Home Insurance and Car Insurance in Minnesota

• Actual cash value policies provide coverage up to a set limit. For example, say your policy’s limit is $250,000. Repairs or the cost to rebuild your home is $300,000. You would therefore be responsible for the remaining $50,000.
• Replacement cost policies pay the actual costs of a rebuild, minus depreciation. It’s not affected by inflation, zoning updates or increased materials or labor costs. Replacement cost policies are often more expensive, but can be a great fit for homeowners who want to stay in their homes for longer than a few years.

While the median sales price of homes in Minnesota in the third quarter of 2022 reached $339,900,¹ it’s important for homeowners to understand that the value of your home’s structure isn’t the only factor to consider when purchasing home insurance.

Homeowners Insurance Coverage Options in

• Dwelling coverage is a typical policy that takes care of the physical structure of your home, including any attached garages or other structures.
• Personal property coverage covers household belongings both inside and outside of your home.
• Personal liability coverage covers you in the event that another person is injured on your property and you’re found at fault. In addition, it often covers damage to another person’s personal property.
• Guest medical protection coverage covers people who are injured on your property, regardless of fault.

Common Causes of Loss in

Minnesota homeowners can file insurance claims for a variety of reasons, but some are more common than others. For example, the state often sees extreme winter weather that puts homes at risk. Even with warm, sunny summers, severe weather can be a problem. The following are common causes of loss in Minnesota:

• Hail storms: Summer storms bring rain, winds and hail. The former can be rough on roofs and siding.
• Blizzards: Minnesota can see up to five feet of snow each winter, in addition to bitterly cold weather. Freezing pipes can cause massive damage to your home.
• Flooding: Floods cause massive structural damage to homes and personal property.
• Fires: A common hazard and typically protected under most HO-1 policies.²

Note that not all home insurance policies cover all hazards. Flooding, for example, is not typically included in any home insurance policy.

Additional Insurance Coverage Options Recommended for Homeowners

Some parts of Minnesota see severe weather more frequently than others. Carefully read your home insurance policy to ensure you understand what is and is not covered. Wind and hail damage might be excluded, or you may have to pay higher deductibles for those types of claims. If policy exclusions apply, consider purchasing additional coverage, including:

• Flood insurance coverage: Most insurance companies do not include flood coverage as a standard part of their policies. But it’s important if you live in or near areas that are prone to flooding. Some lenders may require you to purchase flood insurance before they agree to finance your home mortgage. Be aware of what type of flood insurance is required prior to moving. Most people can purchase flood insurance separately from their carrier or through the FEMA National Flood Insurance Program (NFIP).
• Wind and hail coverage: This type of policy covers losses due to excessive wind damage, either from hurricanes or tornadoes.
• Water backup coverage: This pays for damage due to backed up drains or sewer lines, a common occurrence in flood-prone areas.
• Seepage and leakage insurance: This policy covers damage due to a slow leak or seepage from cracks in your foundation. In flood-prone areas, it can be a worthwhile investment.

Home Insurance Companies We Partner with in

SelectQuote exclusively works with trusted national insurance companies who operate in almost every state. Our full lineup of home and auto insurance companies allows us to shop for rates and compare prices from several carriers at once. This helps us pass the savings along to you.

What is the average home insurance cost in ?

The average home insurance cost in Minnesota for SelectQuote’s customers is $144.18 per month.⁺ Minnesota home insurance rates are based on several factors, including ZIP code, your home’s age and condition, your credit history and even the number of claims you have filed with other insurance companies.

Homeowners Insurance Discounts in

Most people save on their home insurance by bundling it with other types of coverage such as auto insurance. Other discounts are often available for individuals who file no or few claims over a given period. Be sure to ask about possible price cuts for new homeowners, military service members, other professional associations and more.

Auto Insurance Laws and Requirements

Minnesota state law requires all drivers to show proof they can pay for damages they cause due to an accident.⁴ This type of insurance coverage is called auto liability insurance. Liability insurance helps to repair or replace the other driver’s vehicle or damaged property. It will also pay medical expenses when an accident is your fault.

Liability insurance is only one of several different types of auto insurance coverage:

• Liability insurance pays for damages caused by you if the accident is your fault. It will also pay for medical bills incurred by the other driver or their passengers. Minnesota requires drivers to have $30,000 of coverage for injuries per person, up to $60,000 per accident. It also requires $10,000 of coverage for property damage.

  This coverage, known as 30/60/10 coverage, is the bare legal minimum for drivers. On average, Minnesota drivers spend $502.32 annually on liability coverage.

• Uninsured/underinsured motorist coverage pays for medical expenses when the other driver is at fault and doesn’t have sufficient insurance coverage. Minnesota requires insurance policies to include this coverage.
• Personal injury protection (PIP) insurance can help pay for medical expenses or funeral expenses for you or your passengers. Minnesota is a “no-fault” insurance state, which means it requires everyone to maintain PIP coverage.
• Collision coverage helps cover expenses for repairs or replacement for your vehicle if it’s damaged in an accident. The average expenditure for this coverage in Minnesota is $274.
• Comprehensive coverage can help pay for repairs or replacement for vehicles that are stolen or damaged by storms, vandalism or animals. Average expenditures for this coverage in Minnesota are $215.

All data on average expenditures are provided by the Insurance Information Institute.

Teen Driving Laws

Like many states, Minnesota places strong restrictions on teen drivers.⁶ In addition to needing insurance, teen drivers are prohibited from driving between the hours of midnight and 5 a.m., save for a few exceptions such as driving between home and work or going to school. They may also drive during this time if accompanied by a licensed driver age 25 or older.

Teens must also refrain from using a cell phone or other hands-free device until they are 18. Finally, teens are subject to passenger limitations for the first year of their licensure.

Car Registration Information

All Minnesota drivers must register their vehicle after 60 days of residence in the state. Minnesota requires identification, proof of vehicle ownership and proof of auto insurance.⁷

What is the average car insurance cost in ?

SelectQuote customers in Minnesota pay an average of $151.74/month.⁺ Minnesota car insurance rates are based on many different factors, including your vehicle’s make, model and age. Other factors include your credit rating, driving history, ZIP code and more.

Auto Insurance Companies We Partner with in

SelectQuote works with trusted, highly rated Minnesota auto insurance companies. No matter what kind of car you’re looking to insure, we have access to dozens of carriers who can provide you with the auto insurance you need. Have questions about any of the auto insurance laws or carrier specifics in Minnesota? Call us today and our experienced licensed insurance agents can help.