State Farm and Chubb are the best cheap renters insurance companies in Minnesota. State Farm is the state's top company for affordable rates. Chubb offers the most extensive coverage options and has the highest claims satisfaction ratings.
Cheap Renters Insurance in Minnesota
Updated: April 29, 2025
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Key Takeaways
State Farm is Minnesota's cheapest renters insurance option, with rates starting at $188 per year. Chubb is the best overall company.
Renters insurance costs around $20 per month in Minnesota but prices range from $16 to $35.
To find the best and most affordable renters insurance, decide on your coverage needs first. Then, research costs and compare many quotes.
Minnesota Renters Insurance Quote Estimates
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Rates updated:
Jul 11, 2025
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Best Cheap Renters Insurance Companies in Minnesota
| Chubb | 95 | $24 | $286 |
| State Farm | 94 | $16 | $188 |
| American Family | 89 | $30 | $354 |
| COUNTRY Financial | 82 | $35 | $426 |
| North Star | 80 | $22 | $260 |
*This list shows rates for a renter with good credit, no claims history, $50K in property damage coverage, $100K in liability coverage, a $1,000 deductible and guaranteed replacement.
Compare Personalized Best Cheap Renters Insurance in Minnesota
While our list above covers most renters, it may not show your ideal options. We've made a filterable table that matches your profile to help you find the best options in Minnesota.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Contents Replacement:Yes
Select
Credit Tier:Good
| State Farm | 94 | $11 | $129 |
| Chubb | 93 | $14 | $168 |
| Auto-Owners | 90 | $14 | $167 |
| American Family | 80 | $20 | $241 |
| North Star | 73 | $16 | $197 |
Best Minnesota Renters Insurance Reviews
Below are details about our top picks for renters insurance in Minnesota, based on affordability, customer service and coverage options.
State Farm: Best Cheap Plans
pros
Lowest rates
High financial stability ratings
Most flexible coverage selections
cons
Fewer add-on coverage options than average
COMPANY HIGHLIGHTS
State Farm offers the lowest-cost renters insurance in Minnesota, with an average monthly rate of $16. According to J.D. Power's recent study, it ranks fourth in customer service. The company allows flexibility for coverage with a state personal property limit instead of set options.
Chubb: Best Coverage and Claims Satisfaction
pros
Affordable rates for lower coverage levels
Most included coverage
Highest claims satisfaction ratings
cons
Less affordable for higher coverage levels
COMPANY HIGHLIGHTS
Chubb isn't the most affordable for higher coverage levels in Minnesota, but it includes many benefits like identity theft protection and a property manager service that monitors your home and helps prevent damage. The company has the highest property claims satisfaction rating nationwide.
Average Cost of Renters Insurance in Minnesota
Minnesota's average cost of renters insurance is $236 per year, $6 lower than the national average of $242. These rates reflect a policy with $50K in personal property coverage, $100K in liability limits and a $1,000 deductible. Your rate may vary based on your specific profile.
Below is a table where you can filter key factors affecting renters insurance rates to see average costs tailored to your situation.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Credit Tier:Good
Select
Contents Replacement:Covered
| $50K Personal Property / $100K Liability | $20 | $236 |
Average Minnesota Renters Insurance Cost by City
Renters insurance costs vary widely by city. The average annual premium in Minneapolis is $219; in Rochester, it's $176 for a policy with $50K in personal property coverage and $100K in liability coverage. Check the table below for the average cost in your city.
| Minneapolis | $219 |
| Rochester | $176 |
| St. Paul | $213 |
*This table shows rates for a renter with good credit and no claims history. Policies include $50K property damage coverage, $100K liability coverage, a $1,000 deductible and guaranteed replacement.
Minnesota Renters Insurance: Buyer's Guide
Finding affordable, quality renters insurance in Minnesota can be tough. To simplify your search, here's a guide to help you choose the right coverage for your needs.
How to Find the Best Cheap Renters Insurance in Minnesota
Follow these steps to find the best and cheapest renters insurance:
- 1
Determine the right coverage level
Before buying renters insurance, know how much coverage you need for your belongings and their value. Consider weather, crime and pets that might affect your insurance needs.
- 2
Research costs and discounts
With a clear coverage level, research average costs for your situation. Look for discounts that could lower your premium.
- 3
Compare providers
Check providers' reputations, costs and coverage options to narrow your choices. Do this research before requesting quotes.
- 4
Consider bundling
If you have auto insurance, see if bundling with renters insurance could save money. These discounts often cover the cost of renters insurance.
- 5
Get multiple quotes through different channels
Request at least five quotes with identical coverage terms. Use comparison sites, provider websites or talk to agents to find the best rate.
- 6
Compare rates annually
Insurance rates change often. Compare your current rate yearly to make sure it stays competitive.
How Much Renters Insurance Do I Need in Minnesota?
Minnesota law doesn't mandate renters insurance, but most landlords require at least $100K in liability coverage. Requirements may vary based on your rental history, credit score and pet ownership. When choosing a policy, consider the value of your belongings, local weather risks, neighborhood crime rates and pet ownership.
Use our calculator below to determine your ideal personal property limits so you know how much renters insurance you need.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
clothing & accessories
Clothes, shoes, bags, belts, hats, gloves, etc.
Minnesota Renter Risk Considerations
Here are the usual risks for renters in Minnesota, along with coverage options:
- Weather risks: Minnesota faces a high risk of tornadoes in certain areas. Standard coverage may not protect you in high-risk zones, requiring additional coverage.
- Crime risks: Minnesota ranks 19th for property crime and 41st for identity theft and fraud nationwide. Consider adding extra coverage to your renters policy for better protection against property damage.
- Pet ownership: Pet owners should consider pet liability coverage. Check if your provider's standard policy includes pet protection or requires an add-on.
- Property types: Standard policies might not fully cover specialized items like tools, electronics or rental property structures like pools. Look for insurers offering specific add-ons to protect these belongings.
How Does Renters Insurance Coverage Work?
Renters insurance typically covers damage to your property, liability to others and loss of use linked to your rental home. Make your policy more comprehensive by adding extra coverages. Here are some common types of renters insurance coverage:
Coverage Type | Standard or Add-on | Coverage Details |
|---|---|---|
Standard | Pays for damaged or stolen personal items in your rental, up to your policy limit. You receive the actual cash value (depreciated value) unless you have replacement cost coverage, which provides funds for new items. | |
Standard | Pays for medical expenses and legal costs if someone is injured in your rental. Many landlords require tenants to have this coverage. | |
Additional living expenses | Standard | Covers temporary housing costs, including meals, lodging and transportation, when you can't stay in your rental home. Benefits are typically based on a percentage of personal property limits or a set amount, depending on the insurer. |
Natural disasters | Add-on | Separate policies that cover personal property damage caused by earthquakes and floods |
Parts/Equipment | Add-on | Separate policies for tools, appliances and utilities in your rental |
Scheduled property | Add-on | Insures specific valuable items up to a predetermined amount |
Identity theft | Add-on | Protects financially against identity theft, covering stolen funds, legal expenses and monitoring services. |
Pet liability | Add-on | Covers injuries caused by your pet on your rental property, though standard policies may include this |
Modifications | Add-on | Covers custom additions and modifications not part of the original rental property |
Food loss | Add-on | Reimburses any food lost due to covered incidents |
Best Renters Insurance in Minnesota: Bottom Line
Minnesota's best and cheapest overall renters insurance companies are Chubb and State Farm. While we recommend these options, you should research and compare multiple companies and quotes to get the best deal.
Renters Insurance in Minnesota: FAQ
Here are answers from our experts to common questions:
What is the cheapest renters insurance company in Minnesota?
State Farm offers the cheapest renters insurance in Minnesota, with an average annual premium of $188 or $16 per month.
What is the best renters insurance company in Minnesota?
Chubb is Minnesota's best renters insurance company, with a MoneyGeek score of 95 out of 100 due to its great balance of affordability, customer service and coverage options.
How much does renters insurance cost in Minnesota?
The average cost of renters insurance in Minnesota is $236 per year or $20 per month, about 3% lower than the national average. Annual premiums range from $188 to $426.
Is renters insurance required in Minnesota?
Minnesota doesn't legally require renters insurance, but your landlord might ask for it. Consider your needs and situation to decide if a policy is right for you. Reasons to get renters insurance include financial protection from common risks and liability for third-party injuries.
How We Found the Best Cheap Renters Insurance Companies
To find the cheapest renters insurance in Minnesota, we used this base profile:
- $50K personal property coverage
- $100K liability coverage
- $1,000 deductible
- Property replacement coverage
- Good credit score
We used this to determine our affordability score for the state (60% of the score).
Other parts of our score included:
- Customer satisfaction from industry research (25%)
- Add-on coverages (10%)
- Financial strength ratings (5%)
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- American Red Cross. "Which Natural Disasters Should You Prepare For?." Accessed April 29, 2025.
- Insurance Information Institute. "Facts + Statistics: Identity Theft and Cybercrime." Accessed April 29, 2025.
- U.S. News. "Low Property Crime Rate." Accessed April 29, 2025.