Sandwiched between the Minnesota and St. Croix rivers, the Twin Cities Region of east-central Minnesota is home to over 3 million people. Just seven miles separate the downtown neighborhoods of Minneapolis and St. Paul from one another. Known for the Mall of America, cold winters, and warm people, it’s no wonder so many Minnesotans call this region home. Protecting your house with proper homeowners insurance is the first step to responsible homeownership in the Twin Cities. 

Compare quotes from top home insurance companies with your desired coverage options with a few clicks of your mouse with Insurify, and get insured in minutes.  

How to Find Cheap Home Insurance in Minneapolis and St. Paul, Minnesota

Buying a home may be one of the largest financial investments of your lifetime. With investment, inevitably, comes risk. However, there are steps homeowners can take to minimize risk and protect their investment. 

The first step to protecting your property is homeowners insurance. Though not required by law, home insurance provides financial liability for your property and belongings from natural disasters or theft. Different coverage levels are available for different property types, locations, and other factors. 

Keep reading for a full guide on Minneapolis/St. Paul home insurance

Minneapolis Homeowners Insurance

See How Much You Can Save

Cheapest Home Insurance in Minneapolis/St. Paul by Company

Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.

As of 2020, the average home insurance premium in the Minneapolis / St. Paul region costs $3,342 annually, and the median home value is $291,467.

That’s a pretty penny. How can you be expected to pay all of these costs (vital as they are) and still provide for you and your family? 

Average Home Cost in Minneapolis/St. Paul Average Annual Insurance Premium in Minneapolis/St. Paul
$291,476 $3,342/year

Cheapest Zip Codes in Minneapolis / St. Paul for Home Insurance

Like property costs, home insurance varies in price from city to city. Pricing is determined on ZIP code-specific variables such as the volume of claims filed nearby, crime rates, property costs, and risk variables such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on our annual premiums. 

Rates in Minneapolis/St. Paul can be relatively high or low compared to the national average; it all depends on which town you live in. Here are the most and least expensive ZIP codes in Minneapolis/St. Paul to insure a home.

Most Expensive Real Estate in The Twin Cities Cheapest Real Estate in The Twin Cities
Deephaven $705,579 Cleaveland $198,583
Fulton $515,495 West Side $218,204
Summit Hills $463,467 Battle Creek $248,590
Macalester-Groveland $379,254 Bryant $271,331

Home Insurance Coverage Types in Minneapolis/St. Paul

There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:



  • The simplest and least comprehensive type of homeowners insurance
  • Provides coverage for a handful of potential problems including
    • natural disasters (storms, fires, wind, lightning, volcanic eruption), 
    • explosions, 
    • theft, 
    • damage from vehicles, 
    • or civil commotion. 

Broad Form

  • Broad form homeowners insurance policies include all basic form coverage, plus protection from:
    • falling objects, 
    • damage from the weight of ice, snow, or sleet, 
    • freezing of household systems including HVAC and pipes, 
    • sudden and accidental damage to pipes and other household systems from artificially generated electrical current, 
    • accidental discharge or overflow of water or steam,
    • sudden and accidental damage. 
  • HO-2 policies typically cover both dwelling protection and personal property.
  • In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.

Special Form

  • The most common form of homeowners insurance is known as a “special form” policy.
  • While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.

Tenant’s Form

  • HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes. 
  • Tenant’s form policies typically cover all the same dangers as HO-2 policies. 
  • These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house. 
  • Some HO-4 policies may also include loss of use coverage for the tenants.


  • Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
  • The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
  • An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy). 
  • HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.

Condo Form

  • Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies. 
  • They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building. 
  • These policies also include personal property and liability coverage and may include loss of use coverage.

Mobile Home Form

  • If you own a mobile home or manufactured home, you likely have an HO-7 policy. 
  • Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
  • Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well. 
  • HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.

Older Home

  • Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them. 
  • HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes. 
  • Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home to enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

Weather-Related Damage and Home Insurance in Minnesota

As Minnesotans know all too well, when winter rolls around, so does the heavy snowfall. Minnesota homeowners insurance will generally cover state perils that are explicitly mentioned in their homeowners policy. Some homeowners insurance companies may not cover flood damage due to blizzards or other weather-related damage though, so be sure to have this discussion with your insurance agent before banking on insurance coverage to protect your house from the winter months.  Additional coverage, like separate flood insurance, may be required in order to fully protect your home from all weather-related damage it may be subjected to. Protection from damage due to windstorms may also need to explicitly stated by insurance providers in order to be fully covered. 

Bundling Insurance Products in the Twin Cities

One thing homeowners can do to cut costs is to bundle their insurance products to be provided by the same insurance company. Homeowners can choose an insurance company that will provide them with discounted options if they choose to bundle life insurance, auto insurance, and home insurance policies. This can help homeowners cut home insurance rates greatly- so it may be worthwhile to bundle at least your home and car insurance quote to save big on living expenses.  

Minneapolis/St. Paul Homeowners Insurance FAQs

How do I know which insurance carrier offers the best home insurance?

Homeowners can take a few factors into account when figuring out which company offers the best home insurance for their home, family, and lifestyle. Some consumers may trust industry-leading rating systems like J.D. Power and other accolades. The size of the insurance company may also be worth consideration, the larger the market share of an insurance company, generally, the lower the home insurance rates. To compare the best homeowners insurance companies in Minnesota, use Insurify to compare rates throughout the region based on coverage options and add-ons.  

Does homeowners insurance cover vandalism and damage from civil unrest in Minneapolis and St. Paul?

Most standard Minnesota home insurance policies will cover general damage caused by vandalism. That being said, if flooding, fire, or other hazards occur as a result of such civil unrest, some homeowners insurance companies may require supplemental coverage to ensure full protection from damage. 

How long does a home insurance claim take in Minneapolis/St. Paul?

Depending on the time of year, type of damage, and degree of damage that has occurred on your house, the amount of time it takes to file a home insurance claim in the Twin Cities area will vary. It could be as short as days or as long as weeks to months to cash in on your insurance claim. 

Buying a home is stressful enough—don’t let insuring it get in the way of enjoying your new property.

Conclusion: How to Find the Cheapest Home Insurance in Minneapolis/St. Paul

Finding the cheapest homeowners insurance hasn’t always been easy. Luckily, today, Insurify is here to help you compare quotes from top homeowners insurance companies so you have the tools you need to choose the best homeowners insurance for you. Based on desired coverage options, supplemental insurance add-ons, and bundling options, you could cut your homeowners insurance cost in half. 

Use Insurify to compare home insurance premiums for your property in Minneapolis and St. Paul

Compare Twin Cities Home Insurance Quotes in Two Minutes

See Quotes

Browse, compare, and secure home insurance with Insurify today! 

Yep, it’s that easy.  

Updated August 12, 2020

Jackie Cohen received her B.A. in Global Media and Public Relations from the University of Massachusetts, Amherst. Currently based in Boston, MA, she works as a content writer for Insurify. An avid globe-trotter and foodie, Jackie spends her spare time adventuring far and near.