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The 5 Best Homeowners Insurance Companies in Minnesota

Your premium cost is just one of the factors to consider when you are looking for the best home insurance in Minnesota. Take a look at other factors like coverage options, the quality of customer service, your chosen company’s ability to pay claims and coverage requirements.

To help make your choice easier, MoneyGeek has ranked the top five companies in Minnesota based on important factors like policy costs, J.D. Power customer satisfaction scores and the ability to pay claims as per AM Best’s financial stability rating.


1

TravelersScore: 91

4.8/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability


A Travelers policy in Minnesota covers dwellings, personal property, personal liability, loss of use and medical coverage for guests. Repairing, rebuilding and replacing your home with green materials can also be covered if your home is a certified green home. There are a detailed online quoting system and easy online access to bill payments and claim applications.

Read MoneyGeek's Travelers Home Insurance Review

2

FarmersScore: 91

4.7/5

Affordability

4.6/5

User Satisfaction

4/5

Financial Stability


Farmers offers customized insurance plans and discounted multi-policy combos. Coverage can include eco rebuilt, home contents and identity management. The website and mobile app include features like online bill payments and claims, online quotes and a useful inventory tool.

Read MoneyGeek's Farmers Home Insurance Review

3

State FarmScore: 91

4.6/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability


State Farm provides many options, including coverage for dwellings, personal property, replacement value and personal liability. Customers with smart home monitoring systems can get special deals. The online quoting system is convenient, and customers can pay their bills, make claims and find local agents using their website or mobile app.

Read MoneyGeek's State Farm Home Insurance Review

4

Country FinancialScore: 90

4.5/5

Affordability

4.5/5

User Satisfaction

4.5/5

Financial Stability


Standard coverage options with Country Financial can include dwelling, liability, personal property and medical coverage for guests. You can also purchase additional for high-value items and replacement costs. There are multi-policy discounts and dwelling age discounts. You can file claims online, but there is no mobile option for home insurance customers.

Read MoneyGeek's Country Financial Home Insurance Review

5

AllstateScore: 86

4.3/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability


Allstate has a large agent network providing personalized service in Minnesota. Standard and extended coverage options are available, along with additional coverage for personal property and liability protection. Allstate offers multi-policy discounts and supports online payments, online claims and a claims tool.

Read MoneyGeek's Allstate Home Insurance Review

What Is the Average Cost of Homeowners Insurance in Minnesota?

$0
$0

home insurance is 0.0% more than the average.

The average cost of home insurance in Minnesota for a baseline dwelling coverage amount of $250,000 comes to an average annual cost of $2,735. This is 30.1% more expensive than the national average, with a difference of $632, on average. Home values, crime rates and weather conditions can play a significant role in calculating the risk profiles of individual customers and their insurance rates.

Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Minnesota

Your homeowners insurance costs in Minnesota can depend on several factors relating to your current situation and some location-based characteristics. While determining your premium costs, 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.

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Home Insurance Calculator

State

Minnesota

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$50,000

Credit Score

Excellent
moneygeek-logo

low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

The Cheapest Homeowners Insurance Quotes in Minnesota

When looking for cheap homeowners insurance in Minnesota, Chubb might be your most affordable option. With a Chubb policy, you could pay an average annual premium of $1,823 for a baseline dwelling coverage amount of $250,000. On average, this is $913, or 33.4%, cheaper than the state average amount. Typically, dwelling coverage refers to rebuilding or repairing costs if your home suffers damage by any circumstances covered in the policy, like theft, fire, floods, or hurricanes. Compare homeowners insurance quotes to find the cheapest option that meets your requirements.

Cheapest Homeowners Insurance by Dwelling Coverage

Dwelling Coverage:

$250,000

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  • Company
    Amountper year
  • 1. Chubb
    $1,823
  • 2. Travelers
    $2,096
  • 3. Farmers
    $2,239
  • 4. State Farm
    $2,414
  • 5. Country Financial
    $2,557

Best Cheap Homeowners Insurance Companies for Expensive Homes

For the best financial coverage and peace of mind, it makes sense you would want to get the best home insurance policy possible if you have an expensive home. For a $2 million home in Minnesota, the most affordable policy, on average, is a policy from American Family, with an average annual premium of $9,528. Similar policies from other providers can be significantly more expensive, with premiums of approximately $70,000.

Cheapest Homeowners Insurance Companies for High-Value Homes

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  • Company
    Amountper year
  • 1. American Family
    $9,528
  • 2. Chubb
    $9,895
  • 3. Farmers
    $10,376
  • 4. Travelers
    $12,328
  • 5. State Farm
    $14,241

Best Homeowners Insurance Companies if You Have a Pool

If you have a pool at home in Minnesota, you might need more coverage. Your costs may increase. For an average dwelling value of $250,000, insurance rates can vary among providers. Chubb provides the cheapest coverage with an average annual cost of $1,888.

Cheapest Homeowners Insurance for Pool Home

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  • Company
    Amountper year
  • 1. Chubb
    $1,888
  • 2. Farmers
    $2,199
  • 3. Travelers
    $2,284
  • 4. State Farm
    $2,499
  • 5. Allstate
    $2,960

Cheapest Home Insurance in Minnesota if You Have Poor Credit

Your credit score can be one of the most significant factors insurance companies use while determining premium costs. A poor credit score can mean a higher premium and vice versa. Country Financial provides the cheapest home insurance for Minnesota homeowners with poor credit, with an average annual rate of $2,557 for a baseline dwelling coverage amount of $250,000.

Cheapest Homeowners Insurance for Poor Credit

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  • Company
    Amountper year
  • 1. Country Financial
    $2,557
  • 2. Travelers
    $3,088
  • 3. Chubb
    $3,341
  • 4. Farmers
    $3,366
  • 5. American Family
    $4,886

How to Get Homeowners Insurance Quotes in Minnesota

To get home insurance in Minnesota, you need to provide information like your name, address, phone number and Social Security number to your chosen insurance provider. Besides, the provider 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 provider create a personalized quote for your premium.

Insurance Rates

Compare Home Insurance Rates

Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.

Other Considerations for Homeowners Insurance in Minnesota

Many other factors can also become significant when determining your home insurance costs in Minnesota. These can include crime statistics and weather risks. For example, Minnesota ranks 32nd in the country for property crimes rates per 100,000 — with 111,874 property crimes and 12,369 violent crimes, according to a 2018 FBI study. The state ranks 20th in terms of home value, with an average cost of $256,857 per home.

Remaining prepared for emergencies, especially those caused by calamities and hazardous weather conditions, can be an important consideration while choosing home insurance coverage. Adding coverage for these in your policy can ease the financial burden of repairing or replacing your home in case of natural disasters.


Do You Need Flood Insurance in Minnesota?This is an icon

A number of homes in Minnesota can be susceptible to flood damage. Approximately 7.3% of all properties — or 215,600 houses — are at potential risk of damage due to flooding. Flood coverage can be a good idea in Minnesota. Some providers might not offer flood coverage. You can look into a government-run National Flood Insurance Program (NFIP) policy if your community is eligible. For a more significant average amount, consider buying an incremental private policy.

Do You Need Hail Insurance in Minnesota?This is an icon

Including coverage for hail damage in your home insurance can be a good idea for you in Minnesota. The state experienced 192 hail events in 2011 and ranked 5th for most hail loss claims in the nation in 2019.

Methodology

MoneyGeek analyzed homeowners insurance premiums from 16 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 $250,000, liability coverage of $100,000 and personal property coverage of $100,000.

About the Author


expert-profile

The MoneyGeek editorial team has decades of combined experience in writing and publishing information about how people should manage money and credit. Our editors have worked with numerous publications including The Washington Post, The Daily Business Review, HealthDay, and Time, Inc., and have won numerous journalism awards. Our talented team of contributing writers include mortgage experts, veteran financial reporters, and award-winning journalists. Learn more about the MoneyGeek team.


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