A need for the refurbishment and renewal of the existing building stock has been in focus for many decades, principally because of excessive global energy consumption and pollution. This paper presents a methodology and the results of analysis of choices of realizable sets of timber frame prefabricated insulation elements for major renovation of apartment buildings. Numerous combinations of elements with different characteristics were analyzed by applying measurements, interviews, and building performance simulation software, and thereupon their performance, installation eligibility, and concurrent cost levels were compared. Mineral wool board with a special wind barrier facing was found to be the best material as a wind barrier from the perspective of hygrothermal performance. An air and vapor barrier should have sufficient vapor permeability to allow dry-out of constructional moisture. It is possible to renovate apartment buildings to meet the nZEB energy performance requirements and their moisture safety can be guaranteed without paying high relative difference cost. Calculations showed that the global cost was lower for solutions with some mold growth risk. Great care is needed when decreasing costs without simultaneous hygrothermal analyses. The facade cladding was found to have the highest influence on the initial cost of the prefabricated insulation element.