Best and Cheapest Homeowners Insurance in Minnesota for 2024

You probably don’t want to think about the potential need to file one or more homeowners insurance claims over your time as a homeowner, but it can happen! The reality is that there are many things that your home can experience that would require a claim, such as a fire, a burglary or an injury to a third party. Having one of the best Minnesota insurance companies can put your mind at ease that if something were to happen, it would be taken care of.

To help you be more confident in your homeowners insurance company, we have reviews and rankings for hundreds of homeowners insurance companies so you can evaluate and compare the best Minnesota home insurance companies. In the table above, you can sort through every homeowners insurance company ranked on Clearsurance. Next to each insurer you’ll find the company’s rating, which is based exclusively on the reviews and ratings provided by customers. Note: Only those companies with at least 25 homeowners insurance reviews are eligible to appear in the rankings of the best Minnesota homeowners insurance companies.

If you’re looking for additional information on one of the best homeowners insurance companies in Minnesota, you can visit the company’s profile page where you’ll learn about the company, additional coverages and potential discounts offered. You can also read reviews to see what other policyholders have to say about the home insurance company.

On this page:

• Best homeowners insurance rates in Minnesota for a $200K dwelling
• Best homeowners insurance rates in Minnesota for a $400K dwelling
• Minnesota property crime statistics
• Minnesota disaster statistics

Who offers the best homeowners insurance rates in Minnesota for a $200K home?

Of the companies analyzed, Auto-Owners offers the cheapest average homeowners insurance rates for a $200K home in Minnesota, on average.

In the table below, compare the average Minnesota home insurance rates for the five largest companies in the state.

These rates are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Minnesota will differ. Rate data is provided by Quadrant Information Services.

Who offers the best homeowners insurance rates in Minnesota for a $400K home?

Of the most popular Minnesota companies, Auto-Owners offers the cheapest home insurance rates in Minnesota for a $400K home, on average.

Compare the average homeowners insurance rates in Minnesota for American Family, Auto-Owners, Farmers, State Farm and Travelers in the table below.

These rates are based on a $400,000 dwelling with the following coverage limits: $200,000 personal property, $40,000 loss of use, $40,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Minnesota will differ. Rate data is provided by Quadrant Information Services.

What do Minnesota property crime statistics indicate?

Theft and vandalism or malicious mischief are among the 16 perils a standard homeowners insurance policy protects you from. So, how does crime in Minnesota compare to other states around the country? The FBI published the following statistics on crime in Minnesota for 2016:

• Property crime - 117,756
• Burglary - 18,606
• Larceny theft - 90,422

All three statistics for Minnesota, when compared to the national average rate per 100,000 inhabitants, rank below the national average.

What do Minnesota disaster statistics indicate?

Weather-related incidents are typically among the costliest homeowners insurance claims. FEMA has published statistics for each state since 1953. Data is updated through August 2018. Here’s a look at the Minnesota federally declared disasters since 1953:

• Flood - 25
• Severe storm - 24
• Tornado - 3
• Fire - 2
• Severe ice storm - 2
• Hurricane - 1
• Snow - 1

How are homeowners insurance rates calculated in Minnesota?

Ever wonder why you pay what you do for home insurance in the state of Minnesota? Some things may be obvious, like the age of your home. But other factors that contribute to the price of homeowners insurance may not be as obvious. Here’s a list of some of the things homeowners insurance companies consider when quoting you a rate:

• The level of coverage required
• The size of your mortgage
• Your credit score
• The square footage of your home
• The geographic location of your home in Minnesota
• The condition of your home
• The age of your home
• The proximity of your home to a fire station
• Your previous claims record
• The amount of your deductible
• Optional add-ons like umbrella insurance

Zillow estimates that homeowners can expect to pay approximately $35 each month for every $100,000 of your home's value.

The average cost of homeowners insurance in Minnesota is higher than the national average cost of home insurance. Minnesota home insurance is more expensive than homeowners insurance in the neighbouring states because of the state's unpredictable winter weather. Storms can damage or destroy homes which is why having a homeowners policy is important. Severe weather can put homes at risk so you be aware of the most common causes of loss in Minnesota: hail storms, blizzards, and flooding.

Apart from the standard coverage (dwelling coverage, liability coverage, personal property coverage, and additional living expenses), home insurance coverage options include: flood insurance, scheduled personal property coverage, identity theft insurance.

Before you decide what is the best policy for you, you should discuss additional coverage with your insurance agent to make sure you're protected.

How does Clearsurance rate and rank the best homeowners insurance companies in Minnesota?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

• Price
• Customer Service
• Claim service
• Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Homeowners Insurance Guide

Your home is likely your most valuable asset, making it that much more important that you insure your home with one of the best Minnesota homeowners insurance companies. But beyond just picking a company, it’s crucial to have the right coverage and to understand that coverage. Did you know that a standard homeowners insurance policy has six types of coverage? And did you know that there are usually 16 types of perils found in a homeowners insurance policy?

At Clearsurance, we want to make sure you have a strong understanding of your homeowners insurance coverage and what it all means. Check out our homeowners insurance guide to become a smarter insurance customer. And for more educational content on other homeowners insurance topics, check out our homeowners insurance blog!