Home Insurance in Minneapolis, Minnesota
Homes in Minneapolis carry a median value of $362,200 - 8% lower than the Hennepin County median.
Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. The typical home in Minneapolis was built around 1951. About 57% of homes were built before 1960, about 21 points above Hennepin County's 36%.
Housing in Minneapolis breaks down to 44% single-family homes and 44% apartments in buildings with 5+ units. The rest are 2-4 unit or other housing types.
In Minneapolis, about 72% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
Minneapolis has an owner-occupancy rate of 48% and a vacancy rate of 8%; unoccupied homes typically need a different coverage form.
70% of homes in Minneapolis are primarily heated with natural gas.
What's the biggest home insurance risk near Minneapolis? FEMA's National Risk Index points to tornado (Very High) in Hennepin County and Hennepin County had 959 active NFIP flood policies as of September 2026. See the full Hennepin County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Minnesota, the statewide average premium for a standard HO-3 homeowners policy is $1,988 per year (NAIC, 2023 data).
Key figures
| Median home value | $362,200 |
|---|---|
| Median year built | 1951 |
| Owner-occupied share | 48% |
| Share of owner-occupied homes with a mortgage | 72% |
| Top county hazard | Tornado (Very High) |
| Active NFIP policies in Hennepin County | 959 |
| Home insurance premium | $1,988 - statewide average (NAIC, 2023 data) |
Nearby towns
- Lauderdale
- Golden Valley
- St. Louis Park
- Falcon Heights
- Robbinsdale
- St. Anthony
- Columbia Heights
- Richfield
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)