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Best homeowners insurance in Minnesota for 2022

Updated Dec 02, 2022
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How Bankrate chose the best home insurance companies in Minnesota

Bankrate gathers rate data from Quadrant Information Services to compare costs across providers in 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 to get quotes from.

Best home insurance companies in Minnesota

Bankrate partners with Quadrant Information Services to obtain up-to-date quoted premium information for insurance carriers in Minnesota. After analyzing the average premiums of these companies, Bankrate’s editorial team also reviewed customer satisfaction ratings as reported in the J.D. Power 2022 U.S. Home Insurance Study, AM Best financial stability ratings, coverage options and available discounts to determine the best home insurance companies in Minnesota.

Auto-Owners
Rating: 4.3 stars out of 5
4.3
Bankrate Score
Info Hover for more
J.D. Power
825
/1,000
AM Best
A++
Average monthly premium
$84
Average annual premium
$1,012
Get a quote
Country Financial
Rating: 4.2 stars out of 5
4.2
Bankrate Score
Info Hover for more
J.D. Power
830
/1,000
AM Best
A+
Average monthly premium
$202
Average annual premium
$2,421
Get a quote
American Family
Rating: 4.1 stars out of 5
4.1
Bankrate Score
Info Hover for more
J.D. Power
842
/1,000
AM Best
A
Average monthly premium
$120
Average annual premium
$1,445
Get a quote
Allstate
Rating: 3.9 stars out of 5
3.9
Bankrate Score
Info Hover for more
J.D. Power
815
/1,000
AM Best
A+
Average monthly premium
$242
Average annual premium
$2,907
Get a quote
North Star Mutual
J.D. Power
Not rated
AM Best
A+
Average monthly premium
$100
Average annual premium
$1,201
Get a quote
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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

Best home insurance company for cheaper average rates

J.D. Power:
825 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 1,012
Auto-Owners Insurance review

Explore Bankrate's review

Best home insurance company for premier coverage

J.D. Power:
830 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 2,421
Country Financial Insurance review

Explore Bankrate's review

Best home insurance company for customer satisfaction

J.D. Power:
842 /1,000
AM Best:
A
Avg. annual premium for 250k dwelling
$ 1,445
American Family Insurance review

Explore Bankrate's review

Best home insurance company for bundling

J.D. Power:
815 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 2,907
Allstate Insurance review

Explore Bankrate's review

Best home insurance company for customization

North Star Mutual

J.D. Power:
Not rated
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 1,201
Get a personalized quote

Answer a few questions to see personalized rates from top carriers.

How much is homeowners insurance in Minnesota?

The average cost of homeowners insurance in Minnesota is $1,785 per year for a policy with $250,000 in dwelling coverage. For comparison, the average American homeowner pays $1,312 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 $928, and in Iowa, the average rate is $1,290 per year. Minnesota homeowners insurance rates may be higher than the national average because of the state’s unpredictable winter weather.

Home insurance in Minnesota

Minnesota can experience extreme weather, especially in the winter months. Storms can put homes at risk for damage and even destruction, which is why having a home insurance policy is valuable.

Common causes of loss in Minnesota

Summers in Minnesota are often warm and sunny, but there is always a risk of severe weather and winters can be brutal. Severe weather can put homes at risk, no matter what time of year it happens. Here are some of the most common causes of loss in Minnesota:

  • Hail storms: Summer storms are especially common in Minnesota. They not only bring rain and winds but can also include hail. Hail can be particularly damaging to your roof and siding.
  • Blizzards: Minnesota gets an average of between 36 and 70 inches of snow each winter. Blizzards and snow storms can damage your home, especially if pipes freeze. Heavy snow that sits on the roof for weeks at a time can also bring additional hazards.
  • Flooding: Flooding happens in Minnesota when snow melts. It can also occur after and during summer rainstorms. Floods can cause structural damage to your home’s foundation and electrical system, as well as damage to your personal property.

Before you decide on a homeowners insurance policy, talk to your insurance provider about what additional coverage options may be right for your home.

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. You may want to consider the following options:

  • Flood insurance: Standard home insurance policies generally do not cover flood damage. If you are concerned about flooding in your area, you can purchase a separate flood insurance policy from the National Flood Insurance Program (NFIP). Several private insurance companies also sell 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.

Frequently asked questions

Written by
Mandy Sleight
Insurance Contributor

Mandy Sleight has been a licensed insurance agent since 2005. She has three years of experience writing for insurance websites such as Bankrate, MoneyGeek and The Simple Dollar. Mandy writes about auto, homeowners, renters, life insurance, disability and supplemental insurance products.

Edited by Insurance Editor
Reviewed by Senior wealth manager, LourdMurray