Best & Cheapest Homeowners Insurance in Minneapolis, MN June, 2024

In Minneapolis, Chubb offers the most affordable home insurance option for homeowners, with an average yearly rate of $1,854.

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Updated: 05 May 2024
Written by
Bob Phillips
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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.

As indicated below, insurance rates in Minneapolis surpass both the national average and the average rate for the state of Minnesota.

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.

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Quotes Analyzed

15+

Years Of Industry Experience

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Brands Reviewed

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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

For homeowners with a history of claims, State Farm offers an affordable solution, with an average annual rate of $2,640.

Insurance Company Average Annual Premium
State Farm $2,640
Farmers $2,848
Chubb $3,253
Allstate $3,868
AAA $4,620

A history of claims can indicate higher risk for insurers, typically leading to higher premiums. However, State Farm believes in giving individuals with past claims a second chance and offers reasonable rates to accommodate them.

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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