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Best homeowners insurance in Minnesota for 2023

Bankrate's research shows that Allstate, Auto-Owners, Country Financial, American Family and North Star Mutual offer some of the best home insurance in Minnesota

Updated Oct 25, 2023
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2 out of 3 homes
are underinsured
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insured homes makes a claim each year
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Compare the best home insurance companies in Minnesota

By analyzing data supplied by Quadrant Information Services, Bankrate's insurance team determined the average annual premium for Minnesota home insurance, which is $1,930, or $158 a month, for $250,000 in dwelling coverage. This is 35 percent above the national average, which is $1,428 or $119 a month.

We also looked at each company's customer satisfaction scores in the 2022 J.D. Power Insurance Study and assessed financial strength by looking at AM Best ratings. Using this information and other metrics, we assigned each company a Bankrate Score out of a possible 5.0 points to help readers get a quick assessment on the strengths of each company. 

Based on our research, the five best home insurance carriers in Minnesota are Allstate, Auto-Owners, Country Financial, American Family and North Star Mutual.

Insurance company AM Best J.D. Power score Average monthly premium* Average annual premium*
A+
815
/1,000
$251
$3,007
Get a quote
A++
825
/1,000
$84
$1,003
Get a quote
A+
830
/1,000
$214
$2,563
Get a quote
A
842
/1,000
$126
$1,514
Get a quote
North Star Mutual
A+
Not rated
$102
$1,226
Get a quote
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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

*Premiums are for $250K in dwelling coverage

The top five home insurance companies in Minnesota

Allstate

Best for bundling

Rating: 3.5 stars out of 5
3.5 Bankrate Score
JD Power: 815/1,000 AM Best: A+

Average annual premium

$ 3,007 for $250k dwelling coverage
Allstate Review Get a personalized quote

Why Allstate made our list: Insuring your home and auto with Allstate could net you a discount of up to 25 percent. In addition to the multi-policy discount, you could save even more for being claims-free and by paying your premium on time. Allstate offers homeowners insurance with several coverage options available to personalize a policy, like coverage for sports equipment and identity theft. Allstate also offers a green improvement endorsement, which will pay the additional cost to replace damaged or destroyed property with greener alternatives. Although Allstate offers multiple discount options, its average rates are much higher than the Minnesota average.

Who Allstate may be good for: If you're looking to save money on your policy by bundling your auto and homeowners policies together, it might be worth getting a quote from Allstate.

Auto-Owners

Best for cheaper average rates

Rating: 3.2 stars out of 5
3.2 Bankrate Score
JD Power: 825/1,000 AM Best: A++

Average annual premium

$ 1,003 for $250k dwelling coverage
Auto-Owners Review Get a personalized quote

Why Auto-Owners made our list: Of the Minnesota homeowners insurance companies in our analysis, Auto-Owners has some of the cheapest rates for home insurance coverage. But that does not mean homeowners have to sacrifice on coverage with Auto-Owners to maintain a low premium. Policyholders can choose several optional coverage types to expand their policy, such as special personal property, home cyber protection, water backup of sewer or drains and equipment breakdown. Most notable is its inland flood coverage, an endorsement which offers broad coverage for homeowners in low-to-moderate flood zones without the requirement of a separate National Flood Insurance Program (NFIP) flood insurance policy. However, if you are a shopper who values tech, there may be better options — while Auto-Owners does have a mobile app, customers don’t rate it very highly in the app store.

Who Auto-Owners may be good for: If you are working with a tight budget but still want solid coverage, you may want to get a quote from Auto-Owners. It has the lowest average rates of any company on our list, and may be able to write a policy for low-cost Minnesota homeowners insurance for you.

Country Financial

Best for premier coverage

Rating: 3.2 stars out of 5
3.2 Bankrate Score
JD Power: 830/1,000 AM Best: A+

Average annual premium

$ 2,563 for $250k dwelling coverage
Country Financial Review Get a personalized quote

Why Country Financial made our list: Country Financial offers three options for home insurance coverage: basic, premier and a combination policy. With the combination policy, Country Financial offers broader coverage for direct physical loss to the home’s structure, while the premier policy adds additional broad coverage for damage to your belongings. Besides the basic policy coverage, Country Financial offers several coverage options, like scheduled personal property, earthquake, sump pump and sewer backup and ID theft. While it may not always be the cheapest, Country Financial offers a few discounts you may qualify for to lower your homeowners insurance cost in Minnesota. It may be worth noting that Country Financial is only available in 19 states. Homeowners who plan on moving out of Minnesota may want to ensure that Country Financial serves their new location.

Who Country Financial may be good for: This carrier may be a good choice for you if you want coverage that's a step above the average. The company's premier coverage might be a good option if you have extensive electronics or other belongings that may be damaged in ways that are not covered by basic insurance.

American Family

Best for customer satisfaction

Rating: 3.1 stars out of 5
3.1 Bankrate Score
JD Power: 842/1,000 AM Best: A

Average annual premium

$ 1,514 for $250k dwelling coverage
American Family Review Get a personalized quote

Why American Family made our list: American Family is another carrier option with an average rate below Minnesota’s statewide average for home insurance. It also scored well above the industry average in the J.D. Power 2022 U.S. Home Insurance Study and has fewer complaints than the baseline per the National Association of Insurance Commissioners (NAIC). You may also be interested in adding optional coverage types to meet your home insurance needs, like matching siding protection, equipment breakdown for appliances and sump pump and water backup coverage. Although AmFam has fewer discount options than other Minnesota insurers, the cheap rates could make up for the lack of potential discounts.

Who American Family may be good for: If your top priority in an insurer is being able to build a relationship with professional, efficient agents, American Family may be a good choice for you. The company is the second-highest on J.D. Power's customer satisfaction ranking, which means that it seems to place a high value on meeting the needs of its policyholders.

North Star Mutual

Best for customization

JD Power: Not rated AM Best: A+

Average annual premium

$ 1,226 for $250k dwelling coverage
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Why North Star Mutual made our list: North Star Mutual, the only Minnesota-headquartered company on our list, offers Minnesota homeowners many ways to build out their home insurance policy to meet their specific needs. For instance, homeowners can add multiple types of liability coverage, related private structures, refrigerated food products and endorsements for high-value items, such as recreational vehicles, jewelry, guns and portable tools. As a smaller, regional insurer that operates in eight Midwest states, North Star Mutual is not rated by J.D. Power and does not have a Bankrate Score. However, its robust policy options may be the right choice for certain Minnesota homeowners, although it should be noted that policies are only available through its statewide network of independent agents.

Who North Star Mutual may be good for: If you do not want a standard cookie-cutter policy, you may want to consider North Star. The company's average rates are among the lowest of any insurer we reviewed and their extensive breadth of coverage options allow you to pick endorsements that work for you.

How Bankrate chose the best home insurance companies in Minnesota

Bankrate analyzed rate data from Quadrant Information Services to compare average homeowners insurance costs across the state of Minnesota. Rates are based on the same coverage limits and deductibles for a 40-year-old married couple with good credit and no recent claims history.

To help Minnesota homeowners make an informed decision on an insurance carrier, Bankrate developed the Bankrate Score. This Score is based on a five-point scale, comparing several company factors, such as customer experience, online and mobile accessibility, coverage options and financial strength. Using the Bankrate Score and cost data, homeowners can decide which carriers offer the best Minnesota homeowners insurance for their individual needs.

Clock Wait
46
years of industry expertise
Search
122
carriers reviewed
Location
20.7K
ZIP codes examined
Dollar Coin
1.2M
quotes analyzed

How much is home insurance in Minnesota?

The average cost of homeowners insurance in Minnesota is $1,930 per year for a policy with $250,000 in dwelling coverage. For comparison, the average American homeowner pays $1,428 per year for home insurance.

Minnesota home insurance is more expensive than the national average, and also more expensive than homeowners insurance in neighboring states. In Wisconsin, the average annual home insurance premium is $890, and in Iowa, the average rate is $1,318 per year. Minnesota homeowners insurance rates may be higher than the national average because of the state’s unpredictable winter weather.

Average annual premium by dwelling coverage level in Minnesota

Insurance company $150K $250K $350K $450K $750K
$1,796
$3,007
$4,243
$5,416
$8,746
$778
$1,003
$1,200
$1,423
$2,353
$1,801
$2,563
$3,182
$3,833
$6,119
$995
$1,514
$2,028
$2,539
$2,855
North Star Mutual
$836
$1,226
$1,742
$2,319
$4,122
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Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Insurers take your city and ZIP code into account when determining your rate for Minnesota homeowners insurance. Regions where there are historically less claims filed are likely to see lower rates than those where claims are common. Here are some of the more inexpensive cities for homeowners insurance in Minnesota. All feature average home insurance rates* that are 9 to 10 percent below the state average.

  • Brownsville: $1,742 per year
  • WInona: $1,749 per year
  • Rollingstone: $1,752 per year
  • Spring Grove: $1,752 per year
  • Stockton: $1,752 per year

*Premiums are for $250,000 in dwelling coverage.

In ZIP codes that are known for filing claims — either because they are prone to natural disasters or because they have a higher crime rate — premiums may be higher. Keep in mind, however, that your own rate will be based primarily on factors that are unique to you and to your property. These cities all feature average home insurance premiums* six to eight percent above the Minnesota average.

  • Delano: $2,086 per year
  • Montrose: $2,057 per year
  • Winsted: $2,057 per year
  • Howard Lake: $2,056 per year
  • New Germany: $2,053 per year

*Premiums are for $250,000 in dwelling coverage.

How to find the best cheap home insurance in Minnesota

Although it's important to have robust insurance coverage in Minnesota to protect your investment in your home and property, no one wants to pay more than they need to for their policy. Fortunately, there are several strategies you can use to save money while ensuring that you are purchasing the best Minnesota homeowners insurance.

  1. Shop around: As you can see from the average rates above, each insurer has its own methodology for determining rates, and two insurers may give you completely different rates for the exact same coverage. So it makes sense to request quotes from several insurers to see who offers you the best rate for your policy.
  2. Consider your deductible: If you can afford to do so, you may want to consider raising your deductible, which should immediately lower your premium rate. Keep in mind, however, that you would need to pay this amount in the event of a covered peril, so you will want to ensure that whatever deductible you choose is an amount that you are comfortable paying on short notice.
  3. Review your coverage: Understanding how much home insurance you should purchase can be a little tricky. If you're not sure you have the right amount, it could be time for a conversation with a knowledgeable agent. Perhaps there are optional coverages you can eliminate if you are trying to save money, or you may want to lower your basic coverage limits. An agent can help you understand what you actually need to protect your finances.

Common home insurance discounts in Minnesota

Taking advantage of discounts is another way to save money on your Minnesota homeowners insurance. Almost all insurers offer at least a few discounts, and they can be easy to earn. Consider the following common discounts when you are looking for the best Minnesota home insurance:

Home insurance coverage options in Minnesota

If you live in Minnesota, you may want to look for an insurance policy that includes coverage tailored to your state’s common causes of loss. In addition to the standard offerings on your policy, your insurer is likely to offer optional add-ons, called endorsements, or even additional policies, that provide more complete coverage for your property. Some common endorsements or policies worth considering in Minnesota include the following:

  • Flood insurance: Although flooding can occur in all parts of Minnesota, there are certain parts of the state, like near the Mississippi River, that tend to see more flooding than other areas. Typically, flood damage is not covered in standard home insurance policies. If you’re interested in buying a separate flood insurance policy, you can contact the National Flood Insurance Program (NFIP) or a private company that sells flood insurance. 
  • Scheduled personal property coverage: If you own precious or expensive items, scheduled personal property coverage could be beneficial. This coverage allows you to increase your coverage limits for specific items, like jewelry, art, furs or collections.
  • Identity theft insurance: Many home insurance companies offer identity theft coverage, which can help pay for identity restoration services, like credit monitoring and legal fees.
  • Sewer and sump pump backup: This is generally not covered in standard HO-3 policies, the most common type of homeowners insurance. If you have issues with your plumbing or rely on a sump pump to keep your basement dry, it may be worth adding to your policy

Frequently asked questions

Written by
Mary Van Keuren
Contributor, Insurance

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Edited by Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute