What kind of home insurance can I get in Minnesota?


Minnesota home insurance is relatively inexpensive - the average annual home insurance premium is $788 which is near the national average.

There are five home insurance packages and several endorsements that are available on the home insurance market in the state of Minnesota, but none of them provide insurance against flood. To get protection against flood, you need to purchase special coverage available through the National Flood Insurance Program.

Home Insurance Forms for the State of Minnesota

  • Homeowners-1 (basic form) provides insurance protection of your home and your belongings against 11 named perils, including theft, explosion, smoke, fire or lightning, vehicles, aircraft, windstorm or hail, riot, malicious mischief or vandalism, falling objects.
  • Homeowners-2 (broad form) provides protection against the 11 perils included in the basic form, plus the following causes-of-loss:
    • Falling objects
    • Glass breakage
    • Collision
    • Earthquake
    • Freezing of any appliance, including plumbing and heating system
    • Accidental damage from artificial electrical current
    • Weight of ice, snow or sleet
    • Collapse of a dwelling or part of one
    • Accidental overflow of water or steam.
  • Homeowners-3 (special form) is considered by many the best home insurance coverage one can buy because it provides fairly comprehensive protection for an affordable price.
  • HO-3 plus HO-15 (comprehensive coverage) provides coverage against any cause-of-loss unless it is specifically excluded.
  • Homeowners-8 (modified coverage form) is for home owners who cannot otherwise get any other home insurance. HO-8 form offers coverage that is a bit more limited than the one that other home policies provide.

Minnesota home owners can add certain endorsements to their home insurance policies, such as the guaranteed replacement cost, the inflation guard, the secondary residence, and the credit card forgery endorsement.

A lot of people erroneously think that their home insurance covers floods. In Minnesota, you can get protection against flood through a special kind of insurance, called flood insurance. If you live in a floodplain zone, you should consider purchasing flood coverage - for between $100 and $400 a month you can get considerable protection for your home against potential damages caused by flood.

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