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The Cheapest and Best Renters Insurance in St. Paul

The Companies With the Cheapest Renters Insurance in St. Paul

Before purchasing an insurance policy, it’s important to compare quotes from different insurers. Most offer the same core coverages at different rates, so you could save money without compromising coverage.

MoneyGeek found that the following insurers offer the cheapest renters insurance in St. Paul:

  • State Farm: $87 per year
  • American Family: $89 per year

These average costs are based on policies with $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. You can see the table below to understand how your insurance costs might change depending on your personal property coverage limits.

If you do not reside in St. Paul, you can also compare renters insurance costs in Minnesota.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:


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What Are the Best Renters Insurance Companies in St. Paul?

MoneyGeek’s analysis shows that the following insurance companies offer the best renters insurance policies in St. Paul:

  • Best Overall: State Farm
  • Runner-Up: American Family

We ranked these companies after analyzing them based on our unique scoring system that incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. The renters insurance policies of these insurers include coverages not offered by other insurance companies.

State Farm




User Satisfaction


Financial Stability

Geek Quick Take
Geek Quick Take

State Farm received excellent scores in all categories, including affordability and customer service. With State Farm, you can add earthquake coverage to your policy for an additional cost.

More About State Farm

MoneyGeek’s research shows that State Farm is consistently one of the best options for renters insurance across the country. The company offers inflation coverage to policyholders, automatically increasing their personal property coverage over time. With State Farm, renters can also add identity restoration coverage to their policy for only $25 per year.

American Family Insurance




User Satisfaction


Financial Stability

Geek Quick Take
Geek Quick Take

American Family also scores remarkably well for customer service and affordability, making it the second-best option for renters insurance in St. Paul. The insurer offers travel protection as a supplemental coverage option.

More About American Family Insurance

American Family offers a diminishing deductible, meaning that your policy deductible will decrease over time. The company also provides a discount to policyholders who have installed smart safety devices in their homes. Its policies benefit pet owners, as you can get up to $1,000 in coverage with AmFam if your pet is injured in a covered event.

The Average Cost of Renters Insurance in St. Paul for 2024


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In St. Paul, the average cost of renters insurance is $99 per year or $8 per month. Compared to the national average of $159 per year, it costs $60 less to purchase renters insurance in St. Paul.

What Factors Impact Renters Insurance Costs in St. Paul?

While there are several factors that impact your renters insurance cost, the following have the greatest impact on the amount that you spend:

  1. Personal property coverage amount. Your policy’s personal property coverage amount significantly impacts your insurance costs. If you want to cover more of your personal belongings, you’ll pay more for insurance.
  2. Location. Where you live in the city can also affect how much you pay for renters insurance. If you live in an area with a high crime rate, your insurance premium will be higher.
  3. Deductible. It refers to the amount of money you would have to cover when you file a claim for damage to personal items. The insurance company will begin its coverage after you cover this amount.
  4. Actual Cash Value (ACV) vs Replacement Cash Value (RCV). Since an ACV policy reimburses you for your item’s depreciated value, it costs less on a monthly basis. On the other hand, an RCV policy helps you replace or repair your damaged item at no cost to you, but these policies feature higher monthly premiums.
  5. Liability coverage amount. MoneyGeek found that the liability coverage amount has a minor effect on the cost of your policy. You can add thousands of dollars worth of liability coverage for only a few dollars per year.

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Does My St. Paul Neighborhood Impact Cost of Renters Insurance?

Your neighborhood does not significantly impact the cost of your renters insurance policy. MoneyGeek’s research shows that your area may only increase your policy costs by a few dollars per month.

Understanding Renters Insurance in St. Paul

You aren’t required by law to have renters insurance in Minnesota, but certain landlords may require that you purchase it to rent their unit. Regardless, MoneyGeek strongly recommends purchasing a renters insurance policy as a low-cost way to protect your personal items in case of theft, fire or loss.

What Does Renters Insurance Cover in St. Paul?

Before purchasing a policy, renters in St. Paul should make sure their selected policy includes coverages for hazards specific to their area. Purchasing a renters insurance policy can benefit renters living in areas with a high crime rate, as it protects their valuable personal items in case of theft. In 2019, the FBI reported that the property crime rate in St. Paul was 2,833 per 100,000 people, which is about 50% more than the national average.

You can also benefit from a standard renters policy if you live in an apartment or a home, as it usually includes fire and water damage coverage, which can protect you from the cost of damage in case of these unexpected events. The insurers generally offer the following coverages with a renters insurance policy:

  • Personal property coverage: It covers your personal items and pays for their repair or replacement in case of damage due to a covered event like theft, fire, etc.
  • Additional living expenses: If a disaster makes your rented property uninhabitable, this coverage will pay for your temporary living arrangements.
  • Liability insurance: It helps cover the legal costs and court fees if an accident at your rental property causes injuries.
  • Medical payments coverage: If an accident occurs at your home and causes injuries to your guests, this coverage will pay for their medical costs.

What Is Not Covered by Renters Insurance in St. Paul?

A standard renters insurance policy won't cover many situations. For instance, damage to the structure of your rental unit should be covered under a separate policy purchased by your landlord.

While renters insurance covers water damage in certain situations, the policy won't provide coverage for flood-related damages. If you want protection from flood damage, it's best to buy incremental insurance through the National Flood Insurance Program (NFIP).

A renters policy also doesn't cover your roommate's possessions, earthquake damages, car damages or jewelry and other items whose value exceeds the policy limits. However, since all policies are different, it's best to read your policy carefully to understand better what it does and doesn't cover.

Frequently Asked Questions About Renters Insurance in St. Paul

MoneyGeek researched the following frequently asked questions to help you understand more about renters insurance in St. Paul.

How much is renters insurance in St. Paul on average?
What is the cheapest renters insurance company in St. Paul?
What is the best renters insurance company in St. Paul?
Do I need renters insurance in St. Paul?

Renters Insurance in St. Paul Analysis: Methodology

Moneygeek analyzed hundreds of renters insurance quotes in St. Paul to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best, and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.

About Mark Fitzpatrick

Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.