Cheapest Homeowners Insurance in Minnesota ( 2024 rates)

Minnesota residents have access to a range of cost-effective insurance options, with Chubb being the cheapest choice for home insurance. If you own a high-value home, Auto-Owners offers competitive rates, while also being the top pick for new homes and for home and auto bundles. North Star stands out as the most affordable option for those with poor credit scores.

In Minnesota, Chubb ranks as the most affordable home insurance provider, offering a rate of $643 annually for $100K in dwelling coverage. It's essential to note that home insurance premiums can shift significantly based on dwelling coverage. Here's a breakdown of the most competitive rates in Minnesota:

• Cheapest for $100,000: Chubb at $643 per year
• Cheapest for $250,000: Auto-Owners at $1,144 per year
• Cheapest for $500,000: Auto-Owners at $1,794 per year

Check cheap home insurance on MoneyGeek's table to see how costs change by dwelling coverage.

Finding cost-effective home insurance in Minnesota typically involves comparing rates from multiple insurance companies. Take advantage of MoneyGeek’s home insurance calculator to get Minnesota quotes efficiently, without providing personal details upfront.

In Minnesota, the best-priced home insurance for high-value homes comes from Auto-Owners, offering a competitive annual rate of $2,763 for $750K in dwelling coverage. Dwelling coverage is the key contributor to total home insurance costs, so high-value homes can expect higher rates.

If you own a high-value home, take a look at the most cost-effective insurers in Minnesota:

• Cheapest for $750,000: Auto-Owners at $2,763 per year
• Cheapest for $1MM: American Family at $3,874 per year

Choosing dwelling coverage that reflects your home's rebuild cost, not its market value is recommended. Explore cheap home insurance and rate variations based on dwelling coverage with MoneyGeek's table.

In Minnesota, the most affordable option for new home insurance with $100K in dwelling coverage is Auto-Owners Insurance, offering a yearly premium of $551. The reason new homes in Minnesota often enjoy lower insurance rates is their adherence to modern construction standards, which minimizes the risk of damage.

For homeowners with new properties, Auto-Owners Insurance consistently offers the best rates across different coverages:

• Cheapest for $100,000: Auto-Owners Insurance at $551 per year
• Cheapest for $250,000: Auto-Owners Insurance at $808 per year
• Cheapest for $500,000: Auto-Owners Insurance at $1,222 per year

For more detailed analysis and to see how insurance rates vary for newly constructed homes by dwelling coverage, refer to MoneyGeek's comprehensive table.

In Minnesota, North Star Mutual provides the most affordable home insurance for customers with poor credit for $100K in dwelling coverage. Understanding that credit scores play a significant role in determining home insurance premiums is crucial, as insurers evaluate it to gauge potential payment risks.

• Cheapest for $100,000: North Star Mutual at $1,371 per year
• Cheapest for $250,000: North Star Mutual at $2,557 per year
• Cheapest for $500,000: North Star Mutual at $5,441 per year

For those with poor credit in Minnesota, the average annual premium for $100K dwelling coverage is $5,533 — a notable difference of $4,364 when compared to good credit holders. Dive into MoneyGeek's table for a comprehensive comparison between credit scores and insurance rates.

In Minnesota, the least expensive home insurance company for homeowners with one claim in the past five years is Auto-Owners Insurance. It's essential to note that a history of claims can influence your insurance premiums, as insurers view past claims as potential future risks.

In Minnesota, Auto-Owners Insurance consistently ranks as the cheapest home insurance provider if you've had at least one claim. See how rates change with various dwelling coverages:

• Cheapest for $100,000: Auto-Owners at $737 per year
• Cheapest for $250,000: Auto-Owners at $1,144 per year
• Cheapest for $500,000: Auto-Owners at $1,794 per year

Minnesota homeowners with two claims in the past five years can expect to pay an average of $488 more annually for $100K dwelling coverage compared to those with no recent claims. Maintaining a claim-free record can lead to significant savings on insurance premiums.

Your home's construction and roofing material can significantly affect your insurance premiums. In Minnesota, if you own a home with a "frame" construction and a shake-treated roof, Chubb offers the most competitive rate at $643 annually. Homes with these characteristics might have higher insurance costs due to the potential risks associated with frame construction and shake-treated roofs.

Here are the companies that offer the most affordable coverage in Minnesota for different dwelling coverage values:

• Cheapest for $100,000: Chubb at $643
• Cheapest for $250,000: North Star Mutual at $1,528
• Cheapest for $500,000: Auto-Owners at $2,569

Minnesota homeowners can save approximately $336 annually on their insurance premium by opting for a superior construction home with a tile roof, compared to a frame construction home with a shake-treated roof. This insight is valuable for Minnesota homeowners aiming to optimize their insurance expenses.

In Minnesota, adjusting your deductible can lead to significant yearly savings. For a $2,000 deductible, Chubb stands out as the most affordable, charging $616 annually. This is a noticeable difference from the $801 annual premium offered by Auto-Owners for a $500 deductible.

Here's a breakdown of the most competitive rates for various deductibles:

• $2,000 deductible: Chubb at $616 per year
• $1,500 deductible: Chubb at $643 per year
• $1,000 deductible: Chubb at $643 per year
• $500 deductible: Auto-Owners at $801 per year

In home insurance, the deductible is what you pay before your insurance covers the rest. On average, opting for a $2,000 deductible instead of a $500 one can save Minnesota homeowners around $233 annually.

In Minnesota, Auto-Owners stands out as the most affordable option for those looking to bundle their home and auto insurance, offering an annual premium of $2,120. Combining these policies can lead to substantial savings.

• Auto-Owners at $2,120 per year
• State Farm at $2,386 per year

Beyond the financial benefits, bundling also offers the ease of managing both policies with a single provider. This not only streamlines the insurance process but also enhances the overall customer experience. Find out the potential savings for your situation with the best Minnesota insurance bundle.

Across many Minnesota cities, Chubb is a top choice for affordable home insurance, with annual premiums ranging between $480 and $657. The variation in rates is influenced by local factors such as building regulations, crime statistics, and weather-related risks. For perspective:

• Rochester benefits from the most competitive rate with Chubb, priced at $480 annually.
• In contrast, Minneapolis has a slightly higher rate, also with Chubb, at $657 per year.

Given these differences, it's evident that insurers adjust their rates based on regional specifics. Hence, exploring multiple options is wise to find the best deal.