Landlord Insurance in Minnesota: Costs, Requirements & Best Providers
Minnesota landlord insurance costs well above the national average. The homeowners benchmark is $3,615 a year, about 45% higher, and landlord policies usually run 15-25% above that. Hail is the main driver, especially across the Twin Cities metro, and winter brings ice dams and frozen pipes. Get a landlord insurance quote and compare roof terms and the wind and hail deductible along with the price.
By LandlordTested editorial teamPrices checked
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What landlords pay in Minnesota
- Homeowners benchmark
- $3,615 a yearAbout $301 a month; 45% above the $2,490 national average.
- Estimated landlord policy
- $4,150-$4,500 a yearLandlord (DP-3) cover typically runs 15-25% above homeowners cover on the same building. Your quote will differ.
- Main hazards
- Hail, Winter storm/freeze, Wind, Tornado, Flood
- Not included
- Flood and earthquakeBoth need separate policies (NFIP or private flood; earthquake endorsement or policy).
Source: NerdWallet, 2026 homeowners (HO-3) median, $400,000 dwelling cover
Landlord insurance providers in Minnesota
Both write landlord policies in all 50 states and quote online. Neither publishes prices, so the only way to know your premium is to get a quote for your address.
- 1
Steadily
Our pickSingle-family and 2-4 unit rentals, including vacant and short-term.
8.5/10 provisionalPrice
Quote-based
Pros, cons and who should skip itHide details
Good
- Covers all 50 states.
- Fast online quotes.
- Writes vacant and renovation properties too.
Watch out
- Mixed claim experiences, including wear-and-tear denials.
- Underwritten through a carrier some lenders have queried.
- Flood needs a separate policy.
Skip it if
Anyone who wants a local agent sitting across the desk.
- 2
Obie
Investors with several properties; portfolio policies available.
8.1/10 provisionalPrice
Quote-based
Pros, cons and who should skip itHide details
Good
- All 50 states plus DC.
- Portfolio (blanket) policies for several rentals.
- Covers short-term rentals and renovations.
Watch out
- Claims run through third-party administrators.
- Some reports of non-renewal after claims.
- Support is mostly email.
Skip it if
Landlords who want claims handled by the company they bought from.
Prices checked Oct 18, 2026. Scores are provisional until our account tests are done.
Want to see how Minnesota compares? We keep a table of landlord insurance rates by state, with the method behind every figure.
On this page
Hail drives the Minnesota price
Minnesota’s benchmark of $3,615 sits about 45% above the national figure. A landlord (DP-3) policy on the same $400,000 house would start around $4,160 to $4,520. Duplexes in Minneapolis and single-family rentals in the suburbs rebuild for less, so many quotes come in lower, but the ratio of premium to home value is high.
The Twin Cities metro and much of southern Minnesota get damaging hail most summers. Hail claims on roofs and siding are the main reason Minnesota premiums have climbed, and insurers have changed policy terms as well as prices.
What changed on Minnesota policies
- Percentage wind and hail deductibles. Commonly 1% or 2% of the dwelling limit.
- Roof payment terms. Older roofs are often paid at actual cash value, the depreciated value, rather than full replacement.
- Stricter roof underwriting. Some carriers won’t write a roof past a certain age without an inspection.
When you compare quotes, line these up first. A lower premium with a 2% deductible and an ACV roof can cost you more after one storm.
Winter: ice dams and frozen pipes
Ice dams are a standard Minnesota winter problem, pushing water under shingles and into walls and ceilings. Coverage for the resulting water damage varies; removing the ice usually isn’t covered. Frozen pipes are covered when sudden, provided heat was maintained. A unit vacant more than 60 days in a row may lose some coverage, so plan turnovers and tell the insurer about long vacancies.
Spring floods and tornadoes
Flood is excluded from landlord policies. The Red River floods Moorhead and the northwest in big snowmelt years, and June 2024 flooding hit southern Minnesota along the Blue Earth and Minnesota rivers. Lenders require flood insurance in FEMA special flood hazard areas, through the National Flood Insurance Program or a private insurer. Basement water from a sewer backup needs its own endorsement.
Tornadoes hit southern and central Minnesota most years. Wind damage is covered under the wind and hail deductible.
The FAIR Plan as a fallback
If the private market won’t write an older building or a property with several claims, the Minnesota FAIR Plan is the backstop. Coverage is basic, so treat it as a last resort.
What lenders require
Lenders want dwelling coverage at least equal to the loan or rebuild cost, wind and hail included, the lender named as mortgagee, and flood coverage in a mapped zone. Investment and DSCR lenders often want loss-of-rent coverage too.
How to lower the premium
- Re-roof with Class 4 impact-resistant shingles and ask each insurer for the discount.
- Choose a hail deductible you could pay from cash this summer.
- Insulate and ventilate attics to stop ice dams before they start.
- Add a sewer backup endorsement and a sump pump with battery backup in basement units.
- Get quotes from Steadily and Obie on the same deductible so you compare like with like.
Minnesota deposit and notice rules
Minnesota sets no cap on deposits, but you must pay 1% simple interest per year and return the deposit, with a written explanation of deductions, within 21 days after the tenancy ends and you receive a forwarding address (Minn. Stat. § 504B.178). Late fees are capped at 8% of the overdue payment, and since January 1, 2024 you must give a 14-day notice before filing for nonpayment. Entry needs reasonable notice of at least 24 hours, between 8 a.m. and 8 p.m., under a 2024 amendment; check the current text before relying on it. Schedule roof checks after hailstorms with that window in mind.
Questions landlords ask
The questions we get most, each answered in a paragraph.
How much is landlord insurance in Minnesota?
The 2026 NerdWallet benchmark for a Minnesota homeowners policy on a $400,000 house is $3,615 a year, about 45% above the $2,490 national average. Landlord policies typically cost 15-25% more. Rentals with older roofs or in hail-prone suburbs often price higher. Only a quote for the address gives the real figure.
Why did my Minnesota landlord policy add a percentage deductible?
Repeated hailstorms have pushed many Minnesota insurers to switch wind and hail claims to a percentage deductible, often 1% or 2% of the dwelling limit. It keeps premiums from rising even faster, but shifts more of each storm's cost to you. On a $300,000 limit, a 2% deductible is $6,000 per claim.
Do I have to pay interest on a security deposit in Minnesota?
Yes. Minnesota requires 1% simple interest per year on security deposits. You must return the deposit, with interest and a written explanation of any deductions, within 21 days after the tenancy ends and you receive the tenant's forwarding address. There's no statutory cap on the deposit amount.