Home insurance in Minneapolis

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Living in the City of Lakes

Approximately 425,000 people call Minneapolis home. This vibrant city has much to offer for lovers of art, entertainment, sports and the outdoors. Whether you're into professional sports teams like the Minnesota Twins and the Minnesota Vikings or water activities at any of the city's interconnected series of lakes, there's more to do than eat, sleep and work in the City of Lakes.

In Minneapolis, the median home value is around $284,000. Whether you live in an early 20th-century Craftsman or a spacious Rambler, it's important to protect your home from perils such as fire and theft. The median household income in the area is approximately $70,000, which is 25% of the median home price. You need a plan for home insurance in Minneapolis and VIU by HUB is here to help.

Needing Home Insurance in Minneapolis

If you finance your home, most lenders require you to carry insurance to protect their investment. Even if you own your house, certain factors pose the risk of costly damage:

  • Extreme weather: Minneapolis is prone to extreme weather events, including tornadoes, hailstorms and blizzards.
  • Radon: Radon is a naturally occurring radioactive gas that can lead to health problems. The average level of radon is over 300% higher in Minnesota than in the rest of the country. Homes in this state tend to be closed and heated for much of the year, leading to higher levels of radon.
  • Aging structures: Minneapolis features several homes built before the 1950s. Old and outdated infrastructure is more vulnerable to damage.

Without home insurance, you could be paying a lot of money out of pocket for repair.

Paying for Coverage in Minneapolis

Minneapolitans can expect to pay almost $2,750 each year for coverage. This is higher than the state average and the national average of $2,417. Various insurers are available here, so it's important to find a plan that makes the most sense for your home.

Factors that impact your annual premiums include these:

  • Location: Weather event frequency and crime rates can impact your premium. City residents usually pay more than rural homeowners.
  • Age and condition: Older homes with older systems are generally more costly to repair and replace, resulting in higher rates.
  • Replacement cost: The higher the replacement cost of your home, the more you'll pay to insure it.
  • Credit score: A strong track record of responsible credit use often results in lower premiums.
  • Claims history: If you've filed for claims in the past, your rates will probably be higher.

Other factors such as security features, renovations, coverage limits and even pet ownership can impact your premium. VIU by HUB can help you sort through all your options, including available discounts to save money.

Covering Your Minneapolis Home

The following coverages are available with a policy for home insurance in Minneapolis:

  • Dwelling: This coverage pays for the cost of repairing or rebuilding your home if it is damaged or destroyed by a covered peril. It also covers other structures such as a detached garage or guest house.
  • Personal property: This pays for the cost of replacing your personal belongings if they are damaged or stolen. This does not include vehicles, pets or home business equipment.
  • Liability: If someone is injured on your property or if you damage someone else's property, this coverage protects you financially.

Standard homeowners' policies do not cover flooding or earthquakes, so it's important to make sure your home insurance in Minneapolis protects your home adequately. Let VIU by HUB help you compare options for the best rates.

This information is intended for general informational purposes only and is not intended to constitute legal advice.


US Census Bureau

Minneapolis on Data USA

Minnesota Department of Health


Minnesota Commerce Department - Insurance

Home insurance in Minnesota by city

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