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Minnesota Homeowners Insurance Quotes - Best and Cheapest (2022)
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Last Updated February 25, 2022
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Minnesota Average Cost of Homeowners Insurance Rates (2022)
According to 2021 rates, the average cost of homeowners insurance in Minnesota is $1745 per year and $145 per month. Minnesota homeowners insurance rates are $347 per year more then the national average and about 25% more annually. When compared to the other US states that makes the cost of homeowners insurance in Minnesota the 12th most expensive in the country, based on 2021 data.
For shoppers, the best way to find a homeowners insurance policy in Minnesota is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.
Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in Minnesota in minutes.
| Minnesota Average Homeowners Insurance Rates | |
|---|---|
| Average Cost Per Month | $145 |
| Average Annual Premium | $1745 |
| State Rank (Most Expensive) | 12th |
Cheapest Insurance Companies for Homeowners in Minnesota (2022)
For homeowners in Minnesota, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Minnesota. The following are the best insurance rates from carriers that offer homeowners insurance in Minnesota.
| Cheapest Companies | Quotes |
|---|---|
| USAA | $1,304 |
| Allstate | $1,616 |
| Grange | $1,695 |
| Cincinnati Insurance Companies | $1,890 |
| State Farm | $2,011 |
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How to Get Affordable Home Insurance in Minnesota
There’s a lot to love about Minnesota living, from clean cities and pristine outdoor space to fairs and festivals galore. But there are still risks involved with owning a home there, even with living expenses hovering around the national average.
Buying a home is a big financial investment. It’s one of the biggest investments you’ll make in your life. It’s important to protect that investment, especially in Minnesota, which is vulnerable to severe weather and natural disasters, like flooding and windstorms, that can impose a heavy burden on Minnesota homeowners.
Home insurance isn’t required by law in Minnesota, but it’s smart to have it. It protects your property and your belongings from theft and vandalism, plus natural disasters that put your investment at risk. You can also buy flood insurance and other coverage depending on the type of property you have, its location, and other factors.
Shopping for insurance doesn’t have to be complicated. We’ve compiled the best home insurance discounts and insurance companies for your homeowners policy. Explore our full guide to Minnesota home insurance.
Homeowners Insurance Quotes in Minnesota by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.
As of 2021, the average home insurance premium in Minnesota costs $3,342 annually, and the median home value is $263,708.
Average Annual Homeowners Insurance Premium in Minnesota by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
USAA$1,304
Allstate$1,616
Grange$1,695
Cincinnati Insurance$1,890
State Farm$2,011
Encompass$2,318
Auto-Owners$2,926
Farmers$4,615
Hanover$7,149
Home Insurance Rates in Minnesota by City
Home insurance varies in price from city to city, just like property costs do. The cost is determined by several variables that are specific to your ZIP code, like the volume of claims filed nearby, crime rates, and property costs, as well as risk variables like the frequency of natural disasters in your area. Even your specific neighborhood can affect whether you pay more or less on your annual premiums.
Rates in Minnesota can be relatively high or low compared to the national average. It depends on which town you live in. Here are the most and least expensive Minnesota ZIP codes in which to insure a home.
| City | Median Home Price |
|---|---|
| Minnetonka | $393,488 |
| Arden Hills | $387,847 |
| Little Canada | $289,226 |
| Hibbing | $107,103 |
| Montevideo | $111,438 |
| New Ulm | $175,999 |
What Does Home Insurance Cover in Minnesota?
There are several types of home insurance. Specific terms of insurance policies may vary by state, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance.
Provides coverage for a handful of potential problems including:
- Natural disasters (storms, fires, wind lightning, volcanic eruption)
- Explosions
- Theft
- Damage from vehicles
- Civil commotion
Broad form homeowners insurance policies include all basic form coverage, plus:
- Protection from falling objects
- Damage from the weight of ice, snow, or sleet
- Freezing of household systems including HVAC and pipes
- Sudden and accidental damage to pipes and other household systems from artificially generated electrical current
- Accidental discharge or overflow of water or steam
- HO-2 policies typically cover both dwelling protection and personal property.
- In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
- The most common form of homeowners insurance is known as a “special form” policy.
- While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
- HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
- Tenant’s form policies typically cover all the same dangers as HO-2 policies.
- Tenant’s form policies typically cover all the same dangers as HO-2 policies.
- These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
- Some HO-4 policies may also include loss of use coverage for the tenants.
- Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
- The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
- An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
- HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property such as jewelry and artwork.
- Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
- They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
- These policies also include personal property and liability coverage and may include loss of use coverage.
- If you own a mobile home or manufactured home, you likely have an HO-7 policy.
- Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
- Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
- HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
- Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
- HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
- Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home to enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Minnesota city level guides, check out these below.
Common Gaps in Home Insurance for Minnesota Homeowners
Homeowners often assume that common items are covered under homeowners insurance, but that’s not always the case. When you talk to insurance carriers, ask about additional coverage for your home insurance policy customized to your situation. You may want add-ons for things like:
- Sump pumps and water backup coverage
- Sheds and other unattached enclosures
- Trampolines, pools, and other fun features
- High-value belongings, like jewelry or antiques
- A home office or home-based business
- Identity theft
Weather and Natural Disasters in Minnesota
Minnesota winters are some of the coldest in the US. Subzero temperatures and deep snow can leave homeowners dealing with frozen pipes and ice dams. And warmer seasons can bring hailstorms that damage windows, siding, and roofs and wind storms that can cause serious structural damage. The cost of homeowners insurance reflects the risk of damage from weather and the likelihood that homeowners will file weather-related home insurance claims. Talk to your local agent about insurance products that will cover your home in case of severe weather—some policies can be customized to cover sump pump backups resulting from sudden snow thaw, for example.
Special Home Insurance Situations in Minnesota
Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in Minnesota.
Cheapest Home Insurance for Houses Near Fire Department in Minnesota
If your home is within a certain distance from a fire department or fire hydrant your rates may decrease. The same applies for the opposite. If your home is far from fire safety, you may pay more for homeowners insurance.
| Insurance Company | Average Annual Premium |
|---|---|
| Allstate | $2,227 |
| Country | $3,105 |
| Farmers | $2,315 |
| Travelers | $1,334 |
Cheapest Home Insurance for Houses Less Than 20 Years Old in Minnesota
The age of your home and its major systems may affect the policy rate you're quoted by insurance companies
| Insurance Company | Average Annual Premium |
|---|---|
| American Family | $1,582 |
| Encompass | $3,212 |
| State Farm | $2,526 |
| Western National | $2,150 |
Minnesota may be known for its cold temperatures, but we've got red hot homeowners insurance rates to warm things up.
How to Find the Cheapest Home Insurance in Minnesota
With the high risk that weather poses to homes in Minnesota, it’s not worth skimping when it comes to homeowners insurance. Compare costs and competitors to find the best homeowners insurance companies that will fit your budget and lifestyle.
Use Insurify to find the best home insurance comparison sites for your property in Minnesota. Our comparison tools make homeowners insurance shopping (and saving) simple so you can be on your way to enjoying your newly insured home in no time.
Minnesota Homeowners Insurance FAQ
Home insurance rates tend to be higher in Minnesota than in other states because of the higher weather-related risk. Insurance companies are more likely to have to pay insurance claims related to weather damage.
Yes, AAA offers homeowners insurance in Minnesota. Other popular insurance carriers in Minnesota include State Farm, Allstate, American Family Insurance, Auto-Owners Insurance, and North Star. Look for companies with good ratings from companies like J.D. Power and A.M. Best.
According to the state Department of Commerce, the claims settlement statutes require companies to handle claims “in a responsive manner.” Companies have up to 60 days to respond to some issues named in the law, but most companies will respond much more quickly than that.
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Methodology
The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.
Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.
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