Getting a Condo Insurance Quote in Minnesota
Thanks to their convenience and relatively low cost, many Minnesotans nowadays choose to live in a condominium as opposed to a more conventional home. Despite their added convenience, finding the right condo insurance in Minnesota can feel like a bit of a chore, so we’re here to help you make this process as simple and hassle-free as possible. To facilitate this, we’ve made it a goal to list out all the different considerations and factors that come into play when negotiating the final price for your condo insurance, giving you a better chance of finding a policy that suits both your needs and your wallet.
Minnesota Condo Insurance Statistics at a Glance
Condo insurance coverage in Minnesota can be a bit more on the costly side when compared to other states, partly due to the various factors that affect pricing and rising property values. Minnesota is ranked as the 11th most expensive state nationwide for condo insurance, and residents pay an average of $129 per month or $1,553 a year for their condo insurance. However, even though Minnesotans are, on average, spending more on their condo insurance, the good news is that condo insurance is steadily becoming more affordable. Condo insurance prices throughout Minnesota tend to be more or less consistent, though Rochester, MN, residents benefit from the cheapest rates in the state and pay an average of just $911.50 annually or $75.96 a month for their condo insurance. On the flip side, New Brighton, MN, was ranked as the most expensive city in Minnesota for condo insurance, with residents paying roughly $1,041 per year or $86.75 per month for their condo insurance. Since different insurance companies price their plans differently, shopping around for condo insurance in Minnesota is vital if you want to lock in the best rates.
$550
Average Annual Cost of Condo Insurance in Minnesota
The average cost of condo insurance in Minnesota on an annual basis is $550.
$46
Average Monthly Cost of Condo Insurance in Minnesota
The cost of condo insurance in Minnesota is roughly $46 per month.
23%
Percentage of Income on Ownership for Condos in Minnesota
Residents of Minnesota spend an average of 23% of their income on condo ownership.
27 years
Median Age of a Property Which Requires Minnesota Condo Insurance
The average age of a property requiring condo insurance in Minnesota is roughly 27 years.
What Affects the Costs of Your Condo Insurance in Minnesota
Several factors can influence condo insurance prices in Minnesota and these factors are used by insurance companies to determine things like how much of a risk you’d pose to insure and the cost to fulfill your specific requirements. This, in turn, allows them to provide you with an accurate quote on your condo insurance. Not all of these factors are controllable, however, and things like your condo’s location, when it was built, and the build quality can all play a part in determining the final price you pay for condo insurance and whether you’re eligible for any discounts. Other, more controllable, factors that can affect your policy price include your credit rating, your claims history with other insurance providers, your driver’s record, the quantity and value of personal belongings in your condo, how many people live with you, and whether you own or rent the condo. It’s for this reason that we strongly advise you to prepare all of this information in advance and have it ready before requesting a quote from a condo insurance provider in Minnesota.
Average Cost of Condo Insurance in Minnesota by City
The most common type of condo insurance in Minnesota is HO6 insurance. Regardless of whether you’re living in urban Minneapolis or St. Paul or prefer quieter towns like Crystal, an HO6 insurance plan could be all you need. To help give you a better idea of what you can expect to pay for condo insurance in Minnesota, we’ve gathered a list of average insurance prices paid by condo owners in cities across the state. Keep in mind that these prices are based on the average prices in each city, so what you actually pay may be different depending on where you live.
| City in Minnesota | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Minneapolis, MN | $86 | $1,027 |
| St. Paul, MN | $85 | $1,017 |
| Rochester, MN | $76 | $912 |
| Duluth, MN | $77 | $919 |
| Bloomington, MN | $83 | $990 |
| Brooklyn Park, MN | $85 | $1,017 |
| Plymouth, MN | $83 | $1,000 |
| Maple Grove, MN | $85 | $1,021 |
| Woodbury, MN | $83 | $1,000 |
| St. Cloud, MN | $83 | $998 |
| Eagan, MN | $83 | $992 |
| Lakeville, MN | $83 | $1,002 |
| Blaine, MN | $80 | $963 |
| Eden Prairie, MN | $82 | $978 |
| Coon Rapids, MN | $81 | $975 |
| Burnsville, MN | $86 | $1,031 |
| Apple Valley, MN | $83 | $1,002 |
| Minnetonka, MN | $86 | $1,026 |
| Edina, MN | $81 | $968 |
| St. Louis Park, MN | $84 | $1,008 |
| Moorhead, MN | $81 | $974 |
| Mankato, MN | $80 | $962 |
| Shakopee, MN | $84 | $1,002 |
| Maplewood, MN | $84 | $1,008 |
| Cottage Grove, MN | $83 | $997 |
| Roseville, MN | $83 | $994 |
| Richfield, MN | $81 | $969 |
| Inver Grove Heights, MN | $86 | $1,032 |
| Andover, MN | $80 | $957 |
| Savage, MN | $85 | $1,022 |
| Brooklyn Center, MN | $79 | $951 |
| Oakdale, MN | $83 | $996 |
| Fridley, MN | $79 | $946 |
| Shoreview, MN | $83 | $996 |
| Ramsey, MN | $85 | $1,022 |
| Prior Lake, MN | $84 | $1,007 |
| Winona, MN | $80 | $965 |
| Chaska, MN | $84 | $1,013 |
| White Bear Lake, MN | $83 | $999 |
| Owatonna, MN | $82 | $990 |
| Chanhassen, MN | $84 | $1,002 |
| Champlin, MN | $82 | $981 |
| Austin, MN | $79 | $945 |
| Elk River, MN | $84 | $1,012 |
| Rosemount, MN | $84 | $1,010 |
| Faribault, MN | $84 | $1,003 |
| Farmington, MN | $80 | $963 |
| Crystal, MN | $78 | $936 |
| New Brighton, MN | $87 | $1,041 |
| Hastings, MN | $81 | $977 |
Choosing the Best Condo Insurance Company in Minnesota for Your Needs
When purchasing condo insurance, you’re insuring yourself, your family members, and all your treasured possessions, and that extra bit of time and effort you put in in the beginning to find the most comprehensive and affordable insurance policy possible can make all the difference in the long run. We can’t stress the importance of taking your time enough, nor can we even begin to describe how much settling on the cheapest policy can ruin you, both financially and emotionally. For the sake of avoiding future headaches and unnecessary stress, make sure you take your time and compare quotes from different providers before settling on what you think is the best insurance company for you. And remember, no reputable or professional company, insurance or otherwise, will ever pressure potential clients into making an immediate decision or paying a price they’re not comfortable with. Always pick an insurance company that you’ll be comfortable with year after year, and preferably one that offers its long-term clients discounts, reward programs, or bundle deals. Finally, make sure that whichever company you’re considering is a licensed insurance provider. Check the Minnesota Department of Insurance website to find out more about a company’s license status, financial stability, and complaint history.
The Top Rated Condo Insurance Companies in Minnesota Based off Consumer Ratings
Operating for over 50 years, State Farm is one of the largest and top-rated condo insurance providers in the USA. A study carried out by JD Power in Minnesota scored State Farm a 4 out of 5 (above average) for their policies, billing and payment methods, customer support, and claims processes. State Farm also received an NAIC complaint ratio of 0.2 in Minnesota. Like most other condo insurance providers in Minnesota, State Farm offers discounts on condo insurance premiums for units that were built or renovated to withstand any natural disasters that might take place in the North Star State. Additionally, when independently analyzing metrics for condo insurance companies in Minnesota, State Farm scored the highest JD Power rating with a 4, while Liberty Mutual was rated the lowest with a 2. In terms of the best NAIC complaints ratio, COUNTRY Financial fared the best with a complaint ratio of 0.19, while the Auto Club Group ranked lowest with a complaint ratio of 0.99.
| Minnesota Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in Minnesota | 4/5 | 0.2 |
| American Family Ratings for Condo Insurance in Minnesota | 3/5 | 0.69 |
| Farmers Ratings for Condo Insurance in Minnesota | 3/5 | 0.46 |
| Allstate Ratings for Condo Insurance in Minnesota | 3/5 | 0.34 |
| Liberty Mutual Ratings for Condo Insurance in Minnesota | 2/5 | 0.53 |
| Travelers Ratings for Condo Insurance in Minnesota | 2/5 | 0.3 |
| Auto Club Group Ratings for Condo Insurance in Minnesota | 3/5 | 0.99 |
| North Star Ratings for Condo Insurance in Minnesota | N/A | 0.39 |
| Chubb Ratings for Condo Insurance in Minnesota | 2/5 | 0.14 |
| COUNTRY Ratings for Condo Insurance in Minnesota | 3/5 | 0.13 |
Minnesota Condo Insurance Requirements
Under the Minnesota Condominium Act, a condo unit owner in Minnesota is entitled to take out a separate insurance policy if they wish but is not legally required to do so. Minnesota law requires condominium associations to maintain insurance coverage for the entire building, and the Condominium Act specifies that an association’s policy will take precedence and act as the primary insurance in the event a condominium owner holding a separate insurance policy suffers a loss. Despite the coverage offered by a condominium association’s insurance policy, discerning condominium owners might still want to consider purchasing additional insurance to cover their personal belongings, independent renovations, their liability, or any losses or damages not covered by the association’s policy.
What's Covered with Your Condo Insurance in Minnesota
If you spend some time searching around and comparing different condominium insurance policies, you’ll probably notice that most providers in Minnesota offer a standard coverage plan covering building property, personal property, loss of use, and liability. Building property coverage protects you against any financial losses resulting from damage to your condo’s internal structure (such as walls, floors, and ceilings) or permanent fixtures due to certain events, like fires or floods. As the name implies, personal property coverage protects any losses or damages to your personal belongings, including furniture, clothing, and appliances, as a result of a covered event. Loss of use coverage covers any additional living expenses you may be faced with if a covered event leaves your unit uninhabitable and makes it necessary for you to seek alternate accommodation. As far as liability coverage goes, most condo insurance policies in Minnesota will cover damages up to $100,000 if you’re found to be liable for any property damage or personal injury that occurs in or around your condo.
| Average Costs of Condo Insurance in Minnesota by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Hennepin County, MN | $82.80 | $991.40 |
| Ramsey County, MN | $84.17 | $1,009.17 |
| Dakota County, MN | $83.33 | $1,002.50 |
| Olmsted County, MN | $76.00 | $912.00 |
| Kings County, MN | $82.00 | $984.00 |
| Steele County, MN | $82.50 | $990.00 |
| Washington County, MN | $83.00 | $998.50 |
| Scott County, MN | $84.33 | $1,010.33 |
| St. Louis County, MN | $77.00 | $919.00 |
| Stearns County, MN | $83.00 | $998.00 |
| Anoka County, MN | $82.50 | $989.50 |
| Carver County, MN | $84.00 | $1,007.50 |
| Clay County, MN | $81.00 | $974.00 |
| Blue Earth County, MN | $80.00 | $962.00 |
| Winona County, MN | $80.00 | $965.00 |
| Mower County, MN | $79.00 | $945.00 |
| Sherburne County, MN | $84.00 | $1,012.00 |
| Rice County, MN | $84.00 | $1,003.00 |
How to Get Minnesota Condo Insurance Discounts
Practically all insurance companies in Minnesota offer a loyalty program and at least a few different discounts. That’s why it pays to ask about any discounts you or the people living with you may be eligible for when shopping around for condo insurance quotes. You might be surprised to find that you qualify for certain discounts you’ve never even heard of. Additionally, most insurance companies offer multi-policy or bundled discounts, discounts for loyal clients, and discounts for clients who pay their premiums in advance.
| Condo Insurance Deductible | Average Minnesota Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $140 |
| $1,000 | $130 |
| $1,500 | $122 |
| $2,000 | $114 |
| $5,000 | $96 |
Getting the Best Minnesota Condo Insurance Rates
Looking around and comparing quotes from different providers is a must if you’re looking to save the most on your Minnesota condo insurance policy. To make the process as simple as possible, all you have to do is give us a call and we’ll help you determine whether other insurance providers are willing to give you a better rate than what you’re currently paying or have been quoted. You could also try asking a friend or family member who owns a condo whether their insurance provider offers referral discounts, which could benefit you both. Another option would be to find out whether you can opt for a higher deductible, which typically lowers your premiums. Bear in mind, however, that opting for a higher deductible isn’t always the best option, and you’ll need to consider whether you can afford to pay out of pocket for any losses or damages below the deductible. Also, as mentioned above, many insurance companies offer discounts to clients who take out several different insurance policies with them, so don’t be shy about asking your car insurance provider whether they would be willing to lower your premiums if you purchased condo insurance from them too. They might even offer you an additional discount for being such a loyal customer. Discounts are always worth following up on when purchasing condo insurance, as some can save you up to 10% on your premiums. Finally, remember that many insurance companies also check your credit rating when determining your insurance premium, so it’s best to stay on top of it and maintain a good credit score to keep the premiums you’ll be paying as low as possible.