Best Condo Insurance In Minnesota 2024
Minnesota residents looking for condo insurance will find Nationwide to be the best option.
We’ve saved shoppers an average of $450 per year on their home insurance.
In this guide, you’ll find useful tips for obtaining the best condo insurance in Minnesota. As a former licensed insurance agent, I stress the importance of having proper coverage for financial protection and peace of mind.
Instead of bypassing insurance, look for a detailed condo policy that covers a range of risks, including theft and natural disasters. Continue reading to learn how to secure comprehensive coverage for your condo and yourself.
Best Condo Insurance In Minnesota, 2024
Compare The Best Condo Insurance In Minnesota
| Best For | Overall Rating | A.M Best Rating | J.D Power Rating | Get A Quote | |
|---|---|---|---|---|---|
| Nationwide |
Overall |
|
A+ |
816 |
Instant Quote |
| Chubb |
High-Value Condos |
|
A++ |
809 |
Instant Quote |
| Amica |
Runner-Up |
|
A+ |
849 |
Instant Quote |
| Travelers |
Discounts |
|
A |
794 |
Instant Quote |
Best Condo Insurance Companies In Minnesota
Best For Discounts
Key Statistics
Why We Like Them
⇅Looking to save on condo insurance? Travelers Insurance is a solid choice. It offers multiple discounts, which help reduce rates without sacrificing the coverage you need.
The multi-policy discount from Travelers Insurance can save you up to 15% on condo insurance when you bundle it with car and other policies. This not only provides financial savings but also simplifies your overall insurance management.
Benefits & Drawbacks
⇅- Rates that compete well
- Solid financial health
- Discounts offered when bundling services ✓
- Not widely available
- May include a list of banned dog breeds
- Higher complaint volume compared to top competitors ✘
Best Runner-Up
Key Statistics
Why We Like Them
⇅Amica, with its superior customer service and wide range of coverage options, is a top choice for condo insurance. They offer extensive coverage and up to 20% savings when you bundle auto and condo policies. The Platinum policy adds extra protection with additional and extended coverages.
Their rates are competitively priced, often lower than some of the leading competitors like Allstate. The low number of complaints is also indicative of a high level of customer satisfaction.
Benefits & Drawbacks
⇅- High levels of customer contentment
- Various coverage options available
- Excellent financial health ✓
- Rates tend to be higher
- Dividend policies not applicable in Minnesota
- AM Best rating saw a reduction in 2017 ✘
Best Overall
Key Statistics
Why We Like Them
⇅If you own a condo in Minnesota and need insurance, Nationwide should be at the top of your list for its extensive coverage and useful additional options. They provide coverage for fixtures, additions, installations, improvements, or alterations.
Along with customized coverage that protects your unit, belongings, and yourself, Nationwide will reimburse you for extra costs if damage makes your home unlivable.
With a fast and hassle-free claims process, the company’s dedicated customer service team ensures fair and timely resolutions, driving strong customer satisfaction.
Benefits & Drawbacks
⇅- Minimal customer complaints
- Affordable pricing
- Potential for premium increases over time ✓
- Discounts could be time-limited
- Not the best choice for lower-priced condos
- Potential for premium increases over time ✘
Best For High-Value Condos
Key Statistics
Why We Like Them
⇅For comprehensive luxury condo insurance, consider Chubb’s Masterpiece policy. It offers extended replacement cost and lets you customize your coverage with options like identity theft and cyber protection.
High-net-worth homeowners in Minnesota will find Chubb’s insurance solutions well-suited for their high-value condos.
Benefits & Drawbacks
⇅- High-Quality Customer Service
- Low Number of Complaints
- Comprehensive Coverage Available ✓
- Costly for Lower-Value Properties
- No Accreditation from BBB
- Higher Rates Compared to Top Rivals ✘
How much condo insurance do I need in Minnesota?
The amount of condo insurance necessary in Minnesota depends on factors such as your condo’s structure, the value of your personal property, and the coverage included in your condo association’s master policy. Adding loss assessment coverage to your policy can provide extra protection for damage or loss in shared spaces.
What does condo insurance cover in Minnesota?
In Minnesota, HO6 or condominium insurance typically offers protection for everything within the unit, such as walls, floors, fixtures, cabinets, and personal belongings, from damage or theft. These policies often include loss assessment coverage for common areas, with a starting endorsement of $1,000 that can usually be raised.
How much condo insurance is required in Minnesota?
Though not legally required in Minnesota, condo insurance is often necessary due to demands from mortgage lenders or condo associations. Policies typically include liability coverage from $100,000 to $500,000.
How to get an online condo insurance quote in Minnesota
To ensure you choose the right policy for your Minnesota condo, request quotes from multiple homeowners insurance providers within the state. I recommend using Insuranceopedia to compare the coverages offered by various insurers.
In order to obtain accurate quotes, you’ll need to provide certain information, including:
- Personal information: This will include your name, location, insurance history, and the number of people living in your condo.
- Personal property value: How much are the personal items worth that you want to insure?
- Replacement cost of your condo: What is the estimated cost of rebuilding your unit using similar materials if it’s damaged?
- Condo details: You’ll need to provide information about your condo’s age, square footage, type of exterior walls, and any safety features.
How to find the best condo insurance company for you
Since your condo may be one of your most valuable assets, securing effective coverage to prevent financial loss is critical. Finding the right policy to suit your needs will take some time and effort. To simplify the process, here are five steps you can take to protect yourself, your family, and your assets:
- Assess how much condo insurance coverage you need.
- Perform an online search for condo insurance companies and choose three that seem most reliable.
- Request quotes from each of these three providers.
- Compare their coverage options, costs, financial stability, customer reviews, and discounts.
- Apply for coverage with the provider that best meets your needs.
How Much Is Condo Insurance In Minnesota?
Since condo insurance doesn’t come in a one-size-fits-all package, I’ve compiled the following cost comparison tables to help you make an informed choice:
The Average Cost Of Condo Insurance By City
In this table, you’ll see the average monthly and annual condo insurance rates for people living in 10 of the largest cities in Minnesota.
| City | Average Annual Rate |
| Minneapolis | $380 |
| St. Paul | $399 |
| Rochester | $376 |
| Duluth | $419 |
| Bloomington | $382 |
| Brooklyn Park | $353 |
| Plymouth | $411 |
| Maple Grove | $410 |
| Woodbury | $389 |
| St. Cloud | $352 |
Average Cost Of Condo Insurance By Building Property Limits
The appropriate amount of condo insurance is related to the value of your condo and personal items. The following table compares average annual premiums for different building property limits in Minnesota.
| Building Property Limit | Average Annual Rate |
| $40,000 | $760 |
| $60,000 | $930 |
| $80,000 | $1,121 |
| $100,000 | $1,329 |
Average Cost Of Condo Insurance By Company
The final table compares the average annual rates for condo insurance in New York, featuring 10 of the top national insurance providers.
| Insurance Company | Average Annual Rate |
| State Farm | $460 |
| Allstate | $602 |
| USAA | $504 |
| Progressive | $605 |
| Nationwide | $586 |
| Farmers | $1,007 |
| Travelers | $628 |
Remember that the costs listed are estimated and could fluctuate based on factors such as the amount of insurance you need, your condo’s location, and its structural features.
While cost is important, it shouldn’t be your only consideration when selecting a policy. Aim for comprehensive coverage and opt for an insurer with a high financial strength rating and strong customer service.
Factors That Impact The Cost Of Your Condo Insurance Policy
Your condo insurance cost in Minnesota is largely shaped by these four factors:
Replacement Cost
Replacement cost is the estimated amount needed to repair or rebuild your condo unit if it is damaged. A higher replacement value will generally increase your insurance premiums.
Claims History
If you have a history of insurance claims, insurers may see you as a higher risk, leading to higher condo insurance premiums. On the other hand, maintaining a clean claims record could help lower your premiums.
Physical Address
High-risk neighborhoods in Minnesota, characterized by high crime rates or severe weather, often lead to increased condo insurance premiums. The prevalence of wildfires in the state further raises insurance costs.
Age and Building Materials
Older condominiums generally face higher insurance premiums because they are more prone to damage from aging electrical and plumbing systems. The choice of building materials also affects premiums; condos with fire-resistant materials may benefit from lower rates in Minnesota.
Find Condo Insurance In Minnesota
How To Find The Best Condo Insurance Company For You
It takes dedication to find the right condo insurance, but it’s a worthwhile investment. Your condo is likely your biggest asset, so ensuring its protection, along with your belongings, is crucial for your family’s financial well-being.
Utilize these five basic steps to determine the optimal policy for your requirements:
- Explore condo insurance providers online and narrow your options to three carriers that meet your comfort level.
- Settle on the coverage limits that align with your situation.
- Seek price quotes for the desired coverage from three insurance companies.
- Determine your insurance carrier by examining their coverage selections, customer reviews, financial standing, available discounts, and cost.
- Wrap up your application process for insurance coverage.
Comparing quotes from multiple insurers side by side is the best way to secure quality condo insurance in Minnesota. Use Insuranceopedia to obtain multiple quotes promptly.
Our Methodology
To choose the best condo insurance providers in Minnesota, I relied on J.D. Power’s customer satisfaction data, AM Best’s credit ratings, feedback from consumer platforms, and my background as a licensed property and casualty agent in Minnesota who sold condo insurance.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
FAQs
How much is condo insurance in Minnesota?
In Minnesota, condo insurance averages about $39 per month or $460 per year. That said, your rates may differ depending on various factors, including location, claims history, and coverage limits.
How does condo insurance work?
If the interior of your unit or your personal items are damaged or stolen, condo insurance will cover the repair or replacement costs. It also provides liability protection and bridges any gaps left by your condominium’s master policy, protecting you against financial loss.
Sources
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