Minnesota variant. This is a Minnesota-specific version of the Homeowners Insurance Estimator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Homeowners Insurance Estimator.
Homeowners insurance in Minnesota typically runs about 0.30%–0.40% of home value per year. On the $340,000 median home, that's roughly $1,190 annually.
What Minnesota homeowners insurance covers
Premiums fund dwelling coverage, personal property, liability, and loss of use. Minnesota's $340,000 median home value sets the baseline dwelling coverage and therefore the premium.
Local risk - wildfire, hurricane, hail, flood - drives big swings. Flood is separately insured. Use the estimator to refine the Minnesota average for your build cost and deductible.
About taxes and housing in Minnesota
Minnesota has a graduated income tax with a high top rate approaching 10%.
Minnesota property taxes are near the national average and include a state-funded homestead credit refund for eligible owners.
Minnesota hosts an unusually large number of Fortune 500 headquarters and has a diverse economy spanning healthcare, retail, and agriculture.
Worked example: $340,000 home
$340,000 × 0.35% ≈ $1,190/year ($99/month). Replacement-cost coverage, not market value, ultimately sets the premium - land value is excluded.
Quick reference
- State income tax: 5.35-9.85% across 4 brackets
- State sales tax: 6.875% (plus 1.17% avg local)
- Median home value: $340,000
- Median household income: $84,313
- Effective property tax rate: 1.05%
- Avg auto insurance: $1,500/yr
Frequently Asked Questions
How much is homeowners insurance in Minnesota?
Roughly $1,190/year on the $340,000 median home, varying with local catastrophe risk.
Does homeowners insurance cover floods in Minnesota?
No - flood coverage is purchased separately through the NFIP or private insurers.