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Minneapolis, MN Homeowners Insurance
Minneapolis is nestled among the upper Midwest states. Its northern location makes it an excellent choice for homeowners who enjoy the snow and the great outdoors.
It’s also a populous area. Minneapolis is a mere 12 miles west of St. Paul, and the two cities together make up the “Twin Cities” in Minnesota. A seven-county region, the Twin Cities are home to 55 percent of the state’s population.
Minneapolis is a beautiful place to buy a home. However, it’s also prone to natural disasters, such as tornadoes, straight-line winds, flooding, fire, and snow, and ice storms. Minnesotans must protect their homes with the best homeowners insurance.
Start by comparing Minneapolis home insurance rates with Insurify. Within minutes, you’ll get quotes from top insurance companies to help you save money on your policy.
Cheapest Home Insurance Companies in Minneapolis
For homeowners in Minneapolis, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Minneapolis. The following are the best insurance rates from carriers that offer homeowners insurance in Minneapolis.
|Cheapest Companies||Quotes The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
How to Find Cheap Home Insurance in Minneapolis
Buying a home is an exciting time! Homeownership also comes with several responsibilities. One task you want to be sure to check off your list is buying home insurance.
Houses aren’t cheap—your home may be one of the largest financial investments of your lifetime. You can guard against risk by protecting your property with homeowners insurance.
The state of Minnesota doesn’t require it by law, but home insurance provides financial liability for your property and personal belongings from natural disasters, theft, and vandalism.
Depending on your needs—property type, location, and other factors—you can explore different coverage levels to get the right policy for you and your family.
Keep reading for a full guide on Minneapolis home insurance.
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Cheapest Home Insurance in Minneapolis by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in the Minneapolis area costs $3,342 annually, and the median home value is $304,961.
What you pay for premiums will depend on the property type and location of your home. But you should still try to save on home insurance rates. It’s important to shop around because each company can charge different rates for the same or similar coverage options.
Insurify ‘s comparison tool can show you quotes from the best homeowners insurance companies to help you get the right coverage. Some home insurance companies you’ll want to look into include State Farm, AAA, Travelers, and Allstate.
|Average Home Cost in Minneapolis The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.||Average Annual Insurance Premium in Minneapolis The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
Average Annual Home Insurance Premium in Minneapolis by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Minneapolis for Home Insurance
Minnesota has many options for homeowners, including Minneapolis and the nearby cities of Bloomington and Plymouth.
Of the 79 neighborhoods in Minneapolis, Linden Hills is the most expensive, with a median home listing price of $640,000. Depending on your budget, you may want to consider purchasing a home in a cheaper neighborhood. Whittier is one example, with an affordable median home price of $193,700.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Minneapolis can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in Minneapolis
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
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
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.
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.
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 policy.
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.
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.
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 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 that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Minnesota city level guides, check out these below.
Severe Weather Events and Minneapolis Home Insurance
Homeowners in Minneapolis should prepare for severe weather events. Windstorms, flooding wildfires, and winter storms can cause significant property damage. With Minnesota on the north edge of Tornado Alley, Minneapolis is also prone to tornadoes.
Standard homeowners insurance policies generally cover severe weather. A covered loss can include damage from tornadoes, straight-line winds, wildfires, and the heavy accumulation of snow and ice during a winter storm.
However, homeowners insurance doesn’t include flooding. You need a separate policy to protect yourself from flood damage.
Flooding is one of the most common natural disasters in the U.S. The risk of flooding in Minnesota has increased over the years. For instance, Minnehaha Creek on the southwestern side of Minneapolis is a known flood zone.
Flood insurance is available to homeowners even if they’re not in a high-risk flood zone. Check with your insurance agent or consider getting coverage through the National Flood Insurance Program (NFIP).
Mobile Home Insurance Minneapolis
Mobile and manufactured homes are an excellent alternative to traditional, stick-built homes. The Twin Cities area of Minneapolis and St. Paul has 81 mobile home parks that house about 37,000 people.
Mobile and manufactured homes require a different kind of insurance. While the most common home insurance is an HO-3 policy, mobile and manufactured homes fall under HO-7 policies.
Coverage and deductible options are similar for both types. However, an HO-7 policy is designed specifically for mobile and manufactured homes.
One important note is that mobile home insurance doesn’t typically cover the home while in transit. If you’re relocating your mobile or manufactured home, check with your insurance company to find out if you need additional coverage.
How to Find the Cheapest Home Insurance in Minneapolis
Minneapolis is a vibrant city with many cultural, entertainment, and outdoor activities for families to enjoy. However, homeowners might find it a little tricky to find the best and cheapest homeowners insurance in Minneapolis.
Different companies offer different discounts and pricing on insurance products. The best way to find the right policy is to use Insurify to compare home insurance quotes.
Use Insurify to compare home insurance premiums for your property in Minneapolis.
Frequently Asked Questions
How can I find the best home insurance carrier in Minneapolis?
The best Minnesota home insurance companies are easy to find if you know where to look. Start by searching J.D. Power’s website. J.D. Power evaluates insurance companies based on product and service quality, customer satisfaction, and buyer behavior. From there, use home insurance comparison shopping sites to review rates from multiple companies in one convenient place.
Do I need flood insurance in Minneapolis?
Many areas of Minneapolis don’t require flood insurance. However, standard home insurance policies do not cover flood damage. Even if you’re not in a flood zone, you may want to purchase a flood insurance policy. Talk to your local agent about your coverage options.
What does bundling do with Minneapolis home insurance?
Bundling home and auto insurance is a popular tactic to lower your overall insurance costs. Many insurers offer a multi-policy discount when you combine two or more policies, such as home, auto, and life insurance. It could result in a significant discount on your insurance costs.
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