Average Cost of Homeowners Insurance in Minnesota (2024)

The average cost of homeowners insurance in Minnesota in 2024 is $2,106. This figure is $317 less than the national average of $2,423. Aside from the amount of coverage you get, credit rating has the largest impact on premiums, with the difference between the lowest and highest premium amounts reaching $7,480 on average.

If your rates have recently increased, we've also analyzed the cheapest policies in the state which may help you find budget-friendly alternatives. Keep in mind that the insurance provider also plays a role in determining your premiums.

In Minnesota, the average annual premium for homeowners insurance is $2,106, based on a typical insurance profile with $250K Dwelling / $125K Personal Property / $200K Liability coverage. This figure falls below the national average of $2,423.

Determining how much coverage you need is key to ensuring your home and belongings are adequately protected. In Minnesota, a standard policy with $100K in dwelling coverage averages an annual premium of $1,169. On the other hand, homes that require $500K in dwelling coverage see an average premium of $3,662. These figures illustrate the direct correlation between coverage amounts and premium costs, helping homeowners gauge the insurance investment for their property size and value.

Premiums for homeowners insurance in Minnesota can vary significantly from one insurer to another, even for comparable coverage. For instance, while one provider may offer a policy at $1,144 annually, another might charge $3,933 for similar terms.

For those shopping around, there are plenty of great providers in Minnesota. Differences in underwriting can lead to a wide range of premium offerings.

Homeowners in Minnesota with poor credit scores pay an average annual premium of $9,081 for homeowners insurance, which is $6,975 more than the state average of $2,106. Conversely, those with excellent credit can enjoy a premium of $1,601, saving $505 below the average. Credit scores directly influence insurance rates due to the perceived risk insurers associate with lower creditworthiness.

While improving your credit score might not be an immediate option, taking steps over time can lead to lower insurance costs. In the short-term, comparing insurance providers can reveal cost-saving opportunities. Homeowners can see which insurers offer the most competitive rates for their specific situation within minutes.

The type of roof on your home influences your insurance premiums, albeit less than factors such as credit rating or coverage amount. In Minnesota, homes with tile roofing, which offer greater durability, can expect lower insurance costs. Homes with shake-treated roofs, which may be more prone to damage from severe weather, face higher premiums.

Construction materials play a role in determining insurance rates. Homes built with materials that are more resistant to common perils, like fire, can benefit from reduced insurance costs. For instance, houses with superior construction materials may have lower premiums compared to those with standard frame construction.

Use the drop-downs on the table below to see how premiums change based on your home's materials.

Home insurance for new construction in Minnesota averages $1,548 annually, which is $558 less than the state's average for existing homes. This lower cost reflects the advantages of modern materials and adherence to current building codes. The table below illustrates the premium differences between new and existing homes based on the coverage you select.

In Minnesota, homeowners who have maintained a claim-free status for over five years can expect an average annual premium of $2,106 for their homeowners insurance. However, a single claim within the past five years may raise the average premium to $2,582, while two claims could see it climb to $3,013. These figures indicate that a claims-free history can significantly affect insurance costs, with the difference from the baseline average reaching up to $907 for those with multiple claims.

For the cities we analyzed, we found premiums ranged from $1,828 to $2,233. In Rochester, homeowners pay about $1,828, while Minneapolis residents see premiums around $2,233. St. Paul's average is close to Minneapolis at $2,225. Location impacts premiums due to varying risks like weather and crime. City-based rates are significant but influenced by other factors such as credit score and home details.

Getting a great deal on homeowners insurance in Minnesota is within reach. By staying informed and considering your options, you can find insurance that fits your budget and gives you peace of mind. Remember, the key is to approach this with knowledge and confidence. Here's how to find the best deal for you.

In Minnesota, homeowners can save by bundling their home and auto insurance policies. A multipolicy bundle could save an average of 18% on your premiums. The potential savings range from about $285 to over $1,020. MoneyGeek has done a comprehensive bundle analysis for Minnesota.

Minnesotans can tap into several homeowners insurance discounts to lower their premiums.

• Protective Devices Discount: Installation of smoke detectors, burglar alarms or other security systems.
• Claims-Free Discount: No homeowners insurance claims for a specified number of years.
• Loyalty Discount: Staying with the same insurance provider for multiple years.

For comprehensive insights on how to save money with discounts, explore our guide on how to shop and save on homeowners insurance. Remember, always inquire about potential discounts when requesting a quote to ensure you're getting the best deal.

Refer to the list below to learn more about homeowners insurance in Minnesota.

• Minnesota Department of Commerce: Official state resource for insurance regulations.
• Affordable Home Insurance in Minnesota: Find cost-effective options for your home.
• Minnesota Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in Minnesota: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.