bestrenters insuranceMinneapolisThe Best and Cheapest Renters Insurance in Minneapolis, MN, for 2024: Rankings, Reviews and Rates
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bestrenters insuranceMinneapolisThe Cheapest and Best Renters Insurance in Minneapolis
Cheapest renters insurance in Minneapolis - State Farm
Best renters insurance in Minneapolis - State Farm
The Companies With the Cheapest Renters Insurance in Minneapolis
One of the considerations that Minneapolis residents should have when purchasing renters insurance is the cost of coverage. Different insurers charge different costs for their policies, so to find the cheapest renters insurance in the city, you will need to compare quotes across different providers.
According to the MoneyGeek study, the most affordable renters insurance companies in Minneapolis for an average consumer are:
- State Farm: $87 per year
- American Family: $90 per year
MoneyGeek based its study on a policy that provides $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. Renters may pay more or less depending on various factors. You can use the table below to calculate costs for different property coverage limits.
MoneyGeek allows residents of other cities within Minnesota to compare renters insurance for the state as a whole.
Average Annual Rates for Personal Property Insurance
Personal Property Coverage:
$20,000
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What Are the Best Renters Insurance Companies in Minneapolis?
The best renters insurance providers in Minneapolis as per the MoneyGeek study are:
- Best Overall: State Farm
- Runner-Up: American Family
MoneyGeek utilized a unique scoring system to determine the final scores across different providers. The system comprises financial stability scores from A.M.Best, plus customer satisfaction and affordability ratings from JD Power. From the research findings, the top two companies also provide distinctive coverage from the rest of the insurers.
1
State Farm
Score:95
State Farm provides various additional coverage options to the average consumer in addition to the standard policy. For instance, renters can purchase identity restoration coverage at an additional $25 per year and get inflation coverage that allows their limits to increase automatically with time. Policyholders can also purchase additional coverage for valuable items such as business items and jewelry at an extra cost.
More About State Farm
State Farm is the best overall renters insurance providers in Minneapolis and also one of the cheapest across the country.
2
American Family Insurance
Score:91
With an American Family policy, you can add travel protection to your policy. This caters to the cost of canceling trips as well as medical insurance. The company offers customers a discount if their apartment or home has a smart home safety device. Pet owners also get coverage of up to $1,000 in case their pet gets injured during one of the covered incidents.
More About American Family Insurance
American Family provides renters with a diminishing deductible along with standard coverage. It is the second-best insurer in Minneapolis.
3
Farmers
Score:71
The Average Cost of Renters Insurance in Minneapolis for 2024
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The average cost of renters insurance in Minneapolis is $102 per year or $9 per month. The cost is $57 less than the national annual average and $5 less than the national average per month.
What Factors Impact Renters Insurance Costs in Minneapolis?
Renters insurance companies use different factors to determine their rates. Some of the most significant influencers of how much you spend include:
- Personal property coverage amount – While shopping for cheap renters insurance in Minneapolis, one factor to consider is the amount of coverage you should purchase. The personal property coverage amount refers to the items you wish to cover in your policy. It is one of the vital factors in determining your cost of coverage.
- Location – Your place of residence has little influence on your renters insurance premium in Minneapolis. If you reside in a neighborhood with high crime and theft rates, you are likely to pay higher insurance amounts.
- Deductible – This is the amount you pay before your insurer starts covering a legal claim. Policies with lower premiums often have higher deductibles and vice versa.
- ACV vs. RCV – For renters and other types of insurance, companies reimburse the cost of damaged items based on two methods, including actual cash value (ACV) or replacement cost value (RCV). ACV policies reimburse the cost of items based on their depreciated value, while RCV policies cover the cost of purchasing a new item of the same type and quality. ACV policies cost less than RCV but pay less for claims.
- Liability coverage amount – The cost of renters insurance varies slightly based on the coverage amount you choose. A standard policy typically has a liability coverage limit of $100,000. However, you can add significant amounts to this figure by paying only a few extra dollars.
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Does My Minneapolis Neighborhood Impact Cost of Renters Insurance?
Where you live may have an impact on how much you pay for other types of insurance. However, it only has a slight impact on renters insurance rates. MoneyGeek found that renters insurance costs change by only a few dollars per month based on where you stay.
Understanding Renters Insurance in Minneapolis
While renters insurance is not legally required in Minneapolis, having a policy ensures that you get a replacement for your assets in case they get damaged by a fire or unusual occurrence. Some landlords also include renters insurance as a requirement in their lease agreement. MoneyGeek recommends purchasing a policy since it is a low-cost way to protect your belongings.
What Does Renters Insurance Cover in Minneapolis?
Getting the right coverage amount when purchasing renters insurance ensures that your needs are met accordingly. Renters insurance in Minneapolis provides a cheap way of protecting yourself from spending on unexpected damage to your property.
Based on the FBI scores, Minneapolis reported a crime rate of 3,844 per 100,000 residents in 2019, which is higher than the national average by 103%.
According to these figures, you may need to get renters insurance for your apartment or rental home if you wish to cover your property from incidents like water damage and fires, which are bound to happen anywhere.
Typically, renters insurance policies in Minneapolis consist of:
- Personal property coverage – This protects your possessions in your rented home from unexpected events such as theft, fire, plumbing issues, electrical malfunctions and vandalism.
- Additional living expenses – In case your rented apartment or home gets damaged to the extent that it becomes uninhabitable, renters insurance covers the cost of getting alternative housing.
- Liability insurance – This covers legal expenses and court judgment payments in case of third-party injury or property damage within your rental unit.
- Medical payments coverage – This covers medical expenses for individuals who get injured while in your rented unit, regardless of who is at fault.
What Is Not Covered by Renters Insurance in Minneapolis?
Although renters insurance covers most of the unexpected damages to your property, some incidents are often excluded. For these scenarios, you may need to purchase additional or separate coverage. For instance, the insurance covers your personal property but does not include the structure of the rental building.
Your renters insurance includes certain water damage like broken pipes but does not include water damage from flooding. To get flood insurance, you will need to purchase additional coverage through the National Flood Insurance Program or NFIP.
Your coverage also excludes your roommate’s possessions, earthquake damage and damage to your jewelry, car and other high-value items whose cost is more than your policy limits. Policy inclusions differ between insurers, so you should take the time to read through your plan to ensure that you get the right coverage for your needs.
Frequently Asked Questions About Renters Insurance in Minneapolis
The best cheap renters insurance in Minneapolis is one that combines affordability with quality. Below are the most common questions asked about renters insurance in the city.
On average, renters insurance costs $102 per year or $9 per month in Minneapolis.
The renters insurance company in Minneapolis with the lowest rates is State Farm, with an average cost of $87 per year or $7 per month.
Based on MoneyGeek, State Farm is the best renters insurance provider in Minneapolis, followed by American Family.
It is not mandatory to purchase renters insurance in Minneapolis, although MoneyGeek recommends that you purchase the right amount of renters insurance if you wish to protect your assets against damage.
Renters Insurance in Minneapolis Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Minneapolis to help you find cheap renters insurance. The best renters insurance rankings were determined using data from JD Power, A.M. Best and affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
sources
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed April 13, 2021.