Cheapest & Best Renters Insurance In Minneapolis 2025
State Farm provides the cheapest renters insurance in Minneapolis, with an average cost of around $9 per month. It also offers the most extensive coverage and services available.
We’ve saved shoppers an average of $200 per year on their renters insurance.
State Farm provides the most affordable renters insurance in Minneapolis, with an average cost of around $9 per month. It also stands out for its wide-ranging coverage options and dependable local agent support, making it the top choice for renters in the area.
Minneapolis, known as the City of Lakes, experiences over 22,000 property crimes annually, affecting approximately 54 out of every 1,000 residents. Given the city’s high crime rate, renters insurance is a smart investment. It safeguards your personal belongings and offers financial protection, giving you peace of mind.
Cheapest Renters Insurance Companies In Minneapolis
If you need affordable renters insurance in Minneapolis, State Farm offers the lowest rates, averaging around $9 per month. To help you compare options, the table below lists the five most budget-friendly providers.
| Company | Average Monthly Cost |
| Travelers | $12 |
| State Farm | $9 |
| AAA | $11 |
| American Family | $10 |
| Secura Insurance | $13 |
Best Renters Insurance Companies In Minneapolis
State Farm is the best choice for renters insurance in Minneapolis, offering excellent service at the lowest rates. With a wide network of local agents, finding the right policy is simple and convenient. Additionally, State Farm provides top discounts on renters and auto insurance bundles, along with various affordable coverage options.
| Company | Average Monthly Cost |
| Country Financial | $27 |
| Auto-Owners | $16 |
| Farmers | $25 |
| State Farm | $9 |
| North Star Mutual | $20 |
Average Cost Of Renters Insurance In Minneapolis
Renters in Minneapolis typically pay around $21 per month or $251 per year for insurance. However, your actual cost may differ depending on factors like coverage limits, location, deductible, and the insurer’s pricing model. For a quick comparison, the table below shows average rates from five leading providers in the city.
| Company | Average Monthly Cost |
| Farmers | $28 |
| AAA | $15 |
| Country Financial | $30 |
| State Farm | $12 |
| Auto-Owners | $18 |
Average Cost Of Renters Insurance In Minneapolis By Deductible
A deductible is an amount you must pay out of pocket before your renters insurance covers a claim. Opting for a higher deductible can reduce your monthly premium, while a lower deductible will raise your monthly costs. The table below compares average renters insurance rates in Minneapolis for different deductible amounts.
| Deductible Amount | Average Monthly Cost |
| $250 | $21 |
| $500 | $20 |
| $1,000 | $18 |
| $1,500 | $17 |
| $2,000 | $15 |
Factors That Impact Renters Insurance Costs In Minneapolis
Several factors influence the cost of renters insurance in Minneapolis:
Coverage Limits: Policies with higher coverage for personal property and liability typically cost more, especially if they include add-ons like identity theft protection or replacement cost coverage.
Deductible Amount: Choosing a lower deductible raises your monthly premium since the insurer takes on more risk, while a higher deductible lowers your costs.
Location: Insurance rates tend to be higher in areas with more crime or greater exposure to natural disasters. In Minneapolis, risks like flooding and thunderstorms can drive up premiums.
Credit Score: Many insurers consider credit scores when setting rates, with lower scores often leading to higher premiums.
Claim History: A history of multiple insurance claims may label you as a higher risk, resulting in increased premiums.
Home Safety Features: Installing security systems, smoke detectors, or sprinkler systems can lower the likelihood of claims and help reduce insurance costs.
Common Causes Of Loss In Minnesota
Renters in Minnesota often file insurance claims for theft, fire, tornadoes, floods, and water damage. Knowing these risks can help tenants choose the right coverage to protect their belongings and finances.
Theft
With over 22,000 property crimes reported annually in Minneapolis and more than 100,000 statewide, theft is a serious concern. Renters insurance helps replace stolen belongings and may provide liability coverage if someone gets injured during a break-in.
Tornadoes & Severe Storms
Minnesota frequently experiences tornadoes and powerful storms that can cause extensive property damage. Ensuring your policy includes wind and storm coverage is crucial for protecting your belongings.
Floods
Flooding is a major risk in Minneapolis due to snowmelt and heavy rainfall. Standard renters insurance does not cover flood damage, so a separate flood insurance policy is needed. State Farm offers affordable flood add-ons for extra protection.
Water Damage
Burst pipes, plumbing leaks, and roof damage can lead to costly repairs. While most renters insurance covers internal water damage, flood-related losses require a separate flood insurance policy.
Fire
Fires, especially in multi-unit buildings, can spread rapidly and cause significant losses. Renters insurance helps cover the cost of replacing personal property damaged in a fire.
Other Covered Losses
Many policies also provide coverage for vandalism, accidental damage, and specific natural disasters, offering added peace of mind.
Understanding these risks allows renters to choose an insurance policy that provides the right level of protection.
Our Methodology
To assess renters insurance providers, we analyzed key factors such as pricing, coverage options, claims handling, and customer service. Our research involved collecting quotes from multiple insurers in Minneapolis, focusing on standard policies that include $20,000 in personal property coverage and $100,000 in liability protection.
We also evaluated deductible choices, additional coverage for risks like floods and earthquakes, and discounts for bundling renters and auto insurance. Customer satisfaction was a crucial factor, with insights from sources like J.D. Power and Consumer Reports helping us identify companies known for reliable service and hassle-free claims processing.
Additionally, we considered Minneapolis-specific risks—such as theft and water damage—that affect coverage needs. By examining these aspects, our guide offers a thorough and unbiased comparison of renters insurance options in Minnesota.
Quotes Analyzed
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About Bob Phillips
