Renters insurance in Minneapolis, Minnesota
Renters insurance is important if you're renting a house or an apartment. It covers your rental unit — and the personal property within it — against a variety of harms, including wind, theft, fire, or vandalism. Since these occurrences are fairly common, the affordable price of a renters policy, and the potentially high cost of replacing your belongings, a renters insurance policy is a solid investment.
The cost of renters insurance comes down to a variety of factors, including the age of your dwelling, the materials of which it’s made, your apartment’s geographic location, and the pricing strategies of your renters insurance company. In areas prone to hail, fire, lightning, or damaging wind, renters insurance could be more expensive to account for the extra risk.
The average yearly cost of renters insurance in Minneapolis is $183.
Getting affordable renters insurance in Minneapolis should start with a thorough review of the top renters insurance companies. Review our list of average Minneapolis renters insurance rates to ensure you start your search with as much background info as possible. Remember: rates will vary based on your coverage limits and other factors.
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Popular renters insurance companies in Minneapolis
Renters insurance rates in Minneapolis, Minnesota depend on the insurance company providing the quote. For instance, State Farm offers the cheapest renters insurance in Minneapolis, at just $114 per year. This compares favorably to the city's average cost of $183, providing a $69 discount on typical rates in the city.
Start your search for a renters insurance policy by reviewing the cheapest companies in Minneapolis.
AFFORDABLE RENTERS INSURANCE COMPANIES IN MINNEAPOLIS
| Company | Average Annual Rate in Minneapolis |
| State Farm | $114 |
| American Family | $116 |
| AAA | $125 |
| Travelers | $135 |
| Safeco | $140 |
Minneapolis renters insurance pricing by coverage tier
Your renters insurance rates will vary depending on the amount of coverage you purchase. Two of the most common levels of renters insurance coverage are $25,000 and $50,000. In Minneapolis, the difference in annual premium between these two tiers is approximately $63. If you can afford to insure your personal property at this additional expense, it's worth considering.Coverage Level Average Annual Rate in Minneapolis $25K Property $151 $50K Property $214
Tip: bundle your auto and renters insurance policies in Minneapolis
If you’re looking to save, consider carrying your renters and auto policies under the same insurance company. Combining renters and auto insurance in Minneapolis can save you a substantial sum each month on your auto insurance bill. In fact, bundling renters and auto insurance leads to average savings of 14.5% on car insurance premiums. The car insurance company with the cheapest bundled rate is American Family, followed by State Farm and AAA.
CAR AND RENTERS BUNDLING DISCOUNTS IN MINNEAPOLIS
| Annual Bundle Savings | Bundle Savings % |
| $208 | 14.5% |