Average Cost of Homeowners Insurance in Minnesota (2024)


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Updated: May 22, 2024

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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.

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Rates updated:

Jul 12, 2024

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To establish the average cost of homeowners insurance in Minnesota, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of home insurance in Minnesota as of 2024.

1.04 MQuotes Analyzed
 
8Companies Compared
 
11ZIP Codes

Average Cost of Home Insurance in Minnesota by Coverage Amount

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.

Average Annual Home Insurance Premium New Jersey by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$1,169
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$2,106
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$3,662
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$5,025

Average Cost of Home Insurance in Minnesota by Insurer

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.

Average Annual Home Insurance Premium New Jersey by Provider
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Auto-Owners InsuranceAnnual Premium$1,144
North Star MutualAnnual Premium$1,528
ChubbAnnual Premium$1,535
FarmersAnnual Premium$1,621
American FamilyAnnual Premium$2,031
State FarmAnnual Premium$2,254
EncompassAnnual Premium$2,800
COUNTRY FinancialAnnual Premium$3,933

Average Cost of Home Insurance in Minnesota by Credit Score

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.

Average Annual Home Insurance Premium in NJ by Credit Rating
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$9,081
Below FairAnnual Premium$4,429
FairAnnual Premium$2,926
GoodAnnual Premium$2,106
ExcellentAnnual Premium$1,601

Average Cost of Home Insurance in Minnesota by Construction and Roof Type

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.

Average Annual Home Insurance in New Jersey by Construction and Roofing Type
Data filtered by:Results filtered by:
Construction:
Construction:Frame
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$1,169
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$2,106
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$3,662
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$5,025
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$6,512

Average Cost of Home Insurance in Minnesota for Newly Constructed Homes

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.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$2,106
New Construction (2023)Annual Premium$1,548

Average Cost of Home Insurance in Minnesota by Claims History

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.

Average Annual Home Insurance in New Jersey by Claims Experience
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$2,106
1 claim in past 5 yearsAnnual Premium$2,582
2 claims in past 5 yearsAnnual Premium$3,013
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MINNESOTA NATURAL DISASTERS AND HOME INSURANCE

In Minnesota, natural disasters like flooding and tornadoes are big risks to homes. Homeowners Insurance usually covers wind damage but most don't cover floods.

Average Cost of Home Insurance by City in Minnesota

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.

Average Annual Home Insurance Premium by City
Data filtered by:Results filtered by:
Coverages:
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
MinneapolisAnnual Premium$2,233
RochesterAnnual Premium$1,828
St. PaulAnnual Premium$2,225

How to Shop for Home Insurance in Minnesota

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.

1
Understand Your Coverage Needs

Assess how much coverage you need for your home.

2
Compare Quotes

Look at different prices and compare quotes to find the best deal.

3
Check for Discounts

Ask about bundle or other savings options.

4
Review Company Reputation

Choose insurers with strong financial health.

5
Consider Your Deductible

Higher deductibles can lower your premiums.

6
Read Policy Details

Know what is covered and what is not.

Bundling Home Insurance With Auto Insurance in Minnesota

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.

Home Insurance Discounts in 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.

FAQ: Homeowners Insurance in Minnesota

On average, what is the cheapest insurer in Minnesota?
Is hail in Minnesota covered by homeowners insurance?
What is the biggest factor that impacts the price of homeowners insurance in Minnesota?
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Additional Resources for Homeowners Insurance in Minnesota

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

About Mark Fitzpatrick


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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.