Best Condo Insurance In Minnesota 2024

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Written by Bob Phillips
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You’ve reached the ultimate guide to the best condo insurance in Minnesota. With 13 years of experience as a licensed insurance agent, I can confidently say you’re in the right place. Securing the right condo insurance is crucial for protecting your investment and ensuring your peace of mind.

Failing to act can have dire consequences. In my 13 years in the insurance industry, I’ve seen many condo owners suffer significant financial losses due to insufficient coverage. Don’t let this happen to you. Let’s dive into the details of condo insurance in Minnesota, review your options, and make sure you’re fully protected.

Best Condo Insurance Companies In Minnesota, 2024

Best Condo Insurance, Minnesota 2024

Compare The Best Condo Insurance Companies In Minnesota

Best For Overall Rating A.M Best Rating J.D Power Rating Average Monthly Cost Get A Quote
Nationwide

Overall

4.9

A+

816

$890

Instant Quote
Travelers

Discounts

4.6

A

794

$830

Instant Quote
Chubb

High-Value Condos

4.7

A++

809

$1,561

Instant Quote
Amica

Runner-Up

4.8

A+

849

$1,449

Instant Quote
Scroll to see comparisons

Our Methodology

To select the top condo insurance companies in Minnesota, I used data from AM Best (financial strength) and J.D. Power (customer satisfaction). I also considered consumer feedback and my personal experience as a former licensed property and casualty agent who sold condo insurance in Minnesota.

138

Quotes Analyzed

27

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

Best Condo Insurance Companies In Minnesota


Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

For condo owners in Minnesota, Nationwide offers superior condo insurance. Their comprehensive coverage is tailored to meet your specific needs, ensuring effective protection.

Protecting your furniture, clothing, and personal items from covered losses, Nationwide also offers reimbursement for additional living expenses when a covered loss forces you out of your home. Their protection for condo owners is extensive.

Nationwide is distinguished by its superior claims service. In times of need, you require an insurer that provides timely and fair service. Nationwide excels with a smooth claims process and a dedicated team to assist you.

Benefits & Drawbacks

Benefits
  • Extensive coverage
  • Reasonable pricing
  • Superior customer assistance
Drawbacks
  • Inadequate for cheap properties
  • Possible higher expenses
  • Restricted availability of some discounts

Best For Discounts

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Travelers Insurance is highly favored for condo insurance in Minnesota, especially by those who aim to get the most discounts. They present multiple ways to save, ensuring that their policies remain affordable without compromising coverage.

The multi-policy discount is one of Travelers’ most enticing offers. By combining condo insurance with a Travelers auto policy, homeowners can achieve up to 15% savings. This not only makes managing insurance easier but also provides notable savings.

For those with qualifying smart home technology, Travelers offers additional discounts. This highlights the company’s dedication to supporting and rewarding proactive measures for home maintenance and security.

With comprehensive coverage options and attractive discounts, Travelers is an excellent choice for Minnesota condo owners. Travelers also offers lower home insurance rates than most competitors while maintaining similar coverage options.

Benefits & Drawbacks

Benefits
  • Cost-effective premiums
  • Stable financial status
  • Bundle options
Drawbacks
  • Fewer selections
  • Dog breed restrictions possible
  • Higher levels of customer complaints than competitors

Best For High-Value Condos

Overall Rating
4.7

Key Statistics

7/10 Affordability
10/10 Customer Reviews
9/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

For those with high-value condos in Minnesota, Chubb stands out as a premier insurance provider. Celebrated for its outstanding service and specialized coverage for affluent clients, Chubb offers high coverage limits and many perks.

Chubb’s Masterpiece policy is created for high net-worth families, providing extended replacement cost options to fully cover your valuable property.

Beyond expansive coverage, Chubb is also known for its unique features, including cyber protection and identity theft coverage. Committed to the unique needs of high-net-worth households, Chubb offers top-tier insurance solutions for affluent Minnesota condo owners.

Benefits & Drawbacks

Benefits
  • Exceptional support for customers
  • Wide range of coverage options
  • Low levels of complaints
Drawbacks
  • Above-average premiums
  • Not accredited by the BBB
  • May not suit mid-priced condos

Best Runner-Up

Overall Rating
4.8

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claim Payouts
10/10 Coverage Level

Why We Like Them

When looking for comprehensive condo coverage in Minnesota, Amica stands out. Known for its excellent customer service and wide array of coverage options, Amica ensures a smooth insurance experience. Bundling condo and car insurance can save policyholders up to 20%.

Amica offers competitive rates. For example, a comparison with Allstate shows that Amica has a significantly lower monthly rate. Additionally, Amica has a low complaint rate, which indicates high customer satisfaction. The Platinum Choice Home Coverage combines multiple types of coverage, providing robust protection for your condo.

Benefits & Drawbacks

Benefits
  • Wide variety of coverage options
  • Customers are very satisfied with the insurer
  • Financially stable company
Drawbacks
  • Premium rates are above average
  • No dividends are paid out
  • AM Best rating remains strong despite a 2017 downgrade

How Much Is Condo Insurance In Minnesota?

Take a look at these detailed comparison charts to make a well-informed decision.

The Average Cost Of Condo Insurance By City

The following table offers a summary of the typical yearly and monthly condo insurance expenditures in Minnesota’s top ten cities.

City Average Annual Rate Average Monthly Rate
Minneapolis $375 $31
St. Paul $370 $31
Rochester $384 $32
Duluth $409 $34
Bloomington $387 $32
Brooklyn Park $343 $29
Plymouth $401 $33
Maple Grove $420 $35
Woodbury $397 $33
St. Cloud $350 $29

Keep in mind that the rates provided are estimates and may change depending on variables like the exact location of your condo, its structural composition, and the coverage amount needed.

Average Cost Of Condo Insurance By Building Property Limits

Condo insurance isn’t universally applicable. Your coverage necessities are determined by the value of your property and assets. To help you make an informed choice, here’s a comparison chart detailing average monthly rates for condo insurance in Minnesota according to building property limits.

Building Property Limit Average Annual Rate
$40,000 $759
$60,000 $928
$80,000 $1,117
$100,000 $1,327

It’s important to understand that these rates are approximations and can vary based on factors like your condo’s location, its structural features, and the amount of coverage needed.

Average Cost Of Condo Insurance By Company

Check out the table for the average Annual rates from ten major national insurance companies that offer condo insurance in Minnesota:

Insurance Company Average Annual Rate
State Farm $751
Allstate $802
Liberty Mutual $853
USAA $704
Progressive $905
Nationwide $886
Farmers $1007
Travelers $828
Erie $769
American Family $9510

Bear in mind that these rates are approximations and can vary based on factors like your condo’s location, its structural features, and the level of coverage you require. The most economical rate might not offer the best overall value. Instead, focus on a policy that delivers a mix of competitive rates, comprehensive coverage, outstanding customer service, and financial stability.

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:

  1. Explore condo insurance providers online and narrow your options to three carriers that meet your comfort level.
  2. Settle on the coverage limits that align with your situation.
  3. Seek price quotes for the desired coverage from three insurance companies.
  4. Determine your insurance carrier by examining their coverage selections, customer reviews, financial standing, available discounts, and cost.
  5. 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.

How To Get An Online Condo Insurance Quote In Minnesota

When seeking an online insurance quote in Minnesota, the recommended approach is to utilize a platform that can generate multiple quotes simultaneously, enabling you to compare them side by side easily, such as Insuranceopedia.

Essential details for an online quote include:

  • Condo replacement cost: The amount needed to rebuild your condo using similar materials if it gets damaged.
  • Personal property value: This determines the limits of your personal property coverage.
  • Personal information: You’ll need to supply your name, address, insurance history, number of occupants, and other details.
  • Details about your condo: Including its construction year, square footage, exterior materials, security devices, and additional information.

What Does Condo Insurance Cover In Minnesota?

HO6 insurance, which is typical for condo owners in Minnesota, primarily focuses on safeguarding the interior of the condo. This coverage encompasses installed fixtures, appliances, and personal items, ensuring protection against damages to walls, floors, cabinets, and fixtures within your unit.

Additionally, it encompasses coverage for personal property, providing protection for your belongings in case of theft or damage. Most policies also include loss assessment coverage, typically beginning at $1,000 and expandable with an optional endorsement.

How Much Condo Insurance Is Required In Minnesota?

While condo insurance is not mandatory in Minnesota, it’s often a requirement from mortgage lenders or building associations. Coverage usually ranges from $100,000 to $500,000. Minnesota law specifies that your condo insurance policy must have loss assessment coverage for damages to common areas.

How Much Condo Insurance Do I Need In Minnesota?

Choosing the appropriate amount of condo insurance in Minnesota is influenced by several factors, including the value of your belongings, the internal layout of your condo, and the master insurance policy maintained by your Homeowners Association (HOA). According to Minnesota law, your condo insurance policy to include a minimum of $2,000 in loss assessment coverage, which compensates for losses impacting shared areas within the complex.

How To Save Money On Minnesota Condo Insurance

As a condo owner in Minnesota, there are ways to reduce expenses on your insurance policy. Increasing your deductible is a viable option. While this can lower your premiums, it also means you’ll bear more of the costs if you need to make a claim. It’s essential to strike a balance that meets your financial needs.

Making your condo more resistant to disasters is an effective strategy for saving money on your Minnesota condo insurance. This could involve adding storm shutters or improving your home security system. These enhancements not only safeguard your property but can also lead to discounts on insurance premiums.

Factors That Impact The Cost Of Your Condo Insurance Policy

Four crucial elements play a role in determining the cost of your condo insurance in Minnesota:

Location of Your Condo

The location of your condo plays a vital role in determining condo insurance costs. Condos in regions prone to natural disasters such as hurricanes, floods, or wildfires often have higher insurance premiums. Due to Minnesota’s susceptibility to hurricanes, condo insurance rates in the state tend to be higher.

Age and Construction Type of Your Condo

Your condo’s age and construction play a pivotal role in determining insurance costs. Older condos with outdated systems such as wiring or plumbing are more prone to damage, leading to increased insurance expenses. Likewise, condos constructed with less resilient materials may incur higher premiums.

Replacement Cost of Your Condo

The replacement value of your home is a factor that can impact your condo insurance expenses. This represents the amount required to rebuild your condo if it were to be completely destroyed. A greater replacement value generally results in a higher insurance premium.

Claims History

Your condo insurance cost can also be affected by your claims track record. If you have a history of filing numerous claims, insurers may perceive you as a higher-risk policyholder and charge higher premiums. However, maintaining a clean claims record can lead to lower insurance costs.

FAQs

How much is condo insurance in Minnesota?

Condo insurance in Minnesota typically runs about $380 annually or $31 per month. However, these rates can vary considerably based on where your condo is located, the amount of coverage you select, and your past claims with insurers.

How does condo insurance work?

Condo insurance acts as a safety net, providing coverage for your personal belongings, the interior of your unit, and liability claims. It also fills in gaps where your condo association’s master policy may lack protection, ensuring you are protected from unforeseen financial losses.

Sources

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