303,925 residents according to the latest census. This works out to about 2,954 average households per zip code and the average number of people living in a household is three.

The bad news is that the average household income is a bit below the national average at $38,121. The good news is that houses are very affordable with the average house value coming in at $85,174.

Homeowners Insurance in Minnesota
Minnesota is slightly more expensive than the national average when it comes to homeowners insurance. Data from the National Association of Insurance Commissioners (NAIC) shows that the average premium for an HO-3 policy (the most common type) in Minnesota is $1,222 and the national average is $1,034.

Minnesota is fairly average when it comes to homeowners premium but costs can rise if you own a home on the shores of one of Minnesota’s lakes. A lakeside home can raise you insurance rates as well as require you to carry a flood policy in addition to a standard homeowners policy. If your home is a flood prone area, a flood policy is an absolutely necessity.

Even though homeowners insurance in Minnesota is pretty reasonable there are ways to lower your premium even further. Here are a few of the best ways to keep your homeowners insurance affordable:

  • Shop Around: You should shop your home insurance on a regular basis, once a year is recommended. Insurance companies rate risk differently which means that premiums can vary dramatically between insurers. When shopping, make sure you are comparing apples to apples in regards to deductibles and coverage levels.
  • Discounts: All insurance companies offer discounts so you want to make sure you are getting every discount to which you are entitled. Discounts can really add up regardless of whether your home is located in Duluth or Rochester so ask your agent to make sure all available homeowners insurance discounts are applied to your policy.
  • Safeguard Your House: Adding a monitored security system to your home in Minneapolis, Le Sueur or any other city in Minnesota will help lower your premium. Storm shutters and a sprinkler system will also result in a discount to your premium.

Rates by Homeowners Insurance Type

Homeowners insurance comes in a variety of different types and each is designed specifically for the type of home it is covering. This is a quick overview of the different homeowner insurance types as well as the average premium for each according to data from the NAIC:

Dwelling Fire: This slimmed down policy offers a very narrow range of coverage. A Dwelling fire policy has a lower premium and usually covers fire and smoke damage. Some of these policies will also cover damage from vandalism, explosions and wind damage.

The NAIC shows that the average premium for a DF policy is a very affordable $848 but only a tiny fraction 0.3 percent of Minnesota homeowners actually have these types of policies.

HO-2: An HO-2 policy is a basic homeowner policy and it only covers perils that are specifically listed in the policy. Only 1.6 percent of homeowners in “The North Star State" have these types of polices. The average premium for an HO-2 policy is a fairly pricey $1,538.

HO-3: This is a considered the standard policy and most homeowners carry this type of coverage. An HO-3 will cover protection from all perils except those that are excluded in the policy wording. All standard homeowner policies will exclude flood and earthquake damage.

Data from the NAIC shows that the HO-3 is quite popular in Minnesota with 53.4 percent of policies in the state being HO-3’s. The average policy price is $1,222

HO-4: Apartment living is big in Minnesota, especially in the Minneapolis/St. Paul area and if you live in an apartment, an HO-4 policy is for the right one for you. These policies protect your personal possessions as well as offering liability coverage in the event someone is injured in your apartment.

Roughly 16.6 percent of policies written in Minnesota, regardless of whether you are in Eagle Lake or Silver Bay, are HO-4 policies.

HO-5: This specialty policy is designed for more upscale homes that tend to be newer. They provide protection for your house as well as loss of use, personal property and any additional structures on your property. HO-5 policies cover your personal possessions against all perils except those excluded in the policy.

In almost all cases, older homes do not qualify for this type of coverage. The average cost for this type of coverage in Minnesota is $1,146 according to NAIC data and roughly 18.5 percent of policies are this type.

H0-6: If you live in a condo or co-op in Avon or Red Lake Falls then you should have a HO-6 policy. These policies cover your personal property as well as the parts of the building that you actually own such as the interior walls of your unit. The coverage offered by these policies is limited to 16 specific perils.

Data shows that 9.3 percent of policies are HO-6s in Minnesota.

Factors to Consider in Minnesota

While Minnesota is not a coastal city and hurricanes are never a threat, severe weather does have a huge impact on the state. Midwestern winters can be tough on your home. Ice dams, frozen pipes and roofs collapsing under the weight of snow are not uncommon and they all fall under the protection of your homeowners insurance policy.

Tornadoes and hail storms can be a problem during the summer and can do major damage to your home including siding and your roof. If a severe hailstorm hits, be sure to have your roof inspected to ensure it wasn’t damaged.

Experts recommend saving your insurance for major incidents and paying for small damages out of pocket. Numerous small claims will push up your premium dramatically.

If you are considering a move to Minnesota, you are going to need insurance for your new home, apartment or condo. We can easily help you shop and compare up to 12 different Minnesota home insurance premiums and apply all the available discounts and credits.

Get started today, contact us to get a quote on your homeowners insurance in Minnesota.

Average Homeowners Insurance Premiums in Minnesota

With over 95% of all Americans are known to have homeowners insurance coverage, it's important to know what Minnesota homeowners are paying on average. Did you know that the average homeowners insurance premium in Minnesota is $1481? Minnesota is now ranked 13 in the country. The country wide average for homeowners in the United States is $1,311. This means the average home insurance premium in Minnesota is 12.97% more than the national average.

YearAverage Annual PremiumAverage Monthly PremiumState Rank (Overall)
2020$1481 (3.3%)$ 12313
2019$1433 (2.4%)$ 11914
2018$1400 (3.78%)$ 11714
2017$1348 (0.6%)$ 11214
2016$1340 (1.28%)$ 11214

When we combine the state averages over the last decade, the Minnesota overall average is estimated to be around $1,256.80. Our homeowners insurance quoting and rating process helps you compare homeowners insurance quotes, coverages and premiums. Minnesota current state rank compare to the rest of the country is #13. Consider shopping your Minnesota home insurance with us so we can help you save up to 40% or more on your policy.

Minnesota Homeowners Insurance News & Information

  • Largest Insurer in California – Travelers Announces Home Insurance Rates Going Up 15% Posted on Monday 20th May, 2024

    Travelers Insurance, which is one of the largest insurers in California, recently announced that they will be raising premiums by an average of 15% in the Golden State. This is just the latest rate increase or policy limitation by major insurance companies who blame the increases on spreading wildfire risks, inflation, and the cost of […]

  • Should I raise my deductible to $10,000 to help offset the cost of rising premiums? Posted on Wednesday 15th May, 2024

    According to industry reports, homeowners are raising their deductibles to $5,000 to $10,000 to help offset the cost of rising premiums.  While raising a deductible into the stratosphere will absolutely lower your homeowner insurance premium, it does mean that you will have to cover your deductible amount in the event you have to make a […]

  • Should I choose the minimum or maximum homeowners insurance coverage? Posted on Monday 13th May, 2024

    As homeowner insurance rates rise across the country, some homeowners are opting for policies that offer minimal coverage to keep their premiums affordable. Unfortunately, this choice will leave them at higher risk and in a position where they may have to pay more out of pocket if they have to make a claim on their […]

  • Texas is Seeing Major Increases in the Cost of Homeowners Insurance Posted on Tuesday 7th May, 2024

    Like much of the rest of the country, Texas is seeing major increases in the cost of homeowners insurance. According to an article in Austin American-Stateman, residents of Texas have seen their insurance rates go up 50.9% on average which is the largest increase in the country for that time period. Unfortunately, experts are predicting […]

  • Homeowners Below a 580 Credit Score Pay 35% More for Home Insurance Posted on Monday 15th April, 2024

    While the odds of a major disaster hitting a specific home is the same regardless of whether the owner has a great credit score or one that puts them in a subprime category, their credit score will impact their rate in many states.  In most states, insurers are allowed to consider credit scores when setting […]

Minnesota Housing & Real Estate Data

Details:Staticstics
Total Housing Units2347201
Occupied Housing Units2087227
Vacant Housing Units259974
Vacant Housing Units for Rent48091
Vacant Housing Units Rented Not Occupied3198
Vacant Housing Units For Sale30726
Vacant Housing Units Sold Not Occupied6232
Vacant Housing Units For Seasonal Occasional Use130471
Vacant Housing Units All Other Vacants41256
Housing Units Homeowner Vacancy Rate Percent2
Housing Units Rental Vacancy Rate Percent7.8
Housing Tenure Occupied Units2087227
Housing Tenure Occupied Units Owner Occupied1523859
Housing Tenure Occupied Units Owner Occupied Population3950160
Housing Tenure Occupied Units Owner Occupied Averge Household Size2.59
Housing Tenure Occupied Units Renter Occupied563368
Housing Tenure Occupied Units Renter Occupied Population1218370
Housing Tenure Occupied Units Renter Occupied Average Household Size2.16

Understanding Minnesota Homeowners Insurance

When shopping for Minnesota homeowners insurance quotes you should be aware of the various types of insurance policies that are available in your area:

  • HO-3: This is the most common type of homeowers policy. This policy type protects your home against all perils, except ones that are specifically excluded. In most cases earthquake and flood damage are excluded.
  • H0-6: This policy type is specifically written for condos or co-ops. If you own a condo or live in a co-op building this type of policy is a necessity. A HO-6 policy covers both your personal belongings and the structural parts of the building that you own. There are 16 disasters listed on a typical policy that HO-6 protects against.
  • HO-4: If you are looking for Minnesota renters insurance, a HO-4 policy is a great option. Renters insurance will cover your contents as well as offer liability coverage in the event a person is injured in your apartment.

While other types of policies exist, these are the most common ones. A HO-2 is a more basic policy that offers reduced coverage levels and a HO-5 is a high-end policy that offers increased protection.

If you are shopping for a new home in Minnesota, homeowners insurance is a must do. We can help you find the perfect policy for your new home, regardless of whether you need a standard HO-3 policy, HO-6 or renters insurance, our site makes shopping for homeowners insurance quotes easy. Visit our online quoting application today and let us help you shop and compare up to 12 different Minnesota rates and coverage options.