Average homeowners insurance cost in Minneapolis, Minnesota

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In Minneapolis, homeowners pay an average annual rate of $2,637 (for the coverage level of $300,000 for dwelling, $100,000 for liability protection, and $1,000 deductible). It’s $55 more than the national average of $2,582 .

Homeowners insurance rates change from one home to another. The home insurance premium in Minneapolis depends on various factors, such as:

The size of your home
The age of your home
The amount of coverage you need
Where you live
Your credit score

It’s crucial to compare quotes from multiple insurers to ensure you get the best homeowners insurance policy. This allows you to find the coverage that meets your specific needs.

Read our guide to discover the monthly homeowners insurance cost in Minneapolis, explore the insurance costs for different dwelling coverage, and find out which companies offer affordable home insurance in Minneapolis.

Key Takeaways

In Minneapolis, homeowners insurance costs $2,637 annually.
Auto-Owners offers the most affordable homeowners insurance in Minneapolis with an average annual premium of $1,565 .
If you increase your dwelling coverage from $200,000 to $300,000, your annual home insurance premium will be $664 higher.

Average homeowners insurance cost per month

How much you pay for a homeowners insurance policy depends on the value of your home, your location, and the coverage options you select.

Homeowners in Minneapolis pay an average of $220 per month. It’s $20 more than the state average of $200 and $5 more than the national average for home insurance across the nation.

Average homeowners insurance cost for a $200,000 house

In Minneapolis, homeowners pay an average of $1,973 annually for a $200,000 home. The annual cost of home insurance is influenced by factors such as the risk of natural disasters in your area.

Regions more susceptible to natural disasters, such as floods, hurricanes, or tornadoes, typically face higher rebuilding costs, leading to increased insurance premiums. Keep in mind that standard insurance policies might not cover damages caused by floods or hurricanes. If you live in a flood-prone area, you should purchase flood insurance.

Average homeowners insurance cost for a $300,000 house

Homeowners in Minneapolis typically pay an average of $2,637 annually for a home insurance policy with $300,000 in dwelling coverage, $100,000 in liability protection, and a $1,000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, your home insurance rates will rise by $664 . You should purchase enough insurance to cover the entire cost of rebuilding your home. The required amount of dwelling coverage can vary based on factors such as the size of your home, its features, and the cost of living in your area.

Average homeowners insurance cost in Minneapolis by company

Among the carriers we analyzed, Auto-Owners is the most affordable homeowners insurance company in Minneapolis, offering an average annual rate of $1,565 , while Automobile Club MI (AAA) ranks second.

Researching a company thoroughly before selecting a homeowners insurance policy is essential – and we can help with that. We took a close look at all the insurance companies serving Minneapolis and put together a list of the most affordable ones.

Here’s a look at the top home insurance companies in Minneapolis and what you can expect to pay with each one on average.

Home Insurance Company	Annual rate
Auto-Owners	$1,565
Automobile Club MI (AAA)	$1,595
Western National Mutual	$1,830
West Bend Mutual	$2,272
American Family	$2,472
State Farm	$2,525
Farmers	$2,868
North Star Mutual	$2,973
Country Financial	$5,406

Many insurance companies offer discounts to customers who bundle their policies. By combining your home insurance policy with other policies, such as auto insurance, you can lower your premiums and simplify your insurance management with one provider.

Natural disasters in Minnesota that can impact your home insurance

Living in Minnesota comes with the possibility of natural disasters that can cause serious damage to your home and belongings. From costly repairs to large insurance claims, the financial impact can be significant. That’s why it’s important to know which types of disasters are most common in your area before selecting a home insurance policy.

Understanding your local risks allows you to customize your coverage – whether that means adjusting your policy limits, choosing a higher deductible, or adding protection for hazards like floods or earthquakes. Planning ahead helps ensure you’re fully covered when it matters most.

Minnesota is commonly affected by Cold wave, Strong wind and Winter weather.

How home insurance protects you against natural disasters

Home insurance is an essential safeguard for your financial well-being, offering protection if you’re affected by a natural disaster. Natural disasters can lead to costly damage, but the right policy can help cover the cost of repairs, sparing you from major out-of-pocket costs. In many cases, home insurance also pays for temporary living expenses if you can’t live in your home.

However, not all natural disasters are covered under a standard home insurance policy. For example, flood and earthquake damage are excluded and require separate coverage. That’s why it’s so important to understand the specific natural disaster risks in your area. By doing so, you can choose a policy that truly protects your home – and your finances – from the threats that are most likely to affect you.

Keep in mind: Standard policies may not cover everything

While homeowners insurance typically protects against common hazards, some natural disasters – like floods and earthquakes – require separate policies. Don’t assume you’re fully covered. Check your policy details and consider endorsements or supplemental coverage if you live in a high-risk area.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Minneapolis for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.

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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.