Best Minnesota Condo Insurance

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  • Best Minnesota Condo Insurance

Purchasing a condo is a milestone for many, whether you’re a young professional just starting out or a seasoned worker winding down toward retirement. After investing in your new dwelling, you shouldn’t leave the protection of your unit up to chance.

Even though your complex association likely has an insurance policy that you help fund with your homeowners association (HOA) dues, your unit isn’t fully protected. You must safeguard your condo from unforeseen events with condo insurance.

We made this comprehensive guide to help you find the best condo insurance in Minnesota.

How Much Is Condo Insurance in Minnesota?

The average Minnesota condo insurance cost is $337 annually or $28 per month. Rates range from $23 to $39 monthly, depending on the amount of coverage you want.

Several factors influence the average condo cost of condo insurance in Minnesota. Your rate will vary depending on where you are, how much coverage you want, and much more. As a result, you may experience a different rate than the averages below when you get a quote.

One of the primary factors that determine premiums is your desired coverage amount. Look below at the rates of average condo insurance in Minnesota classified by tiers of coverage.

Average Cost of Condo Insurance in Minnesota


$20,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 and over

Avg. Annual Rate


Avg. Monthly Rate


Rates ranged from $279 to $473 per year, which means some people could pay almost $200 more per year than others, depending on their policy limits. You’ll always pay more for more Minnesota condo insurance coverage. Fortunately, most condo owners in the state should be able to make do with under $100,000 of coverage, so your monthly payments will hopefully be lower than $39 every month.

We’ll review who may need that much coverage and how raising and lowering your limits influences your premiums and coverage as you keep reading.

A Simpler Way to Get Condo Insurance

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

What Does Condo Insurance in Minnesota Cover? 

Condominium insurance is officially called HO-6 insurance. Minnesota HO-6 insurance is designed for unit owners to help protect their finances and the interior of their units in several ways.

Condo insurance in Minnesota financially guards unit owners against over a dozen perils, which are covered sources of damage. Some of the most common covered perils are theft, vandalism, fire, and water damage.

Condo insurance policies are divided into different sections based on the coverage provided in each section. The sections are:

Personal Property Coverage

Personal property coverage financially protects your belongings from covered perils. Your insurer can reimburse you if your furniture, clothes, jewelry, electronics, tools, and more are damaged or stolen.

Loss of Use Coverage

Loss of use coverage helps cover living expenses you accrue if you’re forced out of your unit after damage from a covered peril renders it uninhabitable. Your insurance company can cover your lodging, groceries, gas, and more.

Liability Coverage

Liability coverage financially guards you if you’re found liable for an injury to a guest or visitor at or around your unit. Your insurer can cover medical expenses, legal fees, and more.

Medical Payments Coverage

Medical payments also covers injuries others can suffer regardless of fault on a much smaller scale. Medical payments to others cover minor injuries only.

Loss Assessment Coverage

Loss assessment coverage covers assessments your association can levy on you when your development experiences covered property damage that exceeds the association master policy limits.

Building Property (Dwelling) Coverage

Dwelling coverage in condo insurance covers surfaces and permanent features in the unit, such as flooring, light fixtures, and countertops, from peril damage.

How to Get the Best Condo Insurance in Minnesota

The best condo insurance in Minnesota covers all you need while falling within your budget. You must understand your condo’s master policy to tweak your personal insurance to suit your situation. You should also compare quotes from several providers to find the best deal.

Know Your Master Policy

A condo association master policy plays a role in shaping the coverage needs of your personal condo insurance. The master policy typically covers shared and common areas of your development, such as hallways, elevators, building exteriors, and amenities. This policy is purchased by the condo association or board and funded collectively by unit owners through HOA dues.

There are two main types of condo master policies: walls-in and walls-out coverage. Walls-in policies provide protection for some fixtures and features within individual units, like appliances, counters, and flooring, up to a certain limit. Walls-out coverage, on the other hand, stops at your door and covers nothing inside your unit.

If your HOA has walls-in coverage, you may not need as much or any dwelling coverage when you get HO-6 condo insurance.

Cover Betterments and Improvements

When you renovate your condo unit, such as installing new floors or counters, whose responsibility it is to restore these improvements after damage varies by policy and association. Some HOA master plans won’t cover the cost of these improvements.

Sometimes, “all-in” or “walls-in” HOA plans that cover some features inside your unit only cover the value of features that were there when you bought your unit. So, if you upgraded your unit after you purchased it, your HOA may not cover the value of these upgrades after damage.

Personal HO-6 condo insurance in Minnesota will cover betterments and improvements you make. So, dwelling coverage in your condo policy is sometimes necessary, even if you have a comprehensive HOA plan. Check your master policy to see what’s covered and what you need.

Consider Loss Assessment Coverage

Loss assessment coverage is optional in most condo insurance policies. You may need it depending on your condo association and complex. If you know your HOA keeps low reserves or your condo is prone to certain forms of damage, you should consider loss assessment coverage.

Loss assessment coverage can help when common area damage from a fire, snowstorm, or liability claim exceeds your master policy’s coverage. Associations can divvy the expenses among unit owners, and loss assessment coverage can cover your share of the costs. 

It typically costs less than a hundred dollars a month to add to your policy and can save you thousands if you ever need to use it.

A Simpler Way to Get Condo Insurance

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

Tips for Getting Cheap Condo Insurance in Minnesota

Comparing quotes is a surefire way to find cheap condo insurance in Minnesota. Beyond that, there are some steps you can take after choosing a provider to save you even more money on your premiums.

Adjust Coverage Limits

Adjust your coverage limits when quoting to see how different coverage amounts affect your premium. Avoid paying for coverage you don’t need. Make a home inventory to determine the exact amount to set your personal property limit at.

Raise or lower your liability limits to fit within your budget. We don’t recommend going for the minimum amount, usually $100,000. You can likely safely opt for between $300,000 and $500,000 liability limits. Consider more if you have a large dog or a high net worth. And, consider your need for dwelling coverage and its appropriate limits based on your HOA master policy. 

Raise Deductibles

Raising your deductible is an easy way to lower your monthly premiums. Your deductible is the amount of money damage must exceed before your provider covers it. Companies have these so policyholders aren’t filing claims for every little bit of damage. Deductibles are commonly between $500 and $2,000.

You choose your deductible when you get a plan. Setting a higher deductible will lower your monthly premiums since you’re effectively telling your provider that you’re willing to cover more damage out of your own pocket before filing a claim.

Ask About Discounts

Looking for discounts when shopping for condo insurance can reduce the overall cost of premiums and result in substantial savings over time. Many carriers offer various discounts that unit owners can take advantage of.

For example, bundling discounts are often available to those who keep their home and auto policies ( or boat, RV, or other insurance plan) with the same provider. Additionally, installing security systems, such as burglar alarms, can lead to discounts.

Other common discounts include loyalty discounts for longstanding policyholders, claims-free discounts, discounts for retirees, discounts for newly-purchased condos, and many more. Actively seek discounts and ask for which ones you can qualify. 

Is Condo Insurance Required in Minnesota?

Condo insurance isn’t required by law in Minnesota, but many condo owners must get a policy anyways due to mortgage lender or condo association mandates.

Mortgage companies always require their loanees to give insurance when they give home loans. If something causes tremendous property damage to a financed home, the lender can get back the money they spent on the home or condo through the insurance policy. This also protects the homeowners and unit owners, of course, as they get their investment back, too.

If you bought your condo with a mortgage, you’ll need to have HO-6 insurance for the life of the loan. If you don’t, your lender can force-place insurance on you.

Even if you bought your condo with cash, your association may want you to get personal condo insurance. They may have it as a development rule. Requiring all residents to have their own insurance in addition to the master policy further protects the complex. 

How to Get a Condo (HO-6) Insurance Quote in Minnesota

It’s essential to compare quotes from different providers when getting condo insurance quotes in Minnesota. By comparing quotes, unit owners can gain an understanding of the options available to them and make an informed decision on which plan to go with.

At Clovered, we want to make this part of the process easy. As an independent insurance agency, we make it our business to find you the coverage you need at the price you want. To compare quotes, try out our proprietary quoting engine that helps you compare plans from top providers in your area in minutes.

You can also speak to one of our licensed, in-house agents for help with your condo insurance quote in Minnesota. Reach us by phone at 833-255-4117, or feel free to shoot us an email at with questions.

What to Know About Minneapolis Condo Insurance

Minneapolis is the largest city in Minnesota, and condos are often in high demand due to their often relatively affordable purchase prices and prime locations. Condo insurance in Minneapolis is essential to protect your condo from all sorts of possible damage.

Condo insurance rates in Minneapolis will vary depending on where you are in the city. Very expensive condos may need especially high dwelling or personal property coverage limits, which will raise rates. 

Some of these costly condos are in certain neighborhoods, such as Lowry Hill, Kenwood, or downtown. Basically, if you spend a lot on your condo, you’re more likely to spend more on condo insurance, too, depending on your coverages. Nevertheless, condo insurance is typically always cheaper than homeowners insurance

Regardless of location, condo insurance in Minneapolis is essential to protect yourself from events out of your control. Minneapolis residents are no strangers to severe weather during the winter. Condo insurance covers property damage to your unit from the weight of ice and snow and freezing pipes in many cases. Policies cover several named perils, from fire to vehicle damage and more.

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.

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