
5/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
Purchasing a renters insurance policy in Minnesota is a great way to secure your property from theft and damage. MoneyGeek ranked the top companies in the state based on customer service, affordability and financial strength. You can use this data to secure the best coverage for your needs with the lowest monthly premiums in the state.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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For Minnesota residents, the cost of renters insurance plays a vital role when selecting a policy. Two of the cheapest companies in this state are State Farm and American Family. On average, State Farm policyholders pay $87 per year, while American Family policyholders pay an annual rate of around $90.
The average monthly premiums for each company are based on quotes sourced from varying sets of ZIP codes within Minnesota for a policy with $20,000 personal property coverage, $100,000 liability coverage and a deductible of $500.
Personal Property Coverage:
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City | Cheapest Company | Average Annual Premium |
---|---|---|
Minneapolis, MN | State Farm | $87 |
Minneapolis, MN | American Family | $90 |
Minneapolis, MN | Farmers | $129 |
St. Paul, MN | State Farm | $87 |
St. Paul, MN | American Family | $89 |
St. Paul, MN | Farmers | $122 |
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Cost is not the only factor to consider when looking for the best renters insurance in Minnesota. In case an accident occurs, your insurance company should be able to settle your claims effectively and efficiently.
MoneyGeek used a combination of three factors to rate the top renters insurance companies in Minnesota, including unique pricing data, financial stability ratings from AM Best and customer service ratings from J.D. Power. According to these criteria, State Farm is the best renters insurance provider with a score of 95 out of 100, followed by American Family with 91 points.
State Farm led the top renters insurance companies in Minnesota due to its high financial stability and affordability scores. Its standard renters insurance coverage includes inclement weather and non-weather incidents, such as vandalism and theft. State Farm also offers various customization options that provide specific coverages, like waterbed and earthquake coverage. Renters can easily obtain a quote through the company’s online tool.
Besides standard coverage that includes personal property, personal liability, medical payments and full replacement value for belongings, American Family adds a little over $1 per month for jewelry coverage. Unlike other insurers who provide their quotes via their website, renters can only request American Family’s services by calling one of the company’s representatives, who refers them to an agent for more detailed assistance.
Farmers Insurance offers coverage for high-value items to renters in Minnesota who want extra protection. Policyholders can get coverage for identity shield protection and expensive valuables (such as jewelry and electronics) at an additional cost. Renters can obtain a quote from the company’s website by following a few simple steps.
The renters insurance providers with the largest market share in Minnesota include State Farm (25.21%), American Family Insurance Group (14.91%), Farmers Insurance (7.83%), Auto-Owners Group (5.74%) and Allstate (5.54%). In total, these five companies represent over 59% of the state’s renters insurance policies. Purchasing renters insurance from a larger insurer increases the possibility of your claims being settled fairly and efficiently.
renters insurance is equal to the average.
On average, the cost of renters insurance in Minnesota is $101 per year, $59 less than the national average for a policy with $20,000 personal property coverage, $100,000 liability coverage and a deductible of $500.
Renters in Minnesota can save money by taking the time to compare renters insurance policies from various providers. Selecting a policy from the cheapest insurer in the state instead of the costliest provider can save you around $39 per year.
Various factors influence how much you pay for renters insurance, including your location, coverage level and deductible. Having these factors in mind when looking for cheap renters insurance in Minnesota can help you secure the best prices for the coverage you need.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
One of the most cost-effective ways of protecting your property in the event of unexpected theft or damage is purchasing renters insurance. In Minnesota, 24% of residents are renters and the average rent per month is $1,016. Renters pay an average monthly premium of $8 for $20,000 personal property damage, $100,000 liability coverage and a deductible of $500. This monthly premium is only 0.83% of the average monthly cost of rent in the state.
When purchasing renters insurance in Minnesota, make sure that you understand what the policy covers and what it doesn’t. The four types of common coverage included in most rental policies are personal property, personal liability, medical payments and additional living expenses.
Renters in Minnesota also typically receive coverage for common natural disasters such as wildfires and hailstorms. Be sure to discuss this with your provider before making your decision.
Renters insurance companies in Minnesota cover many unexpected incidents that result in property damage. However, they do not protect you from all forms of damage, such as:
Like any other insurance policy, ensure that you understand what your renters insurance plan includes before purchasing it. If you are not sure about what it covers, talk to your agent for more clarification.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
MoneyGeek analyzed renters insurance premiums from three of the top insurance companies in Minnesota provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Minnesota. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
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