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Minnesota Homeowners Insurance Quotes - Best and Cheapest (2022)
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Last Updated February 25, 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 |
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 |
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 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 prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
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 |
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:
Broad form homeowners insurance policies include all basic form coverage, plus:
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:
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.
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.
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 |
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 |
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.
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.
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.