Homeowners Insurance in Brooklyn Park, Minnesota (2024)

Homeowners in Brooklyn Park, Minnesota, a suburb just over 10 miles north of Minneapolis, have bustling lives without much time to think about what to do if an accident causes damage to their homes. Luckily, with a Minnesota homeowners insurance policy, these homeowners don’t have to think of the “what-ifs” because they’re protected.

Keep reading to learn more about homeowners insurance in Brooklyn Park, including the average rate, requirements, and how to find the cheapest policy.

On average, home insurance in Brooklyn Park, Minnesota, costs about $2,323 annually, or about 17% above the state average of $1,926 annually. While the average rate in the city is a bit above average, that doesn’t mean every resident will have premiums in this range. While some residents may gladly pay premiums below this rate, some may be stuck with premiums above it.

The average rate in the state may help indicate what some residents pay, but insurance premiums are highly subjective based on each individual. When insurers calculate your rates, they look to several factors to help them understand if you’re at an above-average risk of filing a claim. If you are, whatever your risk factors may be, you’ll likely see above-average premiums.

While insurers use risk factors to inform their premium calculation, they also use details about your policy. The more coverage you have, the more expensive your policy will be. So, let’s see how premiums change when dwelling coverage, one of the main components of your policy, is adjusted.

The average premium in Brooklyn Park varies by about $790 annually when adjusting by a margin of $100,000 in dwelling coverage. The dwelling coverage portion of your policy covers things like your walls, doors, roof, flooring, siding, and pretty much every other “bone” that makes your house livable. So, it makes sense that your dwelling coverage limit has so much sway over your premium, as it’s one of the main parts of your policy.

As stated, insurers also use factors to determine your risk of filing a claim when calculating your premiums. They use information from several aspects of you, your home, and your location to pinpoint if and why you’ll file a claim.

Here are some common factors insurers consider when determining your rates:

Insurers use these factors, and many more, to determine if you’re at risk of filing a claim and, if so, what that claim might be. For example, Brooklyn Park ranks in the 38th percentile for property crime, meaning only 38% of cities in the country have higher rates. So, residents of this Minnesota city may be at an above-average risk of experiencing a property crime like theft. Thus, their insurance premiums are a bit above the state average.

Now that you know how rates are determined, you’ll want to know how to select a policy that will meet your needs. Here’s what you need to know about finding the best home insurance in Brooklyn Park.

The best home insurance in Brooklyn Park will likely come from one of Minnesota’s top insurers, like AAA, Travelers, or Farmers. While we wish we could point you to the one best policy, the truth is there’s no such thing. While some insurers offer great coverage for below-average rates, the “best” policy will be the one that most closely matches all your needs.

Like premiums, policies are highly subjective based on the individual. While the best policy for your needs might be a run-of-the-mill policy from an insurer that offers below-average rates, the best one for your neighbor might be an umbrella policy with maximum liabiility coverage limits, additional coverages, and above-average premiums. It all depends on what you value most from your policy, which generally comes down to cost or coverage.

While every policy will differ slightly, those that value coverage over cost will have a few things in common. If you value your protection over your savings, the best policy for your needs will likely have high coverage limits and additional, optional coverages called endorsements. 

If you’re concerned with getting as much protection as possible, you can add endorsements to extend your policy to protect specific valuable items, like jewelry or your band’s instruments stored in your garage. Additionally, you can use an endorsement to add perils to your policy, like the water backups seen frequently in Minnesota. 

Finding your best policy is a bit easier if you value cost over coverage. You’ll just select the policy with the cheapest rates when you’re gathering quotes. This policy will likely have minimal coverage limits and probably won’t have any additional coverage. Remember, though, that anything that exceeds your coverage limits becomes an out-of-pocket cost during the claims process, so the price of one catastrophic accident may quickly outweigh the savings on your premiums. 

To get the best coverage, residents of Brooklyn Park may want to consider binding a flood insurance policy in addition to their homeowners insurance policy. Flooding isn’t covered by homeowners insurance and requires a separate flood insurance policy to cover the damage. 

Recently, flooding in Hennepin County has become more frequent and severe, with FEMA getting involved to provide disaster relief. So, a Minnesota flood insurance policy isn’t such a bad idea for these residents, especially those who value coverage more than savings.

If you’re looking to save as much as you can in every area of your life, luckily, there are a few ways you can find cheap homeowners insurance in Brooklyn Park. Even if you value coverage over savings, who doesn’t love to save on their bills? Let’s check out a few ways homeowners can save on their policies.

Simply put, policies with minimal coverage limits cost less than those with high ones. Which makes sense; the more coverage you have, the more you pay. So, while lowering your coverage limits is a surefire way to lower your premiums, a policy with minimal coverage may not be the best for your needs. 

      2. Apply discounts

Applying discounts offered by your insurer is the most risk-free way to lower your premiums. Insurers offer various discounts for many reasons, like paying your premiums annually instead of monthly or purchasing several policies with the same insurer. Your insurer may even offer a discount if you have a home security system installed on your property, as these help to deter property crime and, consequently, theft claims. 

      3. Raise your deductible

Raising your deductible is a quick and easy way to lower your premiums. Deductibles and premiums move together – if you increase one, the other lowers. But just remember, your deductible is the amount you owe out of pocket during the claims process before you get coverage from your policy. So, it’s always best to ensure you can afford your deductible, even if raising it lowers your premiums. 

No, home insurance isn’t required in Brooklyn Park. In fact, homeowners insurance isn’t required by law anywhere in Minnesota. However, if you use a mortgage to pay for your home, your lender will require you to maintain a policy so they can rest assured their investment is protected.

If you fail to maintain a policy while making payments on your mortgage, your lender will get a policy for you. This is called force-placed insurance, and you really don’t want this to happen. Since your lender is invested in your property, they want to ensure it’s highly protected. So, force-placed policies are often much more expensive than one you would select for yourself because the lender is watching its own interests and not yours.

Since many Minnesotans use a mortgage to pay for their homes, let’s take a look at the coverages they can expect on a standard policy. While homeowners insurance is highly subjective, the standard coverage types on each policy don’t change. 

If you’re ready to sign on the dotted line for your Brooklyn Park home insurance, well, hold your horses. First, you’ll want to gather quotes from several insurers to ensure you’re getting the best (and cheapest) policy for your needs. Luckily, we have a free quoting tool you can use right here at Clovered to get your unique quotes in minutes.

If you prefer to chat with a professional, we have those too. You can contact one of our licensed insurance agents at 833-255-4117 or [email protected].