Best Home Insurance for Minnesota in 2023

According to NerdWallet, the average annual cost for homeowners insurance in Minnesota amounts to $1,845 or $154 per monthly, respectively. This is slightly higher than the average national cost of $1,820 a year.

Our team has compared rates across Minnesota and companies to determine the most affordable homeowners insurance. Sample rates for homeowners with good credit, $300,000.00 of dwelling coverage. $300,000.00 of liability coverage. A $1,000 deductible. Rates will vary.

Please note that some insurance companies mentioned in this article have changed their underwriting policies and may no longer be issuing new policies within your state.

NerdWallet has compiled a list of NerdWallet’s Top Homeowners Insurance Providers .

Find out more about the companies to decide which is right for you.

Farmers’ homeowner policies may offer two types of valuable insurance, including extended dwelling coverage and replacement cost coverage. The extended dwelling insurance provides extra coverage for your home’s structure, while the replacement cost coverage pays more for damaged or stolen items.

Some Farmers’ policies come with additional benefits that could save you money. With claim forgiveness for example, Farmers will not raise your rates if you’ve never filed a claim in the last five years.

In 2022, the largest American home insurance company celebrated its centennial. A State Farm policy may include an inflation guard endorsement, which will automatically increase your policy limits. This ensures that your coverage does not fall below the required amount.

State Farm provides a Ting as an added benefit to home insurance customers. The Ting smart plug monitors the electrical system in your home to prevent fires.

Chubb is geared towards wealthy policyholders who own high-valued homes. They offer generous coverage limits, as well as a variety of benefits. The company, for example, covers damage caused by backed up sewers or drains. It also pays to renovate your house to meet the most recent building codes after an insurance claim. Many insurers will charge you more for this type of insurance. )

Policyholders of Chubb may be able take advantage of its HomeScan Service, which utilizes infrared camera to check for hidden problems within your home.

American Family, founded in Madison, Wisconsin receives less consumer complaints for its size than one would expect. Optional add-ons may allow you to tailor your insurance policy. These include identity theft coverage, equipment breakdown, and service line coverage. This covers repairs on underground water, electricity, or telephone lines.

By installing smart home devices, bundling policies and setting up automatic payments, homeowners can save money on premiums.

Country Financial offers three levels of coverage for homeowners to make it easier for you to choose. If inflation increases the costs of rebuilding your house, you can also add additional coverage.

Country Financial offers homeowners’ insurance via local agents. State regulators have received far fewer complaints from the company than they expected.

Minnesota’s average cost for home insurance is $1685. This is 7% lower than the average national cost of $1,820.

Many insurers in Minnesota and most states of the U.S. use your insurance credit score when determining rates. The insurance score you receive is not the same as your credit score.

According to NerdWallet, Minnesota homeowners with bad credit typically pay $3,985 annually for insurance. This is more than twice the rate for those with good or excellent credit.

Where you live determines the cost of homeowners insurance in Minnesota. The average annual cost for homeowners insurance in Minneapolis, Minnesota is $1 845, while Rochester residents pay an average of $1 530.

Below are some of the insurance companies we identified with rates that were below the Minnesota annual average rate of $1 685

Minnesotans know that the weather can be harsh in their state. You’ll need to take into account the damage that can be caused by severe weather conditions, including winter storms and hail.

Contact your insurance company to find out more about your coverage.

Minnesota has a reputation for harsh winters. This includes heavy snowfalls, icestorms and freezing temperatures. Winter storms can cause a variety of problems, including roof collapses and fallen trees.

Standard homeowners policies typically cover damage caused by winter storms. However, it is important to check your policy and make sure that you are covered. It’s important to take the necessary steps to safeguard your house. Damage from frozen pipes, for example, may not be covered by your insurance if you turn off the heat while away.

Winter weather damages may require additional coverage. Your homeowners insurance policy may not cover damage caused by a blocked drain or sewer due to snowmelt. This coverage will need to be added to your homeowners policy.

Minnesota is a state that sees a lot of large hailstorms. It’s worth reviewing your policy to see if it covers hail damage. Many Minnesota homeowners have found that this only applies when their siding or roof has been severely damaged.

There may be a separate wind and hail deductible. The deductibles can be a fixed amount, like $1,000, or as a percentage of the dwelling coverage. Your policy might have a $1,000 flat rate deductible on most claims, and a 1% deductible on hail or wind. If your home has dwelling coverage of $250,000, then you would have to cover the first $2,500 in hail damage.

Tornadoes in Minnesota are rare, but they can occur, especially in the south of the state, which is closest to Tornado Alley. Tornadoes are capable of causing extensive home damage including broken windows and roof damage.

Standard homeowners insurance will cover tornado damage. You should review your insurance policy, however, because there could be a separate wind damage deductible.

Minnesota is also known as “The Land of 10,000 Lakes”. This, along with the heavy rainfall and snowmelt in Minnesota, makes flooding a major concern for homeowners. However, most standard homeowners insurance policies do not cover flood damage. Forty percent of Minnesota’s flood claims were from areas outside the high-risk zones. You may therefore want to purchase separate flood insurance through the National Flood Insurance Program.

Check out the Federal Emergency Management Agency flood maps, or go to RiskFactor.com. This website is run by the First Street Foundation, an organization that does not profit. It may still be worth purchasing flood insurance even if you are considered to have a low-risk property.

While you can purchase flood insurance at any time, it usually takes 30 days for the policy to take effect. For more information on flood insurance, and the waiting period for it, click here.

Wildfires can occur in areas with dense forests, which is devastating for homeowners who live in these areas. Fire damage is usually covered by homeowners insurance. However, it’s important that you review your policy and take the necessary steps to safeguard your home.

Attention to the limit of your coverage for dwellings. The amount that the insurer will pay for the rebuilding of your home. If your home is destroyed by a fire, you should review your insurance policy with your agent and make sure that your coverage will help rebuild your house if needed.

Minnesota Commerce Department’s Insurance Division supervises and protects Minnesota’s insurance industry. It also provides information and consumer protection. It provides information on homeowners’ insurance coverage and how to file a claim.

You can also file an online complaint with the Minnesota Commerce Department Insurance Division. Contact the Customer Service Department via [email protected] (or toll free at 800 657 3602 if you have any questions regarding filing a claim).

Amanda Shapland is the author of this article.