Alyssa Lane
The cost of homeowners insurance in Minnesota depends on several factors, including location, age, square footage, credit score, and deductible. The average cost of homeowners insurance in Minnesota is $2,420 per year or $202 per month, with rates varying from $1,284 to $36,180. Minnesota's home insurance premiums are 8% below the national average of $2,466 per year for $300,000 in dwelling coverage. West Bend Insurance Company is rated as the best homeowners insurance company in Minnesota, while Auto-Owners offers the cheapest rates, starting at $1,557 per year. It is important to note that standard homeowners insurance policies typically do not cover flood damage, so separate flood insurance coverage may be necessary.
| Characteristics | Values |
|---|---|
| Average Annual Cost | $2,420 |
| Average Monthly Cost | $202 |
| Cheapest Provider | Auto-Owners |
| Average Annual Cost of Cheapest Provider | $1,557 |
| Most Expensive State for Homeowners Insurance | Nebraska |
| Least Expensive State for Homeowners Insurance | Vermont |
| Average Annual Cost in Minneapolis | $2,995 |
| Average Annual Cost in Rochester | $2,475 |
| Average Monthly Cost in Minneapolis | $221 |
| Average Monthly Cost in Rochester | $181 |
| Average Annual Cost for $300,000 Dwelling Coverage in the US | $2,466 |
| Best Home Insurance Company in Minnesota | West Bend Insurance Company |
| Second-Best Home Insurance Company in Minnesota | Western National Insurance |
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$14.37 $24.99
$16.49 $29.95
$11.89 $14.55
What You'll Learn
Home insurance costs in Minnesota range from $1,284 to $36,180
Home insurance costs in Minnesota vary depending on several factors, including location, age of the home, square footage, deductible, policy limits, and credit score. The average cost of home insurance in the state is $2,420 per year or $202 per month, but this can range from $1,284 to $36,180. Minnesota's home insurance premiums are 8% below the national average of $2,466 per year for a policy with a $300,000 dwelling limit.
The cost of home insurance in Minnesota also depends on the insurance company and the specific coverage type. For example, the average cost of home insurance in Minneapolis is $2,995 per year, while homeowners in Rochester pay an average of $2,475 per year. Additionally, the age and condition of the home can affect the cost of insurance, as older homes may have higher risks of certain issues, such as pipe damage.
It is important to note that standard homeowners insurance policies in Minnesota typically do not cover flood damage. Due to this, residents may need to purchase separate flood insurance coverage through the National Flood Insurance Program. The cost of home insurance in Minnesota is influenced by various risk factors, including the property's age, weather-related considerations, and home valuations.
When choosing a home insurance company in Minnesota, it is recommended to consider factors beyond just cost. The financial stability and customer satisfaction ratings of the insurance company are important considerations. Additionally, it is worth reviewing the specific coverage offered by each company, as some policies may offer more comprehensive protection than others.
To find the best home insurance in Minnesota, it is advisable to compare price quotes from different companies and consider factors such as coverage needs, location, credit score, and home details. By doing so, homeowners can ensure they are getting the most suitable coverage at a competitive price.
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The average cost is $2,420 a year or $202 a month
The average cost of homeowners insurance in Minnesota is $2,420 a year or $202 a month. This is based on coverage of $250,000 dwelling, $125,000 personal property, and $200,000 liability coverage with a $1,000 deductible. The cost of homeowners insurance in Minnesota can vary depending on several factors, including location, credit score, liability, and property coverage limits. For example, the average monthly home insurance cost in Minneapolis is around $221, while in Rochester, it's much lower at $181.
It's worth noting that Minnesota's home insurance premiums are 8% below the national average, making it the 20th most affordable state in the country. The national average cost of home insurance is $2,466 per year for a policy with a $300,000 dwelling limit, which equates to about $206 per month. However, these are just averages, and the cost of home insurance can vary significantly depending on individual factors.
When choosing a homeowners insurance policy in Minnesota, it's important to consider the different insurance companies and their ratings. West Bend Insurance Company is ranked as the best homeowners insurance company in Minnesota, with Western National Insurance as the second-best. Auto-Owners offers the cheapest home insurance in Minnesota, with an average annual cost of $1,557 for $300,000 dwelling coverage, $300,000 liability, and a $1,000 deductible.
It's worth noting that most standard homeowners insurance policies in Minnesota do not cover flood damage. Due to this, it is recommended that homeowners consider purchasing separate flood insurance coverage through the National Flood Insurance Program. To determine your flood risk, you can refer to the Federal Emergency Management Agency's flood maps or use a private company like First Street, which models climate hazards.
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Home insurance costs vary by location
Location is the biggest factor affecting home insurance rates in Minnesota, with rates varying by up to 18%. Weather risks, home value, and population density in your area play a major role in determining costs. For example, the average cost of home insurance in Minneapolis is $2,995 per year, while homeowners in Rochester pay $2,475 per year, on average.
Other factors that influence home insurance rates in Minnesota include coverage choices, home details (such as age, construction materials, and roof type), credit score, claims history, and insurance provider. Minnesota homeowners can save by bundling their home and auto insurance policies, with potential savings ranging from $285 to over $1,020. Additionally, Minnesota homeowners can take advantage of several discounts to lower their premiums, such as the Protective Devices Discount, Claims-Free Discount, and Loyalty Discount.
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A higher credit score can lower costs
The average cost of homeowners insurance in Minnesota is $2,420 a year or $202 a month. However, this figure varies depending on the insurance company, your ZIP code, coverage type, your home's age, and other factors. For example, the average cost of home insurance in Minneapolis is $2,995 per year, while homeowners in Rochester pay $2,475 per year, on average.
Home insurance companies in Minnesota consider several factors to measure the risk associated with providing coverage. One of these factors is your credit history. Insurers use your credit history to generate a credit-based insurance score, which is similar to a traditional credit score but weighted differently. This score helps them evaluate your credit history and calculate premiums. While your credit score does not directly influence home insurance rates, a higher credit-based insurance score can indicate that you are more likely to pay on time, maintain your home, and avoid filing claims. As a result, insurance companies may offer lower premiums to those with higher credit-based insurance scores.
To improve your credit-based insurance score, you can take several steps, such as making timely debt payments, clearing up past disputes, and keeping credit card balances low. By improving your credit-based insurance score, you may be able to secure lower premiums on your homeowners insurance in Minnesota.
It is worth noting that, as of 2025, only a few states have banned the use of credit as a rating factor for home insurance. Some consumer advocacy organizations have spoken out against this practice, arguing that it disproportionately affects people of color, who often have lower credit scores.
In addition to credit history, other factors that influence the cost of homeowners insurance in Minnesota include the location, age, and square footage of your home, the deductibles and policy limits you choose, and the cost of building materials. It is recommended to compare price quotes from different insurance companies and review your policy to ensure adequate coverage.
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Flood damage is not usually covered
The average cost of homeowners insurance in Minnesota is $2,420 a year or $202 a month. The cost of home insurance is influenced by factors such as location, age, square footage, deductibles, and policy limits. For instance, the average cost of home insurance in Minneapolis is $2,995 per year, while homeowners in Rochester pay $2,475 per year, on average.
Home insurance policies in Minnesota typically do not cover flood damage. This is because loss due to flooding has not traditionally been viewed as a common risk for most homeowners. As a result, separate flood insurance coverage is required to protect against flooding damage. Flood insurance can be purchased through the National Flood Insurance Program (NFIP), which offers coverage to property owners, renters, and businesses. This coverage can help them recover faster when floodwaters recede.
It is important to note that flood insurance policies have specific requirements for what constitutes a flood and the conditions under which losses will be covered. For example, sewer backup is typically not covered by standard homeowners' insurance and may require a separate endorsement. Additionally, there is usually a 30-day waiting period before flood insurance takes effect.
In Minnesota, extreme rain events are becoming more common, and the risks associated with flooding are changing. Approximately 50% of flood damage occurs outside mapped flood zones, and buildings on the edge of high-risk flood zones have a 26% chance of flooding over 30 years. Therefore, it is crucial for homeowners in Minnesota to carefully consider their flood risk and whether separate flood insurance is necessary to protect their assets.
While purchasing flood insurance can be an additional expense, it is worth considering the potential costs of flood damage. Disaster aid often comes in the form of loans, which must be repaid, whereas flood insurance can provide financial protection in the event of flooding. By comparing price quotes and evaluating their flood risk, homeowners in Minnesota can make informed decisions about their insurance coverage.
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Frequently asked questions
The average cost of homeowners insurance in Minnesota is $2,420 per year or $202 per month. However, the cost of insurance depends on several factors, including location, age, square footage, credit score, liability, and deductible.
The cost of homeowners insurance varies across Minnesota. For example, the average cost of home insurance in Minneapolis is $2,995 per year, while homeowners in Rochester pay $2,475 per year.
Aside from location, other factors that influence the cost of homeowners insurance in Minnesota include age, square footage, credit score, liability, deductible, and provider.
Most standard homeowners insurance policies in Minnesota do not cover flood damage. Due to the risk of flooding in the state, it is recommended to purchase separate flood insurance coverage through the National Flood Insurance Program.
You can use online tools such as the MoneyGeek homeowners insurance calculator to estimate the cost of homeowners insurance in Minnesota. This tool takes into account various factors, including your financial history and home details, to provide a personalized estimate.
