Homeowners Insurance in Minnesota

Homeowners insurance in Minnesota will include coverage for fire, hailstorms, and other perils, but you’ll want to add flood insurance.
Written by Talullah Blanco
Reviewed by Melanie Reiff
Minnesota does not require homeowners insurance by law, but your mortgage lender will require you to purchase a policy. Shopping for homeowners insurance is as easy as comparing quotes from several companies and choosing the policy with the coverage you need. 
Whether you are a first-time homeowner or this is your third home, you’ll want homeowners insurance to protect your investment from fire, hailstorms, vandalism, and other perils. Each state has different events that commonly cause widespread property damage, so it’s important to understand what can put your home at risk in
so you can find the coverage you need. 
That’s why the price comparison and
car insurance
broker app
has compiled everything you need to know about homeowners insurance in Minnesota. We’ll explain what
home insurance
is, the perils it covers, and how much it costs
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What is homeowners insurance?

Homeowners insurance is a type of property insurance that pays for losses or damages to your home and its contents in the event of a covered disaster. A typical homeowners insurance policy will provide coverage to repair or rebuild your home and even offer legal protection. 
The average cost of homeowners insurance in the United States is $1,387 per year or about $115 per month

Basic components of homeowners insurance

The standard homeowners insurance policy covers the interior and exterior of your home, your personal belongings, freestanding structures on your property, and temporary living expenses in the event of loss or damage. 
  • Structure (Coverage A): Pays to repair or replace damage to the interior or exterior of your house caused by covered disasters like fire, lightning, windstorms, and vandalism. 
  • Additional structures (Coverage B): Damages to freestanding garages, sheds, fences, or other structures on your property caused by disasters will also be covered by homeowners insurance.
  • Personal property (
    Coverage C
    ): Provides financial compensation for personal belongings destroyed in an insured disaster. From clothing and jewelry to furniture and appliances, your homeowners insurance policy will cover most of the contents of your home. 
  • Personal liability (Coverage D): Liability coverage protects you from possible lawsuits for bodily injury or property damage that occur on your property by a family member or even a pet. 
  • Additional living expenses (
    Coverage E
    ): Reimburses you for rent, hotel rooms, meals, and any other temporary living expenses incurred while you are waiting for your home to be repaired.
There are three levels of coverage you can choose from when you purchase your homeowners insurance policy. Your most basic coverage is covering the
actual cash value
(ACV), which is the cost of your home and its contents at the time of its loss. 
The replacement cost is the amount it costs to rebuild your home with materials up to your insurance limit while the guaranteed or extended replacement cost pays for the cost to rebuild your home at current prices, even if it exceeds your liability limit.
Key Takeaway: Your homeowners insurance policy will provide you with financial stability and legal protection in the event of an unexpected disaster or lawsuit. 

Named perils

Your homeowners insurance will cover the named perils or specific circumstances outlined in the policy. These typically include: 
  • Fire
  • Smoke
  • Lightening
  • Windstorm or hail
  • Volcanic eruption
  • Weight of ice, snow, and sleet
  • Freezing of a plumbing
  • Fallin objects 
  • Explosion
  • Vandalism, malicious mischief, and theft
  • Riot or civil commotion
  • Accidental discharge or overflow of water steam
  • Accidental tearing, cracking, burning, or bulging
  • Sudden and accidental damage from artificially generated electrical current 
Review your policy before you sign to be aware of the perils that are not covered in your policy but are causes of property damage in your area. 
Key Takeaway: Damage that is preventable or due to lack of maintenance is not covered by homeowners insurance. 

Is homeowners insurance required in Minnesota?

Minnesota does not require homeowners insurance. If you take out a mortgage most lenders will require you to purchase it as a condition of your loan. 

How to get homeowners insurance

You’ll start shopping for homeowners insurance by comparing quotes from several companies online. Insurance premium quotes vary between providers for the same coverage, so don’t settle for the first one. 
Not sure where to begin? Get a quote from your car insurance provider to bundle your home and auto policies. If you aren’t satisfied with your initial quote, most insurance companies offer
bundling discounts
that save you between 5% and 10% on both policies. 
You can save time and money by comparing home and auto insurance quotes with
, the price comparison, and the broker app. They’ll even help you cancel your old policy if you decide to switch!
If you are a homeowner in Minnesota, hail storms, blizzards, and flooding are common natural disasters that can put your home at risk. 
The first two are covered by standard homeowners insurance, but floods are not included in your policy. With extreme rainfall events increasing in Minnesota each year, a greater percentage of flood damage is occurring outside of designated high-risk flood areas. 
Whether your home is located in a high-risk or low-risk flood zone, you’ll want to purchase flood insurance

Why is homeowners insurance in Minnesota so expensive?

The average cost of homeowners insurance in Minnesota is $1,785 per year for a policy with $250,000 in dwelling coverage. Many variables affect your insurance premium to be higher or lower than the state average, including your claims or credit history. But homeowners in Minnesota can expect to pay 31% more than the national average due to a higher weather-related risk. 

Winter storms

From your roof collapsing to pipes freezing, blizzards and snowstorms can cause serious damage to your home. Minnesota gets an average of 36 to 70 inches of snow every winter, which is more than most states. 


Minnesota experiences flooding when the snow melts and after summer rainstorms. Floods can cause mold and mildew, damage to your appliances, septic, or well water systems, structural and electrical damage.

Homeowners insurance discounts in Minnesota

Insurance companies offer a variety of discounts for homeowners. Keep an eye out for the common discounts features in the table below when you are shopping for homeowners insurance:
How to get it
Bundling home and auto insurance
could earn you a 5% to 10% discount on your policies
First-time homeowner
If it’s your first time purchasing a home most insurance companies will offer you a discount.
If you haven’t filed a claim in the last 2 to 3 years, you may receive a discounted rate.
Storm proofing
If you live in an area prone to natural disaster, upgrading your roof or installing weather-related safety measures could earn you a discount on your homeowners policy.
Security system
Set up a security system to prevent theft and you may be eligible for a discounted insurance rate.

How to save on home and auto insurance

Shopping for and finding affordable homeowners insurance with the coverage you need can be overwhelming and time-consuming, but it doesn’t have to be. It’s this simple: download the
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Flood insurance isn’t required in all parts of Minnesota, though some lenders may require it. It is a separate policy but is well worth the added protection.
The average cost of Minnesota homeowners insurance varies based on demographics and other factors, but you can expect to pay between $1,300 and $1,900 a year.
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