Average homeowners insurance cost in Minnesota

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Whether you’re buying a new home or safeguarding the one you already own, it’s important to have comprehensive homeowners insurance. However, the amount you’ll pay depends on the insurance company and the coverage limits you choose.

Homeowners insurance in Minnesota costs an average of $2,399 a year, according to Insure.com’s study.

Read this guide to learn more about the average homeowners insurance rates in Minnesota by insurance company and ZIP code.

Key Takeaways

Homeowners insurance costs an average of $2,399 a year, based on our analysis.
Of all the ZIP codes in Minnesota, 56601 has the most affordable home insurance rates at around $2,192 annually.
In Minnesota, Auto-Owners provides the most affordable home insurance at an average annual premium of $1,550.

Average home insurance cost in Minnesota by coverage level

In Minnesota, the annual homeowners insurance cost is $2,399, on average for the limits of $100,000 in liability, $300,000 in dwelling coverage and a $1000 deductible.

Increasing your dwelling coverage from $300,000 to $400,000 will raise your annual homeowners insurance premium to $2,977 in Minnesota, with $100,000 in liability protection and a $1,000 deductible. Below are the average costs for homeowners insurance in Minnesota based on dwelling coverage limits of $300,000, $400,000, and $500,000.

Coverage	Average annual rate	Average monthly rate
$200,000 with $1,000 Deductible and $100,000 Liability and None Deductible	$1,808	$151
$200,000 with $1,000 Deductible and $300,000 Liability and None Deductible	$1,828	$152
$300,000 with $1,000 Deductible and $100,000 Liability and None Deductible	$2,399	$200
$300,000 with $1,000 Deductible and $300,000 Liability and None Deductible	$2,420	$202
$400,000 with $1,000 Deductible and $100,000 Liability and None Deductible	$2,977	$248
$400,000 with $1,000 Deductible and $300,000 Liability and None Deductible	$2,999	$250
$600,000 with $1,000 Deductible and $100,000 Liability and None Deductible	$4,285	$357
$600,000 with $1,000 Deductible and $300,000 Liability and None Deductible	$4,308	$359
$1,000,000 with $1,000 Deductible and $100,000 Liability and None Deductible	$6,993	$583
$1,000,000 with $1,000 Deductible and $300,000 Liability and None Deductible	$7,020	$585

In Minnesota, homeowners insurance companies set rates by assessing various risk factors. Your location, claims history, credit history and coverage limit all affect your premium.

If multiple claims have been filed in your neighborhood over the past few years, you’ll likely face higher home insurance rates than areas with fewer claims. Your credit score can also play a role in determining your home insurance costs.

According to S&P Global Market Intelligence’s RateWatch application, the average homeowners insurance premium for owner-occupied homes nationwide increased by over 11% in 2023.

Best homeowners insurance companies in Minnesota

It’s always a good idea to shop around and compare prices before purchasing homeowners insurance. Several factors come into play when choosing the best homeowners insurance company.

We evaluated homeowners insurance providers in Minnesota by comparing their NAIC scores and AM Best ratings and compiled a list of the top insurers in the state. Based on Insure.com’s analysis, Western National Insurance received the lowest NAIC score and an AM Best rating of A. A lower NAIC score signifies fewer complaints relative to the company’s size, indicating greater customer satisfaction.

Company	Average annual premium	AM Best rating	NAIC Complaint Index	Overall score
Western National Insurance	$1,631	A	0.13	5
Auto-Owners	$1,550	A++	0.33	4.86
Auto Club Group – ACG (AAA)	$1,839	A	0.29	4.67
West Bend Insurance Company	$1,680	A+	0.42	4.6
American Family	$2,441	A	0.37	4.34
North Star Mutual	$1,914	A+	0.72	4.06
Farmers	$2,606	A	0.54	4.01
Country Financial	$5,156	A+	0.26	3.63
State Farm	$2,567	A++	0.95	3.56

Average homeowners insurance cost by company in Minnesota

Auto-Owners provides the most affordable homeowners insurance in Minnesota, with an average annual premium of $1,550. Western National Insurance and West Bend Insurance Company also offer cheap home insurance rates.

Shopping around for homeowners insurance can help you save hundreds of dollars annually.

Here are the average annual and monthly insurance rates for homeowners in Minnesota with a policy that provides $300,000 in dwelling coverage, $100,000 in liability protection, and a $1,000 deductible.

Company	Average annual rate	Average monthly rate
Auto-Owners	$1,550	$129
Western National Insurance	$1,631	$136
West Bend Insurance Company	$1,680	$140
Auto Club Group – ACG (AAA)	$1,839	$153
North Star Mutual	$1,914	$159
American Family	$2,441	$203
State Farm	$2,567	$214
Farmers	$2,606	$217
Country Financial	$5,156	$430

Minnesota homeowners insurance rates by ZIP code

In Minnesota, insurance companies evaluate the risk associated with specific locations to determine premiums. ZIP codes with higher crime rates or a history of natural disasters are often considered high-risk, resulting in higher insurance premiums. Additionally, the cost of rebuilding or repairing homes in a particular ZIP code can influence your price for a homeowners insurance policy.

Shop around and compare quotes from different insurance companies to find the best home insurance rates in Minnesota. Also, remember to inquire about any discounts, such as bundling policies or smart home discounts, to help lower your premium.

Most affordable ZIP codes for home insurance rates in Minnesota

Homeowners insurance costs in Minnesota can vary widely by location, with your ZIP code being a key factor in determining your rate. Based on our data, the the 56601 area has the most affordable insurance rates, at $2,192 annually or $183 monthly.

Below are the homeowners insurance rates for the most affordable ZIP codes in Minnesota.

ZIP code	Average annual rate	Average monthly rate
56601	$2,192	$183
56623	$2,193	$183
56671	$2,197	$183
56447	$2,198	$183
56686	$2,202	$183
56754	$2,204	$184
56667	$2,207	$184
56670	$2,208	$184
56683	$2,209	$184
56647	$2,210	$184

Most expensive ZIP codes for home insurance rates in Minnesota

Your ZIP code plays a significant role in determining the cost of your homeowners insurance. In Minnesota, some areas face higher premiums due to factors like high crime rates, greater risk of natural disasters and higher living expenses.

In Minnesota, 55417 has the highest homeowners insurance rates, at $2,680 per year.

Here, we’ve highlighted some of the most expensive ZIP codes in Minnesota for homeowners insurance:

ZIP code	Average annual rate	Average monthly rate
55417	$2,680	$223
55412	$2,651	$221
55411	$2,649	$221
55405	$2,648	$221
55408	$2,647	$221
55423	$2,646	$221
55407	$2,645	$220
55454	$2,644	$220
55450	$2,633	$219
55418	$2,631	$219

Home insurance rates vary from one city to another. But with Insure.com, finding the right home insurance policy is easy. Learn more about homeowners insurance costs for different cities below.

Home insurance rates in Minnesota by city

See rates in your city

Home insurance rate trend in Minnesota

We analyzed home insurance rate trends in Minnesota and found that homeowners insurance rates experienced an overall increase of 4% or $92, from 2022 to 2023.

The below data shows how much homeowners insurance rates have changed since 2019.

2019 rates	2022 rates	2023 rates
$2,509	$2,307	$2,399

To find the right homeowners insurance, research thoroughly and compare costs from multiple insurers, as they assess risk differently. Getting quotes from at least three companies helps ensure you get the most affordable coverage in Minnesota.

Resources & methodology

Source

S&P Global. “US homeowners insurance rates jump by double digits in 2023.” Accessed September 2024.

Methodology

Insure.com worked with Quadrant Information Service to get homeowners insurance data. We analyzed 20,739,560 insurance quotes from 82 national and regional insurance companies across 34,588 ZIP codes to determine the average premiums.

The insurance rates are based on a sample profile of a homeowner with good credit and the following coverage level:

$300,000 dwelling coverage
$100,000 liability protection
$1000 deductible

We have taken into account 3 important factors such as average annual cost, NAIC score and AM Best rating, to determine the list of best homeowners insurance companies. The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.