Best Home Insurance in Minnesota (2023)

Home Insurance in Minnesota

There’s plenty of reason to purchase homeowners insurance in Minnesota, but many people find the process difficult and the costs misleading. The good news is that once you learn the Minnesota home insurance requirements and learn how to make decisions about buying the proper policies, your costs can fall. Finding cheap homeowners insurance is possible with a bit more insight. Here’s what you need to know.

Home Insurance Companies in Minnesota

The top rated homeowners insurance companies in Minnesota provide a range of policy options for you to select from, meeting most needs. As you compare the options homeowners insurance agencies in Minnesota offer, it’s important to know what your needs are. The best home insurance companies in Minnesota give you great rates while also providing quality insurance you can rely on. Use independent home insurance agents in Minnesota to help you find the best possible costs and coverage.

How to Get the Best Rates for Home Insurance in Minnesota

How can you find those low rates? To begin your search, simply input your zip code on this page. It will provide you with a list of options to consider.

<zipcode>Find The Cheapest Home Insurance In Your Area:</zipcode>

How Much Does Homeowners Insurance Cost in Minnesota?

The average annual premium in Minnesota for the typical HO-3 policy is $1,340. That is higher than the national average of $1,173. As you consider how you can find the cheapest home insurance in Minnesota, make it a point to compare insurers carefully. Home insurance quotes in Minnesota can give you insight into savings options.

<twitter>The average annual premium in Minnesota for the typical HO-3 policy is $1,340. That is higher than the national average of $1,173.</twitter>

List of Homeowners Insurance Companies in Minnesota

You deserve to have access of all the options in your area. It’s the best way to reduce your costs. To get those costs, add your zip code to the box above. This creates a list of the available companies in your area.

How Homeowners Insurance Is Calculated in Minnesota

Insurance costs relate to the amount of risk present. There are some key reasons why Minnesota home insurance costs are higher and it typically comes down to these factors.

<qa>1;Crime;A good factor for the state is its low crime rate. In Minnesota, the crime rate is 2.38 per 1,000 residents for violent crimes, below the national average of 4. Property crimes are 21.92 per 1,000 residents, also below the national average of 24.</qa>

<qa>2;Weather/Climate;Weather plays a role in the risks and costs for home insurance. In Minnesota, high heat, drought conditions, and the risk of storms are key factors. Storm damage in the area can cause fires and flooding, both of which can raise home insurance costs.</qa>

<qa>3;Home Values;Perhaps the biggest factor impacting many homeowners here is the rising home values in many areas of the state. The median home value in Minnesota is $234,400, which is still about average for the country. However, those rates have risen by 5.7 percent over the last year, as of March of 2019.</qa>

Home Insurance Requirements in Minnesota

Finding the answers to all of your questions is important. Here are some of the most common questions people ask and what you can expect.

Is Homeowners Insurance Required in Minnesota?

Homeowners insurance is not a requirement from the state. Most cities do not require it either. However, homeowners insurance is a requirement by nearly all lenders operating in the state. If you have a loan on your home or you live in a homeowner’s association, you may be required to maintain coverage.

What Does Home Insurance Cover?

Home insurance covers both the home itself and liability risks. If you are in an unavoidable or accidental situation, such as a storm, fire, or theft occurs, your property damage can cover the damage to your home, garage, and other named structures. The liability portion of your policy covers risks associated with claims made against you, such as slips and falls in your home.

Homeowners Insurance for New Properties in Minnesota

Home values are rising here, due in part to new development. New construction home insurance costs can be higher than older homes. Yet, protecting your new investment with coverage is essential.

Homeowners Insurance for Old Properties in Minnesota

Older homes can cause rates to rise in some cases. There is more unknown about them, including the condition of structures such as the roof and foundation, that can increase costs.

Renters Insurance in Minnesota

If you rent your home in Minnesota, your property owner or landlord does not have a legal requirement to maintain insurance coverage for you. However, you have the right to purchase your own renter’s insurance policy.

This type of policy covers your personal property, including the items you own, as well as liability risks. If someone is hurt in your apartment or condo, this policy can help cover their medical bills.

<zipcode>Compare Renters Insurance in Minnesota</zipcode>

Compare Home Insurance in Minnesota by City

To get the cheapest home insurance in Minnesota, you need to consider local factors, too. Your community, even your street, impacts the costs you pay. To compare home insurance quotes, check out these factors in the largest cities.

<qa>1;Home Insurance Quotes in Minneapolis, Minnesota;A true modern town, Minneapolis is home to 422,331 people. Home values here are about $265,900, with higher pricing in the suburban areas.</qa>

<qa>2;Home Insurance Quotes in St. Paul, Minnesota;St. Paul, located right by Minneapolis, is just as urban and modern. It’s home to 306,621 people. Home values in St. Paul are a bit less with a median of $219,500.</qa>

<qa>3;Home Insurance Quotes in Rochester, Minnesota;There are about 115,733 people living in Rochester, an up-and-coming place to call home. Home values here are about $221,600 and remaining rather steady.</qa>

<qa>4;Home Insurance Quotes in Duluth, Minnesota;The community of Duluth is home to about 86,066 and is also growing in popularity with new development. In this area, home values are still around $172,900.</qa>

<qa>5;Home Insurance Quotes in Bloomington, Minnesota;Bloomington is smaller, with about 85,866 people living here. Home values here, boosted by new development, are about $268,800.</qa>

Bonus: Most Expensive Homes in Minnesota

If you live in Minnesota and don’t want to pay high home insurance rates, you may not want to choose these expensive homes:

• The rolling acres home at 2660 Woolsey Land in Woodland is valued at $6.4 million.
• Choose the home at 20730 Linwood Road in Deephaven at $4 million.
• The 4,970-square-foot home at 3244 Robinson Bay Road in Deephaven is valued at $3.75 million.

<resources>https://www.reviews.com/homeowners-insurance/%20minnesota/;https://www.neighborhoodscout.com/mn/crime;http://statesatrisk.org/minnesota/all;https://www.zillow.com/mn/home-values/;http://www.citypopulation.de/USA-Minnesota.html</resources>