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.