Best & Cheapest Homeowners Insurance in Minneapolis, MN May, 2024
In Minneapolis, Chubb offers the most affordable home insurance option for homeowners, with an average yearly rate of $1,854.
In our comprehensive evaluation of home insurance providers in Minneapolis, Minnesota, Chubb emerges as the most cost-effective choice, offering an average annual rate of $1,854. However, it’s important to understand that the best insurer for you can vary based on your specific circumstances and preferences.
For instance, if you own a newly constructed home, Travelers presents the most economical option at $1,590 annually. Conversely, for older homes, Chubb again provides competitive rates of $2,011 per year alongside comprehensive coverage.
Furthermore, if your credit score has been impacted, Travelers is the most affordable selection with an average yearly premium of $3,076. For those with a history of claims, State Farm offers a reasonable and accommodating alternative at $2,640 annually.
Additionally, if you have valuable personal belongings requiring protection, Chubb once again proves to be the top contender, providing extensive coverage at a reasonable rate of $2,421 per year.
Our thorough analysis at Insuranceopedia aims to assist you in finding the perfect fit for your home insurance requirements. By comparing customer ratings, evaluating personal experiences, and providing comparison charts, we strive to equip you with all the necessary information to make a well-informed decision.
How much is homeowners insurance in Minneapolis, MN?
In Minneapolis, Minnesota, Chubb offers the most economical homeowners insurance rate, priced at $1,854 per year.
| Area | Average Monthly Rate |
| National | $1,820 |
| Minnesota | $2,740 |
| Minneapolis | $2,772 |
It’s important to recognize that insurance rates are not fixed; they can vary greatly based on numerous factors.
Cheapest Homeowners Insurance in Minneapolis, MN
Our Methodology
To identify the most budget-friendly home insurance rates in Minneapolis, we conducted an analysis using data sourced from multiple home insurance review platforms. Some of these platforms evaluated rates obtained from public filings acquired by Quadrant Information Services. We calculated an average of these rates for our assessment. However, it's important to note that rates from each company can vary regularly and may differ depending on your specific circumstances. Additionally, our comprehensive rating incorporates subjective opinion, based on fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
Cheapest Homeowners Insurance in Minneapolis, MN
Chubb stands out as the most economical option for homeowners insurance in Minneapolis, Minnesota, offering an average annual rate of $1,854.
| Company | Annual Premium |
| Chubb | $1,854 |
| Travelers | $2,070 |
| State Farm | $2,430 |
| Allstate | $3,143 |
| Auto-Owners | $4,962 |
The cost of your insurance policy is affected by several factors, including your location, your home’s value, and your claims history. Chubb provides a blend of affordability and comprehensive coverage, achieving a balance that caters to the requirements of homeowners.
Cheapest Homeowners Insurance If You Have an Older Home
For older homes, Chubb offers the most economical rates, averaging $2,011 per year.
| Insurance Company | Average Annual Premium |
| Chubb | $2,011 |
| AAA | $2,140 |
| American Family | $2,192 |
| State Farm | $2,314 |
| Allstate | $2,586 |
Older homes often come with unique risks and maintenance challenges that can result in higher insurance costs. However, Chubb provides competitive rates and comprehensive coverage tailored to meet the needs of older homes, addressing these specific requirements effectively.
Cheapest Homeowners Insurance for Newly Constructed Homes
For newly constructed homes, Travelers provides the most affordable option, with an average annual rate of $1,590.
| Insurance Company | Average Annual Premium |
| Travelers | $1,590 |
| State Farm | $1,842 |
| Chubb | $1,899 |
| Allstate | $3,142 |
| Auto-Owners | $3,840 |
Newly constructed homes often demand distinct coverage compared to older ones, and Travelers is recognized for providing affordable policies customized to address these specific needs.
Cheapest Homeowners Insurance If You Have Poor Credit
If you have a poor credit score, Travelers provides the most affordable solution, with an average annual rate of $3,076.
| Insurance Company | Average Annual Premium |
| Travelers | $3,076 |
| Farmers | $3,450 |
| Auto-Owners | $4,968 |
| State Farm | $5,213 |
| Allstate | $5,398 |
Your credit score is a key factor in determining your insurance rates, as insurers use it to evaluate risk. Travelers recognizes the importance of offering fair coverage to all individuals, regardless of their financial background.
Cheapest Home Insurance for a History of Claims
| Insurance Company | Average Annual Premium |
| State Farm | $2,640 |
| Farmers | $2,848 |
| Chubb | $3,253 |
| Allstate | $3,868 |
| AAA | $4,620 |
Cheapest Home Insurance Rates for Lots of Personal Property
If you own a substantial amount of personal property, Chubb provides the most affordable rates, averaging $2,421 annually.
| Insurance Company | Average Annual Premium |
| Chubb | $2,421 |
| State Farm | $2,460 |
| Farmers | $2,579 |
| Allstate | $3,220 |
| Auto-Owners | $5,461 |
As your personal property increases, your coverage needs may also expand, potentially resulting in higher premiums. However, Chubb offers comprehensive coverage at reasonable rates, ensuring that all your belongings are adequately protected.
Best Homeowners Insurance Companies in Minneapolis, MN
Choosing the correct homeowners insurance isn’t just essential; it’s a strategic decision. With Minneapolis’s diverse history, its homes reflect the uniqueness of its residents. Therefore, finding an insurance provider that offers comprehensive coverage at competitive rates is crucial.
To streamline your decision-making process, we’ve compiled a list of the top homeowners insurance companies in Minneapolis, Minnesota. These companies were evaluated based on factors such as annual premiums, coverage options, customer satisfaction ratings, and overall dependability. Check out our comparison chart below to pinpoint the ideal fit for your home insurance needs.
| Company | Annual Premium | |
| 1. | Chubb | $1,854 |
| 2. | Travelers | $2,070 |
| 3. | State Farm | $2,430 |
| 4. | Allstate | $3,143 |
| 5. | AAA | $1,570 |
| 6. | Auto-Owners | $4,962 |
| 7. | American Family | $2,860 |
| 8. | Country Financial | $2,591 |
| 9. | North Star Mutual | $2,307 |
Average Home Insurance Rates by Zip Codes
Homeowners insurance costs in Minneapolis, MN can fluctuate significantly based on the zip code. Below are tables presenting rates for different zip codes in Minneapolis, encompassing the cheapest and most expensive ones in the area for annual home insurance premiums.
| ZIP Code | Average Insurance Premium (Annual) |
| 55406 | $2,018 |
| 55411 | $2,021 |
| 55417 | $2,039 |
| 55414 | $2,018 |
| 55418 | $2,020 |
Cheapest Zip Codes
| ZIP Code | Average Insurance Premium (Annual) |
| 55455 | $2,020 |
| 55415 | $2,019 |
| 55450 | $2,009 |
| 55406 | $2,018 |
| 55403 | $2,019 |
Most Expensive Zip Codes
| ZIP Code | Average Insurance Premium (Annual) |
| 55408 | $2,011 |
| 55419 | $2,020 |
| 55413 | $2,021 |
| 55417 | $2,039 |
| 55410 | $2,019 |
Average Home Insurance Rates in Minneapolis, MN by Deductible Amount
The chosen deductible amount for a homeowners insurance policy has a notable impact on premium rates in Minneapolis, Minnesota. Here’s a breakdown of how average home insurance rates vary based on different deductible amounts:
| Deductible Amount | Average Annual Premium |
| $500 | $1,904 |
| $1,000 | $1,765 |
| $1,500 | $1,653 |
| $2,000 | $1,550 |
Average Home Insurance Rates in Minneapolis, MN By Coverage Amount
One crucial factor that influences your premium is the dwelling coverage amount. This represents the maximum sum your insurance company will pay to rebuild or repair your home if it’s damaged or destroyed.
Here’s a comparison chart illustrating the average annual homeowners insurance premiums for various dwelling coverage amounts.
| Dwelling Coverage Amount | Average Annual Premium |
| $200,000 | $1,509 |
| $250,000 | $1,756 |
| $300,000 | $1,999 |
| $350,000 | $2,274 |
| $400,000 | $2,570 |
Average Home Insurance Rates in Minneapolis, MN by Company
Here’s a comparison of annual premiums from top insurance companies in Minneapolis.
| Company | Annual Premium |
| Chubb | $1,854 |
| Travelers | $2,070 |
| State Farm | $2,430 |
| Allstate | $3,143 |
| AAA | $1,570 |
| Auto-Owners | $4,962 |
| American Family | $2,860 |
| Country Financial | $2,591 |
| North Star Mutual | $2,307 |
How Much is Homeowners Insurance for Other Cities in Minnesota?
Here’s a detailed comparison chart displaying the most budget-friendly annual premiums across different cities in Minnesota.
| City | Annual Premium |
| Plymouth | $2,060 |
| St. Paul | $2,704 |
| Lakeville | $1,804 |
| Bloomington | $1,960 |
Getting Online Homeowners Insurance Quotes in Minnesota
Platforms like Insuranceopedia make it simple to find the ideal coverage for your specific needs with just a few clicks. By providing fast online quotes from various top-rated insurers, Insuranceopedia enables you to easily compare rates.
Simply enter your information, and we’ll handle the rest by presenting you with a range of options tailored to your requirements. This empowers you to confidently select a policy that delivers the best value, effectively balancing cost and comprehensive coverage.
FAQs
Who has the cheapest home insurance in Minneapolis, MN?
Chubb offers the most budget-friendly home insurance option in Minneapolis, Minnesota, with an annual premium of $1,854.
What is the average cost of home insurance in Minneapolis, MN?
Typically, homeowners insurance in Minneapolis, Minnesota averages around $2,772 annually.
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