Minnetonka Homeowners Insurance

Your Complete Guide to Minnetonka, MN, Homeowners Insurance

How to find a great home insurance policy.

Minnetonka Minnesota homeowners insurance

Minnetonka is home to more than 53,000 people. This city features a beautiful landscape that includes trees, wetlands, prairies, and several bodies of water. It also offers its residents great schools, many recreational parks and facilities, and a wide variety of housing ample to suit nearly any taste or budget.

If you are among the proud property owners in this Minneapolis suburb, you can protect your investment by purchasing a solid homeowners insurance policy.

A local independent insurance agent can offer assistance and advice when you are looking for the best policy to cover your Minnetonka home. Contact an insurance agent near you to learn more and to start comparing customized homeowners insurance quotes from a selection of top-rated providers.

How Much Does Homeowners Insurance Cost in Minnetonka, MN?

Home insurance rates in the state of Minnesota are higher than the national average, and in Minnetonka, they tend to be even higher. Comparing quotes from a variety of insurers has the potential to save you hundreds of dollars a year.

  • National average yearly premium: $1,211
  • Minnesota average yearly premium: $1,348
  • Minnetonka average yearly premium: $1,681

Your actual home insurance quotes are likely to differ from the average rates listed above. This is because costs are calculated on a case-by-case basis and can vary according to several factors such as: 

  • The insurance provider you are purchasing from
  • The size of your home, the year it was built, and the materials used in its construction
  • The type of home you are insuring (e.g., single-family detached home, multi-family home, condo, vacation home, etc.)
  • The crime rate and weather risks in the ZIP code where your house is located
  • Your claims history and credit score
  • The size of your deductible
  • Whether you are bundling your homeowners coverage with other policies like car insurance or life insurance

Comparing rates lets you choose the homeowners insurance policy that offers the best price for the coverage you want. Independent insurance agents in Minnetonka make comparison shopping easy.

What Are the Risks Faced by Homeowners in Minnetonka?

Your home insurance policy is designed to cover against most of the damaging risks you are likely to face as a homeowner in Minnetonka.

Catastrophic events in Minnesota

  • Number of federally declared disasters in Minnesota: 47
  • Most common causes of disasters in the state:  Floods, severe storms, and wildfires
  • Average number of tornadoes per year in Minnesota:  45
  • Average amount of property damage per year in MN:  $897 million
  • 1 in 15 insured homes has a claim each year.

One of the worst disasters ever to hit Minnetonka occurred on May 6, 1965. On this day, six different tornadoes formed in the Minneapolis-St. Paul area. Two were F4 twisters that touched down within five miles of the Minnetonka city-center. These tornadoes caused tens of millions of dollars’ worth of damages to area homes and businesses.

You can expect your policy to include coverage against tornadoes as well as many other hazards that are likely to occur in this city including accidental fires, property crimes, severe storms, lightning strikes, strong winds, hail, heavy snows, and freezing temperatures.

A Word about Flood Damage in Minnetonka, MN

It is important to be aware that flood damage is not covered by homeowners insurance. This is true even when the flooding is the direct result of a covered storm. According to FEMA, just one inch of water in your home can cause as much as $25,000 worth of damage.

Floods pose a very real risk in Minnetonka, especially for residents with properties near Minnehaha Creek and Nine Mile Creek. If your house is located in a FEMA designated flood zone, you will be required by your lender to carry flood insurance until your mortgage is paid in full.

Residents in flood zones are not the only ones at risk, however. FEMA reports that more than 20 percent of all flood claims filed are for properties that are in low-risk areas outside of designated flood zones. Therefore, whether or not it is required, this coverage can prove invaluable.

You can discuss your flood risk with a local independent insurance agent who can help you secure an affordable flood insurance policy through the NFIP.

Why Is Liability Insurance Important for Minnetonka Homeowners?

In addition to covering your house and its contents, homeowners insurance also provides you with liability protection. This liability insurance is designed to cover expenses such as court costs, legal fees, and financial damages if you are sued for any of a number of commonly covered events.

The following are some examples of times your homeowners liability insurance may come in handy:

  • if a visitor is severely injured due to negligence of upkeep on your part, such as if your house has a loose stair tread
  • if your child or pet causes significant injuries or property damage to someone outside your household
  • if you are accused of libel or slander
  • if you accidentally cause injuries or damages to another while away from home, such as while playing a friendly game of outdoor hockey at Boulder Creek Park.

Some insurance companies will charge more for liability coverage if you have a dangerous breed dog or if your house has a pool, trampoline, or other hazardous features.

If you have a lot to lose and want more liability coverage than your home insurance can provide, an independent insurance agent can also help you purchase an umbrella insurance policy. This is a highly affordable way to boost all of your liability coverage.

Talk to your insurance agent to learn more about what homeowners liability insurance can do for you.

Does Minnetonka Homeowners Insurance Cover against Burglaries?

The burglary rate in Minnesota is lower than the national rate; and in Minnetonka, the rate is even lower. This is not to say that the risk does not exist. Residents of this city report more than 100 burglaries every year.

  • Number of burglaries per 1,000 homes in the US: 3.76
  • Number of burglaries per 1,000 homes in Minnesota: 2.88
  • Number of burglaries per 1,000 homes in Minnetonka: 1.96

If you are the unfortunate victim of a burglary, you may find it reassuring to know that your homeowners insurance can reimburse you for your losses as well as for any resultant damage to your home.

Be sure to keep a copy of the police report because you will need it when you file a claim. Your local insurance agent can offer guidance and support throughout the claims process if you need assistance.

What about Insurance for Second Homes and Vacation Homes?

If you are among the Minnetonka residents who own more than one house, your extra properties can have additional insurance considerations and may require specialized coverage. For example:

  • Vacation homes that are left unoccupied for several months out of the year have an increased risk of sustaining significant property damage due to severe weather events, animals, and property crimes. These houses will typically need to be covered by vacant home insurance during the times that they are not in use.
  • Second homes that serve as rental properties have higher liability and property damage risks, but these properties require less in the way of contents coverage. Landlord insurance provides the right balance of coverage for properties that are occupied by tenants and may be required by your insurance provider.

Talk to an independent insurance agent for help finding the best and most affordable policies to appropriately cover any extra homes you may own.

Why Work with an Independent Insurance Agent in Minnetonka, MN?

Independent agents in Minnetonka make buying insurance easy. These agents can answer your insurance-related questions and can offer trustworthy guidance and advice when you are shopping for coverage.

Also, because independent agents are free to work with several different insurance companies, they can do the comparison shopping legwork for you. That way, you can be sure that you are getting the coverage you need at a competitive price.

Contact an insurance agent in Minnetonka to get started.

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https://www.city-data.com/city/Minnetonka-Minnesota.html
https://www.minnetonkamn.gov/our-city/about-minnetonka
http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov