Minneapolis Homeowners Insurance

The Zebra
Aug. 26, 2019

Find affordable homeowners insurance in Minneapolis


A critical consideration for every homeowner should be home insurance. Home insurance policies provide coverage against fire, wind damage, and theft for your home and the contents inside it. Events like this occur frequently. When paired with the high cost of repairing or rebuilding a house, purchasing a robust homeowners policy can seem like a smart move.

The cost of home insurance coverage factors in variables such as the cost of building materials, the value of your personal belongings, and the overall value of the primary dwelling. Location also plays a role in determining the price of your homeowners insurance policy. In areas prone to perils likefrozen pipes, hail, windstorms, or wildfires, home insurance policies may be more expensive to account for the extra risk. Learn more information about what your homeowners insurance policy covers.

Finding cheap home insurance in Minneapolis starts with shopping around and comparing policies. Take a look at the summary below showing average homeowners insurance premiums in Minneapolis to help you get as much information as possible when you start your search for homeowners insurance. It's important to remember that the cost of your homeowners insurance is often based on the coverage limits you choose as well as a variety of other factors.


Minneapolis, Minnesota, homeowners insurance:
  1. Rates by company
  2. Rates by coverage level
  3. Rates by ZIP code
  4. Insurance bundle discounts

Homeowners insurance in Minneapolis by insurance company

Minneapolis homeowners insurance rates will vary depending on which insurance company you choose. The most affordable home insurance in Minneapolis is AAA offering average annual rates at just $1,344 per year. This is considerably cheaper than the city’s average homeowners premium of $2,038.

Begin your search for a home insurance policy by reviewing the cheapest companies in Minneapolis, Minnesota, listed below.


AFFORDABLE HOMEOWNERS INSURANCE COMPANIES IN MINNEAPOLIS
CompanyAverage Annual Rate
AAA$1,344
Liberty$1,358
State Farm$1,725
Allstate$2,201
North Star$2,289

Average homeowners insurance costs in Minneapolis by coverage level

The level of homeowners coverage you select has an impact on the insurance premiums you pay. In Minneapolis, carrying $200K dwelling coverage costs an average of $1,507, while carrying additional coverage up to $400K costs $2,568/year.


HOMEOWNERS INSURANCE RATES IN MINNEAPOLIS — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$200K Dwelling$1,507
$400K Dwelling$2,568

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Minneapolis home insurance rates by ZIP code

Depending on the part of Minneapolis you live in, you could see vastly different home insurance costs. One of the factors that insurers use when pricing your coverage is the number of claims filed in your surrounding area. As such, your neighborhood's location can drastically influence your home insurance rates.

The cheapest home insurance rates in Minneapolis are available in 55455. In 55455, the typical home insurance policy costs $2,016 per year — $21 less than the citywide average in Minneapolis. The below table shows the best places to live in Minneapolis if you’re looking for affordable homeowners insurance.


AFFORDABLE ZIP CODES FOR HOMEOWNERS INSURANCE IN MINNEAPOLIS
ZIP CodeAverage Annual Home Insurance Rate
55455$2,016
55450$2,019
55415$2,037

Other areas of Minneapolis, however, face homeowners rates that surpass the city average . Fire risks, crime rates, and even your proximity to emergency services such as fire and police stations could impact rates the risk level of certain parts of the city, which has the potential to drive up the area's insurance costs. With an annual average premium of $2,048, 55430 comes in as the costliest ZIP code in Minneapolis for home insurance.


EXPENSIVE AREAS FOR HOMEOWNERS INSURANCE IN MINNEAPOLIS
ZIP CodeAverage Annual Home Insurance Rate
55430$2,048
55416$2,045
55410$2,044



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Looking for a money-saving tip for insurance in Minneapolis? Try bundling

You might want to consider purchasing your auto and home insurance policies through the same company if saving money is one of your concerns. Bundling your homeowners and auto insurance is one way to save substantially on your monthly car insurance premiums. Bundling policies in Minneapolis could, in fact, lead to average annual savings of 14%.


CHEAPEST AUTO INSURANCE RATES WITH HOME BUNDLE IN MINNEAPOLIS
CompanyAvg. Annual Auto Insurance Rate (Bundle)
American Family$1,090
State Farm$1,221
AAA$1,324
Farmers$1,420
Progressive$1,547

A great way to save on insurance is to bundle your home and auto policies with the same insurance company. Call 855-493-9728 to speak with an insurance professional today.


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