The Cheapest and Best Homeowners Insurance in Minneapolis
The Cheapest Home Insurance Companies in Minneapolis
One of the factors to consider while requesting homeowners insurance quotes in Minneapolis is the cost of coverage. While most insurers offer the same standard coverage, they also charge different rates.
Companies that provide the cheapest homeowners insurance in Minneapolis for a dwelling coverage limit of $250,000 are:
- Chubb: $1,834 per year
- Travelers: $2,063 per year
Home insurance costs also vary depending on the coverage amount. The cheapest providers for a dwelling coverage limit of $2,000,000 are:
- American Family: $9,420 per year
- Chubb: $9,959 per year
You can compare prices for different dwelling coverage limits using the table below.
The Cheapest Home Insurance in Minneapolis, Ranked
Scroll for more
MoneyGeek obtained the average scores using a sample homeowners insurance policy with $250,000 as the initial dwelling coverage limit and personal property coverage of $100,000. For a dwelling coverage limit of $2,000,000, the personal property coverage limit is $800,000. All the policies feature a liability coverage limit of $100,000.
If you are not a resident of Minneapolis but stay within Minnesota, you can use the MoneyGeek analysis to compare cheap homeowners insurance quotes within the state.
The Average Cost of Homeowners Insurance in Minneapolis for 2022
The average cost of homeowners insurance in Minneapolis is higher than both the state and the national averages. You will pay an average of $2,764 per year, which is only $64 more than the state average of $2,735 and $661 more than the national average of $2,103.
Calculate the Cost of Home Insurance in Minneapolis
Your location partly determines how much you pay for homeowners insurance in Minneapolis. Some neighborhoods feature higher average rates than others. Other factors that influence the cost include your credit score, dwelling coverage limits and personal property limits.
You can use the MoneyGeek home insurance calculator to compare homeowners insurance quotes in Minneapolis.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Minneapolis
While you should consider the cost when purchasing homeowners insurance in Minneapolis, it should not be the only factor you consider. You also need to find out whether your preferred insurer is capable of settling your claims in case your home gets damaged.
MoneyGeek ranked insurers in Minneapolis based on affordability, customer satisfaction and affordability scores.
Based on the study, the best homeowners insurance in Minneapolis comes from:
- Best Overall: Chubb
- Runner-up: Travelers
If your home gets destroyed, Chubb settles the cost of rebuilding your home to its original state, even if the amount is higher than your limits. The company may also settle your claims in the form of cash. That allows you to decide whether you wish to rebuild your home or keep the money for something else. Policyholders also receive complimentary risk consulting, and once you purchase your coverage, the company assesses your home to determine any potential risks.
Based on the MoneyGeek scores, Chubb ranks as the best overall provider of homeowners insurance in Minneapolis. The company scores highly across financial stability and affordability scores and does not account for the depreciation of your personal property when replacing them after damage.Read MoneyGeek's Chubb home Insurance Review
Travelers company offers added protection to your damaged home if it's built using green materials. There are also added replacement costs aside from the standard coverage to ensure that you get covered in case the cost of replacing your damaged home is higher than your limits.
Travelers is the second-best insurance company in Minneapolis and also scores highly on the affordability index. In addition, the company provides homeowners with identity fraud coverage that caters to the cost of restoring your identity to a maximum of $25,000.Read MoneyGeek's Travelers home Insurance Review
Cheapest Home Insurance Companies in Minneapolis for Newly Constructed Homes
Newly constructed homes in Minneapolis feature lower homeowners insurance costs than old ones. In addition, since new homes utilize the latest materials that are easy to find during replacement and resistant to damage, you will be less likely to file a claim. But, again, that is because the homes use the latest materials, which are cheaper to replace and resistant to damage.
Homeowners’ insurance for a newly constructed home within Minneapolis costs an average of $2,140 per year, and the cost for a house built in 2000 is $2,764 for the same duration.
The two companies that offer the cheapest homeowners insurance in Minneapolis for newly constructed homes with a dwelling coverage limit of 250,000 are:
- Farmers: $1,205 per year
- Travelers: $1,587 per year
The Cheapest Home Insurance in Minneapolis for New Homes, Ranked
Scroll for more
Cheapest Home Insurance Companies in Minneapolis if You Have a Lot of Personal Property
Homeowners insurance in Minneapolis also covers your personal belongings. However, the higher the amount of personal property, the higher the cost of insurance and vice versa.
For example, if you have a lot of property, you will pay an average of $3,035 per year for your homeowner’s insurance. Otherwise, you will only pay $2,764.
According to MoneyGeek’s research, companies with the cheapest homeowners insurance in Minneapolis for high personal property limits are:
- Travelers: $2,128 per year
- Chubb: $2,417 per year
Cheap Companies in Minneapolis for Extra Personal Property Coverage
Scroll for more
Cheapest Home Insurance Companies in Minneapolis for High Deductibles
When insurers settle your claims, there is an amount that you are supposed to pay out of pocket. This amount is what is known as the deductible. Policies with high monthly premiums often have lower deductibles, while those with lower premiums feature higher deductibles.
For example, a policy with a deductible of $2,000 costs an average of $2,414 per year. One with a deductible of $1,000 costs an average of $2,764.
As per the Moneygeek scores, the cheapest companies for homeowners insurance with a high deductible are:
- Chubb: $1,473 per year
- Travelers: $1,792 per year
The Cheapest Companies in Minneapolis for High Deductibles, Ranked
Scroll for more
Cheapest Home Insurance Companies in Minneapolis if You Have Poor Credit
The credit score is one of the factors that insurance companies use to determine individual rates for homeowners insurance. Therefore, if you have a poor credit score, you will likely pay more than a homeowner with a good score.
The average cost of homeowners insurance in Minneapolis if you have a poor credit score is $4,111 per year. If you have a good score, the price is about $2,764.
Companies with the cheapest homeowners insurance in Minneapolis if you have a poor credit score are:
- Country Financial: $2,579 per year
- Travelers: $3,066 per year
The Cheapest Companies in Minneapolis for Poor Credit, Ranked
Scroll for more
Getting Online Homeowners Insurance Quotes in Minneapolis
Before requesting a homeowners insurance quote in Minneapolis, there is some information that you will need to have at hand, including:
- Home replacement cost - This cost refers to the amount of money required to build your damaged home. It may be more or less than the market value of your home. Your insurer needs this amount to determine your dwelling coverage limits and you can liaise with a construction professional or contractor to come up with the figures.
- Personal property value - This refers to the value of your belongings. Insurers also use this value to estimate your property coverage limits.
- Personal information - You will need to give details of your previous insurance coverage, home address and the number of occupants.
- Information about your house - Additionally, you will also need to give details about the size of your home, the year it was constructed and if you have any safety devices installed.
Homeowners Insurance in Minneapolis Analysis: Methodology
MoneyGeek partnered with Quadrant to obtain the average costs used in this study from eight insurance providers within Minneapolis.
The initial profile is for a 2,500-square-foot home built in 2000. The home features a dwelling coverage limit of $250,000. It also has a personal property coverage limit of $100,000, a liability coverage limit of $100,000 and $1,000 as the deductible.
Affordability scores were derived from different coverage levels, while customer satisfaction scores came from the J.D. Power research.
About Mark Fitzpatrick