Average homeowners insurance cost in Minneapolis, MN

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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), according to Insure.com’s rate analysis. 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:

Size of your home
Age of your home
Amount of coverage you need
Location
Your credit score

To ensure you secure the best homeowners insurance policy, compare quotes from multiple insurers, enabling you to find the right coverage that aligns with your specific requirements.

Read this guide to learn how much homeowners insurance costs monthly in Minneapolis, what home insurance costs for different dwelling coverage, and which companies offer cheap 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 in Minneapolis per month

Residents of Minneapolis pay an average of $220 a month for homeowners insurance, as per Insure.com’s rate analysis. It’s $20 more than the state average of $200 and $5 more than the national average for home insurance across the United States.

The cost of your homeowners insurance policy in Minneapolis may change based on location, property value, and selected coverage options.

Average homeowners insurance cost for a $200,000 house in Minneapolis

The average cost of homeowners insurance in Minneapolis, MN is $1,973 annually for the dwelling coverage of $200,000 and the liability protection of $100,000. The amount you pay for home insurance each year depends on many different things. The types of natural disasters or events that take place in your area affect how much you pay for coverage in your city.

Some areas are more at risk for natural disasters, like flood, hurricanes, or tornadoes. This means that if something happens, the cost of rebuilding would be higher in those areas, thereby leading to higher insurance premiums. Your insurance policy might not cover damage caused by floods or hurricanes. So, if you live in a flood-prone area, consider buying flood insurance coverage.

Average homeowners insurance cost for a $300,000 house in Minneapolis

According to a rate analysis by Insure.com, homeowners in Minneapolis pay an average of $2,637 per year for a $300,000 house. These rates are for the coverage limits of $100,000 for liability protection and $1000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $664 more a year for home insurance. It would be best to buy enough insurance to cover the full cost of rebuilding your home.

However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

Average homeowners insurance cost in Minneapolis by company

Among the carriers analyzed, Auto-Owners is the most affordable homeowners insurance company in Minneapolis. It’s average annual rate for homeowners in Minneapolis is $1,565.

Automobile Club MI (AAA), ranks second and Western National Mutual makes it to the third spot with an average annual home insurance rate of $1,830.

Research on the company is essential before selecting a homeowners insurance policy. Insure.com has thoroughly examined all insurance companies operating in Minneapolis and compiled a list of the most affordable home insurance companies.

Below are details of Minneapolis home insurance companies and their average annual premiums.

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

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.