HomeInsuranceQts

Home Insurance in Minnesota

Minnesota's median home value is $329,300.

Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Minnesota was built around 1979. About 29% of homes were built before 1960.

In Minnesota, the housing stock is 73% single-family homes, 19% apartments in buildings with 5+ units and 3% mobile or manufactured homes.

About 64% of owner-occupied homes in Minnesota have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.

Minnesota has an owner-occupancy rate of 72% and a vacancy rate of 9%; unoccupied homes typically need a different coverage form.

65% of homes in Minnesota are primarily heated with natural gas. Homes heated with propane can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.

According to the NAIC homeowners insurance report (2023 data), a standard HO-3 homeowners policy in Minnesota carries a statewide average premium of $1,988 per year.

Key figures

Median home value$329,300
Median year built1979
Owner-occupied share72%
Share of owner-occupied homes with a mortgage64%
Home insurance premium$1,988 - statewide average (NAIC, 2023 data)

Counties

Sources