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How to find affordable homeowners insurance in Minneapolis

One of the most important aspects of homeownership is home insurance. Fire, vandalism, theft, and wind damage are just a handful of the perils from which homeowners insurance can protect your dwelling and other personal belongings. Events like this occur frequently. When paired with the high cost of repairing or rebuilding a home, purchasing homeowners coverage can seem like a great move.  The average homeowners policy costs $170 per month in Minneapolis, Minnesota. This is more than the national average monthly home insurance rate.

What you pay for homeowners insurance factors in variables such as the cost of building materials, the value of your personal belongings, and the overall value of the primary dwelling. The location of your home also contributes to the price of your homeowners insurance policy. In areas prone to perils like frozen pipes, hail, windstorms, or wildfires, home insurance rates may be higher to account for the extra risk. Discover more about what is covered by a homeowners insurance policy.

If you want to find cheaper homeowners insurance in Minneapolis, start with looking around and comparing what different companies offer. Have a look at the summary below comparing average homeowners insurance rates in Minneapolis to help you get as much information as possible when you start your search for homeowners insurance. One thing to note is that the yearly cost of homeowners coverage is determined based on your chosen coverage limits as well as a number of other rating factors.

 
Table of contents:
  1. Rates by insurer
  2. Rates by coverage amount
  3. Rates by ZIP code
  4. Rates by deductible amount
  5. Policy bundling savings

 

Minneapolis home insurance by company

Homeowners insurance rates in Minneapolis vary from one insurance company to another. The most inexpensive home insurance in Minneapolis comes from AAA, which offers average annual rates of just $1,344 per year. This is more favorable than the city’s average homeowners premium of $2,038.

Have a look at the cheapest home insurers in Minneapolis, Minnesota to find the best home policy for your needs. Then, see our guide ranking home insurance companies based on customer satisfaction and other factors.

 
AFFORDABLE HOME INSURERS IN MINNEAPOLIS
Company Average Annual Rate
AAA $1,344
Liberty Mutual $1,358
State Farm $1,725
Allstate $2,201
North Star $2,289

 

Minneapolis homeowners insurance prices by coverage level

How much you pay for home insurance coverage is greatly impacted by the level of coverage you choose. In Minneapolis, carrying $200K dwelling coverage costs an average of $1,507, while carrying additional coverage up to $400K costs $2,560/year.

 
POPULAR COVERAGE LIMITS IN MINNEAPOLIS
Coverage Level Average Annual Rate
$100K Dwelling $953
$200K Dwelling $1,507
$250K Dwelling $1,766
$400K Dwelling $2,560

 

Minneapolis home insurance rates by ZIP code

Depending on the part of Minneapolis you live in, you might see a dramatic difference in your home insurance costs. The number of claims filed in your local area can be a factor in determining the price of your policy. Put simply, the neighborhood you live in could have a huge impact on what you pay for homeowners insurance.

To find the most affordable homeowners insurance premiums in Minneapolis, look no further than 55455. In the 55455 area, homeowners coverage usually costs just $2,016 per year — a full $21 less than the Minneapolis average. If you’re looking for the areas with the most affordable homeowners insurance rates in Minneapolis, have a look at the table below.

 
AFFORDABLE HOME INSURANCE AREAS IN MINNEAPOLIS
ZIP Code Average Annual Home Insurance Rate
55455 $2,016
55450 $2,019
55415 $2,037

Other areas of Minneapolis, however, face homeowners rates that are higher than 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 could drive up premiums in the area. An average annual rate of $2,048 makes 55430 the most expensive ZIP code in Minneapolis for homeowners coverage.

 
EXPENSIVE HOME INSURANCE AREAS IN MINNEAPOLIS
ZIP Code Average Annual Home Insurance Rate
55430 $2,048
55416 $2,045
55410 $2,044

 

Minneapolis homeowners insurance deductibles

One of the multiple decisions available when purchasing a homeowners insurance policy is how high or low to set your deductible. A homeowners deductible is the amount you must pay out of pocket toward a covered loss. Choosing your deductible plays a significant role in how much you pay for homeowners insurance.

Put simply, a higher deductible leads to cheaper insurance rates. Therefore, if you need your home insurance rates to be lower, it pays to keep your deductible higher. Keep in mind that your deductible should only be set as high as you can reasonably afford if you suffer a loss.

The table below illustrates the typical premium costs affiliated with most deductibles.

 
HOME INSURANCE PREMIUMS BY DEDUCTIBLE LEVEL IN MINNEAPOLIS
Deductible Level Average Annual Home Insurance Rate
$500 $1,902
$1,000 $1,766
$1,500 $1,649
$2,000 $1,547
$5,000 $1,299

 

Home and auto insurance bundling in Minneapolis

To save a little money, you might think about bundling your homeowners and auto insurance policies through the same company. Bundling your homeowners and auto insurance can be a good money-saving option. By bundling your policies, Minneapolis homeowners could see annual savings of 14% on average.

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

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About The Zebra

The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.