Best Minneapolis Homeowners Insurance Quotes (2025)
Foremost, Chubb, and Amica offer the best homeowners insurance policies in Minneapolis.
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Written bySarah Sharkey
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7+ years writing insurance and personal finance content
Contributor to top media, including USA Today
A passionate personal finance advocate, Sarah’s writing has graced the pages of many of the personal finance and insurance industries’ top web publications.
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Edited byKatie Powers
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Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
NPN: 20564519
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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Table of contents
Table of contents
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.
Quick Facts
A standard home insurance policy doesn’t cover damage from flooding. If your home is at risk of flooding, you should consider purchasing additional flood coverage.
On average, Minnesota homeowners pay an annual rate of $2,846 for a home insurance policy with $300,000 in dwelling coverage. Minneapolis residents pay an average of over $200 more for coverage annually.
Foremost, Farmers, and Auto Club Group offer the cheapest premiums for home insurance in Minneapolis, on average.
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
cheap coverage
Foremost
Compare personalized, real-time quotes
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 5.2/10 |
|---|---|
| A.M. Best A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor). | A |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $134/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $211/mo |
Foremost offers the cheapest homeowners insurance in Minneapolis, on average, according to Insurify data. You can get a quote online from Foremost within two to three business days by email, but it may be faster to work with a Foremost insurance agent. Foremost has standard home insurance options as well as add-on coverages like extended replacement cost and guaranteed rebuild protection.
Pros
Relatively affordable rates
AM Best financial strength rating of A (Excellent)
Cons
More-than-expected number of complaints with National Association of Insurance Commissioners (NAIC)
Poor Trustpilot rating
Best company for customer satisfaction: Chubb
ChubbCompare personalized, real-time quotes
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 7.8/10 |
|---|---|
| A.M. Best A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor). | A++ |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $223/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $385/mo |
Chubb has top-tier customer experience rankings. It earned the highest rating in the J.D. Power 2024 U.S. Home Insurance Study and 2025 U.S. Property Claims Satisfaction Study. Both studies indicate that customers enjoy working with this insurance company.
Chubb also has extensive policy options through add-ons like extended replacement cost, cash settlement, and HomeScan services.
Pros
AM Best financial strength rating of A++ (Superior)
Fewer-than-expected number of complaints with NAIC
Cons
Not the cheapest option
Quotes not available online
Best company for dividend policy options: Amica
AmicaCompare personalized, real-time quotes
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 8.2/10 |
|---|---|
| A.M. Best A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor). | A+ |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $116/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $176/mo |
Amica offers two types of policies: a standard option and a dividend option. If you opt for a dividend policy, you might be eligible to receive a portion of your premium payment back. Dividend payments typically amount to 5% to 20% of your annual premium. For homeowners looking for savings, Amica’s dividend policy is a unique option.
Beyond dividend policy options, Amica earned above-average ratings in the J.D. Power 2024 U.S. Home Insurance Study and 2025 U.S. Property Claims Satisfaction Study.
Pros
Dividend policy options
AM Best financial strength rating of A+ (Superior)
Cons
More-than-expected number of complaints with NAIC
Online quotes not always available
Our editorial team analyzed regional and national home insurance companies that sell policies in Minneapolis to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
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
The following information can help answer your remaining questions about Minneapolis home insurance.
The average annual insurance rate in Minneapolis is $3,083 for a standard home insurance policy with $300,000 in dwelling coverage and a $1,000 deductible. This works out to $257 per month. This premium doesn’t include secondary coverage costs, like flood insurance or an umbrella policy.
Foremost offers the cheapest rates to homeowners in Minneapolis. For a policy with $300,000 in dwelling coverage and a $1,000 deductible, the average annual rate is $1,447.
The 80/20 insurance guideline recommends insuring your home for at least 80% of its replacement cost. If your home is insured for less than this amount, your insurance company might not fully cover your claim.
The best homeowners insurance companies in Minneapolis include Foremost, Chubb, and Amica. Each insurance company offers a mix of attractive rates and a positive customer experience. But the right insurance company for you will depend on your special coverage needs.
The average annual insurance rate in Minnesota is $4,283 for a standard home insurance policy with $500,000 in dwelling coverage and a $1,000 deductible. A higher-value home typically comes with higher insurance costs.
Methodology
Insurify data scientists analyzed rates from more than 180 home insurance companies sourced directly from Insurify’s partner companies and Quadrant Information Services. Rates span all 50 states and Washington, D.C., and quote averages represent the mean price for a given coverage level and geographic area. To ensure data reliability, only insurers meeting minimum quote thresholds were included in the analysis.
Unless otherwise specified, quoted rates reflect the average cost for homeowners with no prior claims and good credit with a home construction year of 1980. The default coverage assumptions include:
Default Coverage Assumptions
- Dwelling coverage: $300,000
- Deductible: $1,000
- Personal property limit: $25,000
- Liability limit: $300,000
Additional data points beyond these default values are sourced from Insurify’s proprietary database. Rates are updated monthly.
Sources
- Minnesota Department of Administration. "Natural Disasters in Minnesota."
- Insurance Information Institute. "Home buyer's insurance guide."
- Insurance Information Institute. "What is covered by standard homeowners insurance?."
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Sarah SharkeyInsurance Writer
Sarah Sharkey is a personal finance writer who enjoys helping people make savvy financial decisions. She covered insurance and personal finance topics. You can find her work on Business Insider, Money Under 30, Rocket Mortgage, Bankrate, and more. Connect with her on LinkedIn.
Sarah has been a contributor at Insurify since September 2022.
Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
NPN: 20564519
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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