The average annual cost of homeowners insurance in Minnesota is $2,204 for a policy with $300,000 in dwelling coverage and a $1,000 deductible. For comparison, the national average home insurance rate is $2,532 per year.
Minnesota has a high average annual snowfall — about 36 inches in the southwest and 70 inches along Lake Superior, for example.1 Heavy snowfall and winter storms can lead to property damages like roof damages or collapses.
It’s important to choose sufficient policy limits for your dwelling and personal belongings. You can compare quotes to find the cheapest coverage for your home.
Here’s what you need to know about homeowners insurance in Minnesota.
Best home insurance companies in Minnesota
Homeowners in Minnesota have many different options when it comes to buying home insurance. But the best homeowners insurance in Minnesota will depend on your specific needs.
Shopping around and comparing multiple quotes can help you find the best policy at the lowest price. Start your search with four of the best home insurers in Minnesota below.
Cheapest rates: Western National
Western National has the cheapest average home insurance in Minnesota, with an annual average much lower than the statewide and national averages.
The company sells customizable home insurance with endorsements such as identity theft protection, assisted living coverage, valuable items coverage, replacement cost coverage, debris removal coverage, equipment breakdown insurance, and others. The company’s Penalty-Free Promise prevents your home insurance premium from increasing if you file a claim.
Best insurer for bundling home and auto insurance: Westfield
Best insurer for coverage options: Auto-Owners
Best insurer for discounts: Farmers
Cheapest home insurance in Minnesota
The cheapest home insurance company in Minnesota is Farmers, with an average monthly premium of $99. But some other reputable Minnesota insurance companies have below-average home insurance rates.
Below, you can see some of the cheapest home insurance companies in Minnesota and their average monthly premiums for a policy with $300,000 in dwelling coverage and a $1,000 deductible.
Cost of homeowners insurance in Minnesota
The average cost of homeowners insurance in Minnesota is $2,196 per year for a policy with $300,000 in dwelling coverage. But your home insurance premiums depend on a variety of criteria.
Your ZIP code, the size and age of your home, your coverage limits, and your deductible are some of the factors that can affect premiums. Additionally, the type of home insurance you choose can also affect the price.
Cost of homeowners insurance by dwelling coverage amount
One of the most significant factors that affects the cost of home insurance in Minnesota is your dwelling coverage limit. In general, the higher your dwelling insurance limit is, the more expensive your premium.
In the table below, you can see the average cost of home insurance in Minnesota based on dwelling coverage amount for policies with a $1,000 deductible.
Cost of homeowners insurance by deductible
When you file a claim, your deductible is the amount you have to pay out of pocket for a covered loss. For example, if you file a personal property claim for $5,000 and you have a $500 deductible, your payout from the insurance company would be $4,500.
Choosing a higher deductible will typically result in a lower insurance premium, and vice versa. Compare average annual premium for a policy with $300,000 in dwelling coverage by deductible below.
How to get cheap homeowners insurance in Minnesota
Here are some tips for saving money on home insurance in Minnesota:
Bundle your policies. Many insurance companies offer savings to customers who bundle their homeowners policy with another type of coverage, like auto insurance, life insurance, or RV insurance.
Look for discounts. The best home insurance companies in Minnesota offer discounts that can reduce your premium. Every insurer offers different discounts, but you can often find savings for installing a home security system, insuring a new home, and avoiding claims.
Choose a higher deductible. If you want to save money on home insurance in Minnesota, consider choosing higher deductibles for dwelling insurance and personal property insurance. Just make sure you can afford to pay a higher deductible in the event of a property damage claim.
Install protective devices. One of the best ways to lower your home insurance premium is to install protective devices like a fire sprinkler system, fire alarms, carbon monoxide detectors, and a home security system.
Pay your premium in full. Many Minnesota home insurance companies offer savings to customers who pay their annual home insurance premium up front and in full. You might also qualify for a discount if you enroll in automatic payments.
Shop around. The cost of homeowners insurance can vary significantly between insurance companies, even for the same type and amount of coverage. To find the cheapest home insurance quotes for your situation, it’s a good idea to shop around and compare personalized rates from multiple insurance companies in Minnesota.2
How much homeowners insurance do you need in Minnesota?
Minnesota doesn’t have a legal requirement for homeowners insurance. But most mortgage companies will require you to purchase a homeowners insurance policy if you take out a mortgage. Even if you don’t have a mortgage, getting home insurance is still a good idea.
Most insurance experts recommend having enough dwelling insurance to cover the cost of rebuilding your home back to its original condition and enough personal property insurance to match the value of your personal items. You can typically choose from several fixed limits for liability insurance, medical payments insurance, and loss of use insurance.
Before you purchase homeowners insurance, it’s important to understand exactly what your home insurance policy covers. If your policy has any gaps, you might want to add endorsements for more protection.
What are some of the biggest risks when owning a home in Minnesota?
Minnesota homeowners can face a variety of risks. Here are some of the most common perils and natural disasters that are important to consider when choosing home insurance in the state: