Best Minneapolis Homeowners Insurance Quotes (2025)

The average annual cost of a homeowners policy in Minneapolis is $3,083 for a policy with $300,000 in dwelling coverage and a $1,000 deductible. That’s higher than the national average of $2,584 for the same amount of coverage.

Minneapolis residents see an average of 54 inches of snow every year, which can damage buildings. Minnesota also sometimes experiences tornadoes, strong windstorms, flooding, and wildfires that can cause damage.^[1] The myriad of possible disasters makes purchasing an appropriate homeowners insurance especially important.

Here’s what you should know about finding home insurance in Minneapolis.

Best home insurance companies in Minneapolis

As you consider your home insurance options, the right insurance company for you will depend on your unique coverage needs and budget. Start your search for coverage with a few of the best home insurance companies below, which generally stand apart from the competition.

Best company for cheap coverage: Foremost

Best company for customer satisfaction: Chubb

Best company for dividend policy options: Amica

Cheapest home insurance companies in Minneapolis

Foremost offers Minneapolis homeowners the cheapest home insurance policy, on average. Other companies offering relatively affordable home insurance rates include Farmers, West Bend Mutual, and Auto-Owners.

The table below highlights the cheapest home insurance companies in Minneapolis. Average annual premiums reflect costs for a policy with $300,000 in dwelling coverage and a $1,000 deductible.

Insurance Company	Average Annual Premium
Foremost	$1,447
Farmers	$1,800
Auto Club Group	$1,941
Westfield	$2,066
Auto-Owners	$2,091
West Bend Mutual	$2,241
Secura Insurance	$2,526
Travelers	$2,711
American Family	$2,945
State Farm	$2,980
Chubb	$3,259
Encompass	$3,853
Allstate	$4,545
North Star	$4,720
COUNTRY Financial	$7,125

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How much is home insurance in Minneapolis?

The average annual cost of homeowners insurance in Minneapolis is $3,083 for a policy with $300,000 in dwelling coverage and a $1,000 deductible. The annual cost increases to $3,165 for a policy with the same amount of coverage but a $500 deductible.

But the exact cost to insure your home varies depending on several factors. For example, flooding risks, your ZIP code, the age of the home, and the location of the closest fire department all affect your premium.^[2]

Cost of home insurance by dwelling coverage in Minnesota

The amount of dwelling coverage you need directly affects your home insurance costs because the higher your dwelling coverage limit, the more your insurance company will have to pay out on a claim. Homeowners with high-value properties tend to pay more for coverage.

The table below highlights the average costs by dwelling coverage limit in Minnesota for policies with a $1,000 deductible.

Coverage Limit	Average Annual Premium
$100,000	$1,366
$200,000	$2,094
$300,000	$2,846
$400,000	$3,524
$500,000	$4,283

Cost of homeowners insurance by deductible amount

When you need to file a claim, you’ll pay a deductible before the insurance company helps pay for the damage caused by a covered peril. For example, let’s say a tornado damages your home. You might pay a $500 or $1,000 deductible before the insurance company picks up the rest of the cost, up to the coverage limits.

Generally, insurance companies charge homeowners who opt for a higher deductible with a lower insurance premium. The table below illustrates how opting for a higher deductible can lead to a lower premium. The home insurance rates below reflect costs for a policy with $300,000 in dwelling coverage.

Deductible Amount	Average Annual Premium
$500	$3,165
$1,000	$3,083

Average cost of home insurance in other cities in Minnesota

Average home insurance costs vary based on where you live. Different cities have different risk factors, which lead to varying rates across cities within a state.

Even within the same city, homeowners in different ZIP codes can find a difference in average rates. For example, a homeowner in a ZIP code with a history of theft or further away from a fire station may face higher rates than a homeowner in a ZIP code without the same risks.

The table below outlines the differences in annual premiums across Minnesota. Rates are based on $300,000 in dwelling coverage with a $1,000 deductible.

City	Average Annual Premium
Burnsville	$3,016
Lakeville	$3,028
Mankato	$2,702
Minneapolis	$3,083
Moorhead	$2,616
Rochester	$2,546
Saint Cloud	$2,544
Saint Paul	$3,038
Shakopee	$3,038

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What to know about owning a home in Minneapolis

If you call Minneapolis home or plan to one day, getting familiar with the insurance market can be helpful. Homeowners in this Twin City should account for the following factors when owning a home:

• 

  Snowfall

  Minneapolis receives an average of 54 inches of snow each year. The heavy snow can put weight on structures and potentially cause damage. When possible, keep up with any necessary repairs to reduce the risk of an issue.

• 

  Personal property limits

  Homeowners insurance policies often include some level of protection for your personal property, like furniture and household items. But if you own high-value items, getting a separate insurance policy might better protect those assets.^[3]

• 

  Personal liability limits

  Most home insurance polices include some personal liability coverage. But you’ll need to decide if it’s enough for your situation. If not, consider purchasing extra coverage.

Minneapolis home insurance FAQs