Minnesota HOA and condo insurance, where the statute already requires full replacement cost and hail sets the deductible. MCIOA sets a higher property bar than the 80 percent states, but leaves fidelity and D&O to the governing documents

The Minnesota Common Interest Ownership Act, at Minnesota Statutes Section 515B.3-113(a)(1), requires the association to maintain property insurance on the common elements for broad-form covered causes of loss in a total amount of not less than the full insurable replacement cost of the insured property, less deductibles, measured at the time the insurance is purchased and at each renewal date, exclusive of items normally excluded from property policies. The same section, at subsection (a)(2), requires commercial general liability insurance against claims arising from the ownership, use, or management of the property in an amount specified by the community instruments or otherwise deemed sufficient by the board.

For attached-wall projects the coverage reaches further than the common elements alone. Section 515B.3-113(b) provides that where a community contains units, or structures within units, that share or have contiguous walls, siding, or roofs, the property insurance must include those units and structures as well as the common elements. That makes the owner-versus-association building responsibility a live drafting question for Minnesota townhome and rowhome associations rather than an afterthought.

Because the MCIOA standard is already full replacement cost, it aligns closely with the Fannie Mae warrantability bar rather than sitting below it the way an 80 percent floor does. The honest caveat is that Section 515B.3-113 does not prescribe a fidelity or crime coverage amount and does not mandate directors-and-officers liability, so those pieces are driven by the governing documents, lender requirements, and prudent practice, not by a statutory formula, and should be sized deliberately rather than assumed.