Best and Cheapest Renters Insurance in Minnesota (2024)

In Minnesota, Chubb is the best and cheapest renters insurance provider for $20K in personal property coverage, with an average annual premium of $64 and a MoneyGeek score of 98 out of 100. However, note that the best option for you will depend on your needs. If you need extra personal property coverage, State Farm is the top choice.

All options cater to varied requirements, so choose accordingly.

Chubb is the best renters insurance provider in Minnesota, with a MoneyGeek score of 98 out of 100 and an average annual premium of $64 for $20K in personal property coverage. These are the top two best renters insurance companies in Minnesota for the same policy:

• Chubb: MoneyGeek score of 98 out of 100 ($64 per year)
• State Farm: MoneyGeek score of 92 out of 100 ($75 per year)

Chubb has perfectly balanced customer satisfaction and affordability. However, the best choice for you will still depend on your needs.

Chubb offers the cheapest renters insurance in Minnesota, with an average annual premium of $64 for $20K in personal property coverage. The following providers are the top two cheapest in Minnesota for $20K in personal property coverage and a $1,000 deductible:

• Chubb: $64 per year
• State Farm: $75 per year

Personal property coverage reimburses you for the loss or damage to your personal belongings, such as furniture, electronics and clothing. Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits increase the monthly cost but offer better protection for valuable belongings.

In Minnesota, Chubb is the cheapest renters insurance company for $20K in personal property coverage with a $2,000 deductible, with an average annual premium of $62. For the same coverage with a $2,000 deductible, the top two cheapest providers in Minnesota are:

• Chubb: $62 per year
• State Farm: $70 per year

A deductible is the amount you pay out of pocket before your insurance covers the rest. It affects your costs by requiring a higher initial payment but can lower your annual premiums. Take a look at how rates change using the table below.

Chubb is the best renters insurance company for service quality in Minnesota. It provides $20K in personal property coverage at an average annual premium of $64. These are the top two best providers in Minnesota for those who value excellent customer service and need $20K in personal property coverage:

• Chubb: MoneyGeek score of 95 out of 100 ($64 per year)
• Auto-Owners: MoneyGeek score of 88 out of 100 ($91 per year)

Excellent customer service in a renters insurance provider means timely assistance, clear communication and ongoing support, ensuring a smooth and stress-free insurance experience. When you make a claim, efficient communication and quick resolution can relieve much of the stress during an already challenging time.

State Farm is the best renters insurance company for renters who need $100K in personal property coverage in Minnesota, at an average annual premium of $166. For $100K in personal property coverage, these are the top two best providers in Minnesota:

• State Farm: MoneyGeek score of 94 out of 100 ($166 per year)
• Chubb: MoneyGeek score of 90 out of 100 ($272 per year)

Renters who have more personal belongings need higher personal property coverage. Personal property coverage protects belongings, such as furniture, electronics and clothing, against theft or damage. Higher personal property coverage often comes at a higher cost, so it's important to find a provider who balances cost and great service. This balance ensures you get the best protection for your valuables without overpaying.

Chubb is the best renters insurance company for those with military backgrounds in Minnesota. It provides $20K in personal property coverage at an average annual premium of $64. In Minnesota, the top two best providers for military members who need $20K in personal property coverage are:

• Chubb: MoneyGeek score of 98 out of 100 ($64 per year)
• State Farm: MoneyGeek score of 92 out of 100 ($75 per year)

For military members, finding the best provider means prioritizing customer service and affordability. This balance is particularly important for those with military backgrounds, as their unique lifestyle needs dependable and reasonably priced coverage.

Chubb is the best renters insurance company for those with poor credit in Minnesota, with an average annual premium of $112. These are the top two best providers in Minnesota for those with poor credit:

• Chubb: MoneyGeek score of 98 out of 100 ($112 per year)
• State Farm: MoneyGeek score of 94 out of 100 ($143 per year)

Rates for those with poor credit are often higher, as they pose a greater risk to providers. Insurers see poor credit as a sign of potential financial instability. To lower rates, you can take steps to improve your credit and take advantage of discounts.

The average cost of renters insurance in Minnesota is $122 annually, or $10 monthly. This cost is $24 less per year than the national average of $146 annually. These rates are based on a renters insurance policy with $20,000 in personal property limits, $100,000 in liability limits and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in Minnesota may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of theft, fire or other covered events. Use the tool below to get an estimate based on your needs.

The average cost for renters insurance varies not only by state but also by city. For example, the average annual premium in Minneapolis is $130, compared to $109 in Rochester. These rates are based on a renters insurance policy with $20,000 in personal property limits, $100,000 in liability limits, a $1,000 deductible and a good credit score. See the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in Minnesota, including location, coverage amount and deductible. Understanding these factors is important to make informed decisions and potentially reduce insurance costs. Below are the key factors that affect renters insurance costs:

• Location: Urban vs. rural areas impact costs.
• Coverage Amount: Higher coverage increases premiums.
• Deductible: Lower deductibles result in higher premiums.
• Credit Score: Poor credit can raise costs.
• Claims History: More claims can lead to higher premiums.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of all your possessions, including their descriptions, values and purchase dates. Follow these steps to create your personal inventory and ensure you have adequate coverage:

1. List All Items: Go room by room and write down every item you own. Include furniture, electronics, clothing and other personal belongings.
2. Document Details: For each item, note its description, purchase date and estimated value. Take photos or videos for visual records.
3. Keep Receipts: Gather and store receipts, warranties and appraisals for high-value items.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe place, such as a cloud storage service or a fireproof safe.
5. Update Regularly: Review and update your inventory annually or whenever you make significant purchases.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas, such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: Assists with additional living expenses. For example, if your rental is uninhabitable due to a fire, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Renters insurance does not cover everything; for instance, it typically excludes flood damage. Here are some common exclusions to be aware of:

• Flood Damage: Renters insurance does not cover damage caused by flooding.
• Pest Infestations: Damage from pests like rodents or insects is usually excluded.
• High-Value Items: Expensive items like jewelry may not be fully covered.
• Neglect: Damage resulting from neglect or lack of maintenance is not covered.

Choosing the best renters insurance provider depends on your unique needs and circumstances. To help you navigate your options, we've compiled frequently asked questions covering everything from coverage details to cost considerations.