Minnesota Condo Insurance

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Owning a condo in Minnesota means you have the potential to choose a water view from thousands of lakes, a place in the natural wonders of the state or a downtown high-rise in the Twin Cities. But you’d better protect your biggest investment with adequate Minnesota condo insurance — especially since the bitterly cold winters are known to freeze pipes, dump snow and be all-out ruthless at times.

Condo insurance in Minnesota can protect your condo’s four walls from covered perils like a neighbor learning how to cook and starting a kitchen fire that spreads to your unit. It can protect your belongings if the plumbing pipes burst in the middle of winter and spew water all over your unit. It can protect a slew of other perils, too, most of which completely blindside condo owners.

What Insurance Do I Need for a Condo in Minnesota?

Personal Property

☘ Since it’s a walls-in policy, meaning only what’s inside the four walls of a condo are typically covered, an HO6 begins with coverage for personal belongings. This helps to protect items you keep inside your home, such as clothing, computers, furniture and TVs. Since condo owners don’t own the property outside their unit, belongings that are permanently kept outdoors may not be covered.

Loss of Use

☘ If a peril occurs that damages or destroys your condo, causing you to temporarily move out, loss of use can help to cover monthly rent at an equivalent home, storage fees, pet boarding and many other expenses you wouldn’t have incurred had you been living in your unit. Since your neighbors may not be as careful as you, loss of use is pivotal in protecting your wellbeing. 

Personal Liability

☘ If an accident occurs to a guest in your condo unit and you’re deemed liable, personal liability coverage can step in and help pay for medical bills and legal expenses for major incidents like dog bites, broken bones or even accidental death. For condo owners, personal liability is typically the highest amount of coverage you’ll maintain.

Medical Payments

☘ MedPay, as it’s often called, is similar to personal liability in that it covers injuries that occur on your property. But with medical payments coverage, only medical bills for minor injuries will be paid — no matter whether you’re at fault or not.

Loss Assessment

☘ If the condo’s master HOA policy maximums don’t pay for significant damages or incidents, each owner will have to pay a special assessment. This add-on protects policyholders from paying significant special assessment fees handed down by the condo complex.

Building Property Protection

☘ Condo insurance is a walls-in policy, so you don’t have to protect the building’s structure. But building property protection protects the walls and interior of your condo unit if they’re damaged or destroyed by a covered peril, which is important since you may have many neighbors.

What Does the Average Condo Insurance Cost in Minnesota?

Condo owners in the Land of 10,000 Lakes should consider themselves lucky. Not just because summers in the state are some of the best in the country, but also that Minnesota condo insurance tops just over $20 per month for sufficient coverage that protects your unit, belongings and financial wellbeing if a covered peril occurs.

When you consider the national average of condo insurance, Minnesota is consistently within the most reasonably priced policies in the country. Minnesota condo insurance is just above the national average of what renters pay for coverage, which, as you probably guessed, doesn’t cover nearly as much.

How to Get the Best Condo Insurance in Minnesota for Cheap

While Minnesota condo insurance is among the cheapest policies in the country, the cost depends on many factors like your condo’s value and amount of coverage. Whether you’re just buying a condo (congratulations!), you’re tired of paying too much with your current policy (welcome, friends) or there’s another reason for your visit, you’ve come to the right place.

At Clovered, we partnered with some of the best condo insurance companies in Minnesota to provide an affordable policy with high coverage limits for everyone in the great state of 10,000-plus lakes.

A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn't with a custom condo insurance policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.