Renters insurance is an important form of insurance. It keeps your belongings safe in the event your rental property suffers damage from a common incident. A renters policy protects personal items from fire, smoke damage, a wind event, vandalism, theft and an array of other events.
Unlike auto insurance, renters policies aren’t priced specifically by state. Still, there are relatively substantial differences in insurance pricing by state. Renters rates in a given state may vary based on the frequency and value of renters claims filed in that state, and depend on the value of the belongings you're covering.
Getting a renters policy in Minnesota is less expensive than the nationwide average. The typical annual renters insurance rate in Minnesota is $163, $21 less expensive than in other states.
The easiest way to find cheap renters insurance in Minnesota is to get quotes from as many insurance companies as possible. Find out renters insurance costs in Minnesota by referencing the below data. Remember: your rates will vary, depending on your coverage limits and the valuation of your belongings.
Renters insurance prices in Minnesota can vary based on the insurance company you choose. American Family offers the most affordable renters policies in Minnesota, at only $102 annually. This compares favorably to the state average cost of $163, offering a 38% price break on average policy costs statewide.
Begin the hunt for a renters policy by reviewing the cheapest Minnesota companies, detailed below.
| Insurer | Average 12-Month Rate in Minnesota |
| American Family | $102 |
| State Farm | $106 |
| Safeco | $131 |
| Travelers | $131 |
| Country | $143 |
Not all Minnesota cities have equal renters insurance rates. Prices may depend on city-specific variables, including the number of claims filed in the immediate area, lending your ZIP code plenty of weight in deciding how much you pay.
The cheapest renters insurance rates in Minnesota are in Moorhead. The average renters insurance policy in Moorhead runs only $153 per year — $10 less than the average Minnesota rate. Reference the below table to see the cheapest cities in Minnesota for renters insurance.
| City | Average Annual Renters Insurance Rate |
| Moorhead | $153 |
| Rochester | $153 |
| Mankato | $158 |
| Woodbury | $162 |
| Shakopee | $163 |
Looking for information about renters insurance for a particular city? Check out our breakdown of the most populous cities in Minnesota.
Your renters insurance rates will vary depending on your coverage levels. Two of the most common levels of renters insurance coverage are $25,000 and $50,000. In Minnesota, the difference in annual premium between these two tiers is approximately $53. If you can afford the up-front expense, it's worth considering.
| Coverage Level | Average Yearly Renters Insurance Rate in Minnesota |
| $25K Property | $137 |
| $50K Property | $190 |
If you're looking for savings, consider carrying your renters and auto policies with the same insurance company. Bundling renters and auto insurance in Minnesota can save you a substantial sum each month on your auto insurance bill. In fact, bundling policies in Minnesota leads to a yearly savings of $157.
| Avg. Annual Rate (No Bundle) | Avg. Annual Rate (w/ Bundle) | Annual Savings ($) | Annual Savings (%) |
| $1,288 | $1,131 | $157 | 14% |
There is no mandate in Minnesota law that requires renters to carry renters insurance, but it's usually required by landlords and property management companies.
Minnesota does not impose minimum requirements for renters insurance. A basic policy will get you coverage for liability, your home contents, medical payments to others, and loss of use. These options can be adjusted depending on your needs and the insurer you choose.
