Best Homeowners Insurance in Minnesota: Minnesota’s beauty comes with a fair share of risks. From harsh winters to unpredictable storms, homeowners need the right protection.
That’s where homeowners insurance steps in – to protect your home and belongings from damage, theft, and liability.
This guide will walk you through everything you need to know about finding the best homeowners insurance in Minnesota and how to get a free quote.
Why Homeowners Insurance Is Essential in Minnesota
Minnesota’s weather can be unpredictable. One day it’s sunny, and the next, a snowstorm or hail might hit. Homeowners insurance covers damage from these events, giving you peace of mind. Plus, it helps cover losses from theft or accidents on your property. Imagine your pipes burst during winter – without insurance, that could be an expensive headache.
Types of Homeowners Insurance Policies Available in Minnesota
It’s important to choose the right type of policy that fits your needs. The most common policy for Minnesota homeowners is the HO-3 Special Form, which provides broad coverage. Other types include:
- HO-1: Basic coverage for specific perils.
- HO-2: Offers broader protection but still limited to named perils.
- HO-5: Comprehensive coverage, ideal for expensive homes.
- HO-6: Condo insurance for condominium owners.
- HO-8: Coverage tailored for older homes with higher repair costs.
Factors to Consider When Choosing the Best Homeowners Insurance in Minnesota
When shopping for insurance, it’s not just about the premium. You’ll want to look at:
- Premium costs – Can you comfortably fit it into your budget?
- Deductibles – Higher deductibles can lower premiums but mean more out-of-pocket costs.
- Coverage options – Does it cover flood or snow damage?
- Insurer reputation – Look for reviews and ratings to ensure reliability.
Top Homeowners Insurance Providers in Minnesota
Here’s a look at some of the top companies offering homeowners insurance:
- State Farm: Known for affordable premiums and excellent customer service.
- American Family Insurance: Offers competitive rates and discounts.
- Allstate: Great for policy customization and bundling options.
- Farmers Insurance: Known for flexible coverage options.
- USAA: A top choice for military families, with excellent customer service.
Cheapest Home Insurance Companies in Minnesota
Homeowners insurance rates in Minnesota differ depending on which insurance company you use. Liberty Mutual provides the most affordable homeowners insurance in Minnesota — $1,046 each year. This compares favorably to the state’s mean rate of $1,773, providing a $727 discount on the typical rates in the state.
Get a head start on looking for cheap home insurance by reviewing the cheapest Minnesota carriers, listed below. Then, see our list of home insurance companies rated best for customer service and other factors.
AFFORDABLE HOME INSURANCE COMPANIES IN MINNESOTA
| Insurer | Average Yearly Rate in Minnesota |
| Liberty Mutual | $1,046 |
| Western National | $1,120 |
| North Star | $1,405 |
| Travelers | $1,538 |
| AAA | $1,549 |
Minnesota Home Insurance Prices by Coverage Levels
The amount of homeowners coverage you select has an impact on your insurance rates. In Minnesota, carrying $200,000 dwelling coverage costs an average of $1,312 per year, while maintaining coverage up to $400,000 costs as much as $2,256 per year.
POPULAR COVERAGE LIMITS IN MINNESOTA
| Coverage Level | Average Annual Cost |
| $100,000 Dwelling | $846 |
| $200,000 Dwelling | $1,312 |
| $250,000 Dwelling | $1,561 |
| $400,000 Dwelling | $2,256 |
Homeowners Insurance Deductibles in Minnesota
Among the numerous choices faced by homeowners when buying an insurance policy is where to set the deductible. A homeowners deductible is how much your insurance requires you to pay out of pocket toward a claim. The deductible level you choose can change how much you pay in insurance premiums.
When considering your deductible, a good rule of thumb is that the lower your deductible, the higher your premiums. This means that those seeking lower insurance costs will want to consider a higher homeowners deductible. Keep in mind that your deductible should only be set as high as you can reasonably pay if you suffer a loss.
Below are some commonplace deductible options offered on most home policies as well as with related average insurance costs.
HOME INSURANCE PREMIUMS BY DEDUCTIBLE IN MINNESOTA
| Deductible Tier | Average Annual Home Insurance Rate |
| $500 | $1,683 |
| $1,000 | $1,561 |
| $1,500 | $1,459 |
| $2,000 | $1,368 |
| $5,000 | $1,154 |
Minnesota Homeowners Insurance Costs by City
Not all Minnesota cities have equal homeowners insurance rates. Prices depend on local variables such as the likelihood of weather-related claims in the area, meaning your ZIP code could have a major impact on how much you pay.
The cheapest home insurance in Minnesota is found in Rochester. In Rochester, the typical home insurance policy costs $1,682 every 12 months — $91 less than the average homeowners policy in other Minnesota cities. Reference the below table to see the cheapest cities in Minnesota for home insurance.
CHEAPEST CITIES FOR HOMEOWNERS INSURANCE IN MINNESOTA
| City | Average 12-Month Home Insurance Rate |
| Rochester | $1,682 |
| Moorhead | $1,714 |
| Duluth | $1,722 |
| Mankato | $1,790 |
| Maple Grove | $1,870 |
Home and Auto Insurance Bundling in Minnesota
If you want to save, consider purchasing your home and auto policies from the same insurance company. A home and auto insurance bundle in Minnesota can save you a substantial sum each month on auto insurance. In fact, bundling policies in Minnesota lead to a yearly discount of $156.
HOME AND AUTO BUNDLING DISCOUNTS IN MINNESOTA
| Avg. Annual Rate (No Bundle) | Avg. Annual Rate (w/ Bundle) | Annual Savings ($) | Annual Savings (%) |
| $1,272 | $1,116 | $156 | 14% |
How to Get a Free Quote for Homeowners Insurance in Minnesota
There are multiple ways to get a free quote:
- Online tools: Most insurers have online portals for quick quotes.
- Insurance agents: Local agents can help you find policies that fit your budget.
- Comparison sites: Use comparison tools to evaluate multiple insurers at once.
Understanding the Average Cost of Homeowners Insurance in Minnesota
The cost of homeowners insurance can vary by city. For example, homes in Minneapolis or Duluth may have higher premiums due to weather risks. On average, Minnesota homeowners pay between $1,200 and $1,800 annually for insurance, but factors like the size and age of your home also play a role.
Discounts and Savings Opportunities for Minnesota Homeowners
Everyone loves a good discount! Here are a few ways you can save:
- Bundling policies: Combine home and auto insurance for discounts.
- Home security systems: Installing alarms may reduce your premium.
- Claims-free discounts: Staying claims-free often earns you savings.
Special Coverage Options for Minnesota Homeowners
Minnesota’s climate brings unique risks. Here are a few coverage options you might want to add:
- Flood insurance: Essential if you live near water bodies.
- Winter storm coverage: Helps cover damages from snowstorms.
- Sewer backup coverage: Important for homes with older plumbing systems.
What to Do After Filing a Homeowners Insurance Claim in Minnesota
If you need to file a claim, act quickly. Here’s what to do:
- Document the damage: Take photos and videos.
- Contact your insurer: Report the claim as soon as possible.
- Meet the adjuster: They’ll assess the damage.
- Complete repairs: Once approved, arrange for repairs and get reimbursed.
Common Exclusions in Minnesota Homeowners Insurance Policies
It’s crucial to know what isn’t covered. Common exclusions include:
- Earthquake damage – Requires separate coverage.
- Normal wear and tear – Home maintenance is your responsibility.
- High-value items – You may need riders for jewelry, art, or collectibles.
How to Choose the Best Homeowners Insurance Company for You
When picking a policy, pay attention to:
- Customer reviews – Are customers happy with the service?
- Financial stability – Will the insurer be able to pay out claims?
- Policy flexibility – Can you customize the coverage?
The Role of Customer Support in Homeowners Insurance
Customer service can make or break your experience. Look for:
- 24/7 support – In case emergencies happen outside office hours.
- Easy claims process – A smooth claims process means less stress.
- Mobile apps and online portals – Convenient for managing your policy.
FAQs about Best Homeowners Insurance in Minnesota
1. What does homeowners insurance cover in Minnesota?
Homeowners insurance typically covers your home structure, personal belongings, liability protection, and additional living expenses. Minnesota policies may also offer protection against severe weather events like snowstorms or flooding.
2. Is homeowners insurance mandatory in Minnesota?
While the state of Minnesota does not require homeowners insurance by law, most lenders will mandate it as part of a mortgage agreement to protect their investment.
3. How much does homeowners insurance cost in Minnesota?
The average cost of homeowners insurance in Minnesota varies based on the value of your home, location, and coverage options. Typically, it ranges from $1,200 to $1,800 annually.
4. Can I get coverage for flood damage in Minnesota?
Standard homeowners insurance policies do not cover flood damage. You’ll need to purchase a separate flood insurance policy, especially if your home is in a high-risk area.
5. How can I lower my homeowners insurance premium in Minnesota?
You can reduce your premiums by bundling insurance policies, installing home security systems, raising deductibles, and maintaining a good credit score.
6. Are natural disasters covered under homeowners insurance in Minnesota?
Homeowners insurance usually covers certain weather-related damages, including wind and hail. However, coverage for floods and earthquakes requires separate policies.
7. Which companies offer the best homeowners insurance in Minnesota?
Some top-rated insurance providers in Minnesota include State Farm, Allstate, and Travelers. Be sure to compare quotes and coverage options to find the best fit for your needs.
8. What should I look for in a Minnesota homeowners insurance policy?
Look for comprehensive coverage that fits your needs, a reputable insurer with good customer service, and policies with flexible deductibles and coverage limits.
9. Can I switch homeowners insurance providers anytime?
Yes, you can switch providers at any time. However, review your current policy’s cancellation terms to avoid fees or coverage gaps.
10. How do I file a homeowners insurance claim in Minnesota?
To file a claim, contact your insurer immediately, document the damage, and provide necessary paperwork. Your insurer will guide you through the process and arrange an inspection if required.
Conclusion
Your home is one of your biggest investments, so having the right insurance is essential. Whether it’s winter storms, theft, or liability risks, Minnesota homeowners face unique challenges. Compare quotes, explore coverage options, and make sure you find a policy that fits your needs. Protect your home today – get a free quote and find the best homeowners insurance in Minnesota.
References
To ensure the accuracy and reliability of the information provided in Best Homeowners Insurance in Minnesota, the following reputable sources have been consulted. These references offer additional insights and updates that can further validate the details shared in this guide:
- Insurance Information Institute (III) – Offers in-depth data and educational resources about insurance trends and best practices across the U.S.
Explore Insurance Information Institute - National Association of Insurance Commissioners (NAIC) – Provides consumer tools and reports on state-specific insurance regulations and protections.
Access NAIC Resources - Consumer Reports – Homeowners Insurance – Features product reviews and comparisons to help consumers make informed decisions.
Check Consumer Reports - J.D. Power Home Insurance Study – Annual study ranking customer satisfaction with insurance providers across states, including Minnesota.
View J.D. Power Study
These sources will enrich your understanding and provide reliable information to help you select the best homeowners insurance policy in Minnesota.
