Minnesota Home Insurance

Many Minnesotans count their homes as their life’s biggest investment, and their most valuable asset, so it makes sense they would want to protect such an investment with a good insurance policy. But the numerous competing insurers and different coverage options available on the market can make it confusing for newcomers to the market as well as long-time homeowners. To cut through the confusion, The Simple Dollar has put together a wealth of information on homeowners and renters insurance in one easy place. Read on to learn about home insurance in Minnesota.

Enter Your Zip Code:

Stats in Your State

Understanding the housing market and the home insurance market can be vague even for realtors, so we’ve taken a handful of crucial sets of data to illustrate the various factors that affect these markets across the state and across the U.S. You’ll get a better sense of what impacts your home insurance rates, and how you can better take advantage of the industry to make the most out of your policy.

Homeowner Insurance Premiums

Between 1999 and 2008, Minnesota home insurance premiums fluctuated in a similar pattern as the U.S. average premiums during the same years, with the averages of each remaining neck and neck across the decade. Despite housing sales that fell in the latter part of the decade, home insurance premiums remained at the same high rates in Minnesota as the 2005-2006 market.

Renter Insurance Premiums

Contrary to the state’s homeowners rates, which mirror the U.S. averages, renters insurance premiums in Minnesota remained well below the national average between 1999 and 2008. This indicates a low-demand renters market, particularly due to the low cost of home ownership in the state.

Existing Home Sales

Like the rest of the U.S., Minnesota's home sales increased steadily through the first half of the 2000s before steadily declining in advance of the housing market bubble crash in 2008. Home sales plummeted to 89,700 in 2010, the lowest of the decade.

Flood Insurance in Region

The land of 10,000 lakes suffers relatively few flood damage claims compared to its neighboring Northern states. Just 456 flood damage claims were filed in 2011, amounting to roughly $2.87 million in damages, compared with a region-high $95 million in damages in North Dakota the same year.

Homes Built

The graph below indicates steady housing development throughout the 20th and early 21st centuries, a result of steady economic growth over time. Minnesota’s agricultural and recent resource extraction industries provide a steady economic stimulus for the state’s population increase over time.

Rules in Your State

The rules and resources below serve as general guidelines for all insurance companies across the state, and apply to the relationship between consumers and insurers in claims and trade practices. Use the links below to access the listings of standard practices, as well as the prohibited and unfair trade practices. Consult an attorney if you feel your rights have been compromised.

Minnesota Legislation

Standards for Claims Payment

Unfair and Deceptive Trade Practices and Methods

Representatives & Resources in Your State

Below readers will find links to state agencies designed to educate and inform consumers about their options and how to get the most out of both their home and their insurance policy. The Insurance Division has plenty of useful information for homeowners, and the FEMA offices provide support to homeowners in need as well as information on disaster preparedness.

Minnesota Department of Commerce: Insurance Division
Minnesota Department of Commerce
Insurance Division
85 7th Place East, Suite 500
St. Paul, MN 55101
Get Directions
Contact Info Page
Complaint Resource
Use this link to contact the Insurance Division and file a complaint against an insurer for unfair claims practices or discriminatory treatment.
Insurance Division Topics: Home and Renters Insurance
The Insurance Division’s guide to home and renters insurance is a great launching point for consumers to seek guidance on buying home insurance in Minnesota, and to learn about the different types of insurance and options available to them.
Insurance Division: Insurance Catastrophic Contacts List
Here readers will find a disaster contact list and resources for disaster preparedness.

Federal Emergency Management Association: Region 5
Tornadoes, storms, droughts, and other disasters pose yearly threats to the residents of Minnesota. The FEMA Region 5 offices can assist with support and disaster preparedness for all residents to be ready in advance of a catastrophe.