Average Costs and Cheapest Homeowners Insurance Companies in Minnesota

Depending on your needs, the most affordable homeowners insurance in Minnesota may differ. American Family is the cheapest choice for expensive properties, while Farmers is the cheapest option for newer homes. Chubb offers the best deals overall and for homes with a pool, while those with bad credit should consider Country Financial. MoneyGeek analyzed a wide range of quotes in Minnesota to determine standard prices and discover the most affordable homeowners insurance company for you.

If you’re looking to balance affordability with a strong service experience, MoneyGeek also scored the best home insurance companies in Minnesota.

MoneyGeek gathered thousands of quotes to determine average prices and find the cheapest insurer for various types of homes. Chubb, at $1,823 per year, is the best option for residents searching for low-cost homeowners insurance in Minnesota for a base residence coverage of $250,000.

This company is also the most affordable insurer in the state for $100,000 and $500,000 in basic home coverage, as shown below:

• Cheapest for $100,000: Chubb
• Cheapest for $250,000: Chubb
• Cheapest for $500,000: Chubb

Use the chart to calculate the insurance prices for the housing coverage that is right for you. The replacement cost of your property will determine how much dwelling coverage you require.

Depending on the type of dwelling coverage you get, how much homeowners insurance costs in Minnesota might significantly vary. For instance, the average annual cost of homeowners insurance in the state for $250,000 in dwelling coverage is $2,735 per year.

The level of dwelling coverage you select will have a substantial influence on your home insurance premium. A higher level of coverage protects you from more damages, but it also means higher costs. For example, the average yearly rate for $100,000 of home coverage is $1,458, while the average annual cost for $3 million of coverage is $30,045. The difference is a whopping $28,587.

Your homeowners insurance costs in Minnesota can depend on several factors relating to your current situation and some location-based criteria. When determining your premiums, providers can take into account how old your home is, its roof quality, frequency of past claims and proximity to a local fire station, for example.

You may modify the dwelling coverage limits, deductible and other limitations to see how the typical costs of Minnesota homeowners insurance change based on your needs.

MoneyGeek used hundreds of quotations to calculate average prices to find the best cheap insurance providers in Minnesota for expensive homes.

According to MoneyGeek's research, the most affordable alternatives for homeowners seeking insurance with $2 million in dwelling coverage are, on average:

• American Family: $9,528 per year
• Chubb: $9,895 per year

Insurance costs for expensive properties vary significantly based on the actual residence coverage and desired insurer, so it's crucial to compare quotes from several insurance companies to get the best rates.

MoneyGeek analyzed thousands of quotes from Minnesota insurance companies to identify the cheapest option for newer houses with $250,000 in dwelling coverage. The rates are based on a 2015 sample house.

On average, the cheapest homeowners insurance companies in the state for newer homes with dwelling coverage of $250,000 are:

• Farmers: $1,160 per year
• Travelers: $1,759 per year

Insurance prices for newer properties are often lower. Homes built in 2015 in Minnesota might be $558 less expensive than those constructed in 2000.

Due to a different ZIP code collection system, the numbers for these 2000 residences changed from the first section.

In Minnesota, the average annual cost of homeowners insurance for modern houses is $1,910. Meanwhile, the average yearly rate for a home built in 2000 is $2,468. This is a roughly $558 annual rate difference.

In most cases, older properties cost more to insure. This is because old houses are more costly to repair or replace, and it’s typically more difficult or expensive to locate older materials. There's also the issue of wear and tear.

MoneyGeek compared thousands of quotes to find the most affordable insurance for houses with pools in Minnesota.

On average, the top companies for pool owners searching for cheap homeowners insurance in Minnesota with dwelling coverage of $250,000 are:

• Chubb: $1,888 per year
• Farmers: $2,199 per year

Since insurance companies view a pool as a liability, having one on your property might increase your home insurance premium. As a result, extra liability protection for pool-related injuries or accidents could be required.

Owning a pool could slightly impact the cost of your home insurance in Minnesota. For example, the average annual premium in the state for a property with $250,000 in dwelling coverage is $2,468. Having a pool, on the other hand, could raise the average cost to $2,470.

By averaging hundreds of quotes, MoneyGeek discovered the cheapest provider in Minnesota for homeowners with bad credit.

The two insurers with the cheapest average rates for homeowners with a bad credit rating and $250,000 in dwelling coverage are:

• Country Financial: $2,557 per year
• Travelers: $3,088 per year

Your home insurance prices might increase if you have poor credit. This is because some insurance firms use credit-based insurance ratings to assess a person's risk and predict whether or not they might submit a claim.

When calculating house insurance prices, insurance firms consider a number of factors. One of the important considerations is your credit score. Individuals with bad credit are more likely to pay more than those with excellent credit ratings.

In Minnesota, the average annual cost of homeowners insurance for those with excellent credit versus poor credit is roughly $1,384.

The cost of homeowners insurance in Minnesota may also differ depending on where you live. MoneyGeek looked at the average annual rates in Minneapolis and St. Paul and found them to be $2,764 and $2,698, respectively.

Chubb is the most affordable choice in both cities. Its rates in Minneapolis are roughly $930 less than the average rate in the city, while its rates in St. Paul are around $890 less than the city’s average rate.

To learn more about insurance prices, choose your city.

To get home insurance quotes in Minnesota, you need to provide information like your name, address, phone number and Social Security number. Also, the insurer might need to know your home’s value, your belongings, security measures and all relevant add-ons, like solar panels and pools. These details will help your insurer create a personalized quote for your premium.

If you want to receive home insurance quotes anonymously, MoneyGeek's Minnesota home insurance calculator is a good place to start. MoneyGeek gathered thousands of quotations to come up with projected quotes.

MoneyGeek analyzed homeowners insurance premiums from eight of the top insurance companies in Minnesota that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Minnesota. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $500,000, liability coverage of $100,000 and personal property coverage of $100,000.