To identify the top homeowner’s insurance providers in Minnesota, we considered the price of policies, the caliber of coverage, and the distinctive policy options available to residents.
The state of Minnesota, popularly known as the “Land of 10,000 Lakes,” is home to one of the biggest “coastlines” in the nation, as well as forests, farmland, thriving cities, and the largest mall in the country. Minnesota is also known for its 10,000 lakes. Minnesota, which is located in both the northern and central parts of the country, is prone to severe winter weather as well as regular tornadoes from spring through fall. This makes it understandable why house insurance costs in Minnesota are higher than the national average.
In Minnesota, the average cost of homeowner’s insurance is $1,966 annually or $164 per month. This is around 4% more than the $1,899 per year national average.
However, there are additional aspects you should take into account when selecting an insurer. Unsure of what to search for? You may determine your insurance needs and compare prices from several of the best Minnesota carriers with the aid of Policygenius.
The average cost of home insurance in Minnesota is $1,979 per year, but there are many other criteria that go into choosing the right plan for you. To help you find the best deal for you, we gathered thousands of estimates from Minnesota’s top home insurance providers across hundreds of ZIP codes.
Best homeowners insurance companies in Minnesota
The average yearly policy cost at Auto-Owners Insurance, which we analyzed, is $1,159, which is significantly less than the state average of $1,966. State Farm offers higher average rates ($2,351 per year), but it also has a little higher J.D. Power rating.
Millions of quotations from the five biggest Minnesota insurers were examined by Policygenius to determine the average cost of homeowners insurance for each firm in 2022. To identify the best homeowners insurance in Minnesota, we next matched Minnesota consumers’ coverage needs to 2021 J.D. Power customer satisfaction scores.
Why State Farm tops our best list
As was already said, State Farm performs well in terms of customer satisfaction, which is quite advantageous for customers. It is simple to request a quote, make a payment, or submit a claim thanks to its extensive selection of online and mobile options.
Why American Family tops our best list
Numerous choices for discounts are among the numerous ways to save that American Family provides. Not only can you save money by combining your house and auto insurance policies, but you may also be entitled to discounts if you insure a newly constructed or remodeled home, sign up for autopay, or have specific safety features installed in your home. Additionally, for each year that you do not submit a claim, you might receive a $100 credit against your deductible.
For homeowners in Minnesota, American Family (AmFam) offers fantastic customizing possibilities, outstanding customer support, and reasonable prices. AmFam insurance cost $1,540 annually, 22% less than the state average, but it’s not the cheapest provider in the state.
American Family offers quick online quotes and a highly regarded mobile app for billing and claim submission.
The most significant discount offered by American Family in comparison to rivals is the one for bundling home and vehicle insurance, which can save you up to 23% on your premium. AmFam also provides additional regular discounts, such as those for loyalty, newly remodeled homes, and automatic payments. As a result, American families might end up being more affordable overall for you.
Home insurance in Minnesota
Extreme weather can occur in Minnesota, especially during the winter. A home insurance policy is important since storms can put properties in danger of harm or even destruction.
Minnesota’s Top Homeowners Companies for Service Quality
Some homeowners are more concerned with customer service and claims experience than they are with the cost of a policy. If that applies to you, MoneyGeek assessed the top insurance companies in Minnesota mostly on the basis of client feedback and claims experience.
The top home insurance providers in Minnesota in regard to customer satisfaction are:
Country Financial: 90 out of 100
89 out of 100 points on MoneyGeek for Auto-Owners Insurance Co.
MoneyGeek explained why these two businesses received the greatest ratings from homeowners seeking the best service possible, regardless of cost.
Common causes of loss in Minnesota
Although Minnesota’s summers are frequently bright and sunny, there is always a chance of severe weather, and the winters can be quite harsh. No matter what time of year it is, severe weather can endanger properties. Here are a few of Minnesota’s most typical loss factors:
- Storms with hail are particularly frequent in Minnesota throughout the summer. They can also bring hail in addition to rain and winds. Your siding and roof are particularly vulnerable to damage from hail.
- Blizzards: Minnesota receives 36 to 70 inches of snow on average each winter. Snowstorms and blizzards can harm your home, particularly if pipes freeze. Additional dangers can also result from heavy snow that accumulates on the roof for weeks at a time.
- Flooding: When the snow melts in Minnesota, flooding occurs. It can also happen following and during summertime downpours. Floods can harm your home’s electrical system and foundation structurally in addition to your personal items.
- Speak with your insurance company about the potential benefits of additional coverage before choosing a homeowners insurance policy.
Options for home insurance coverage in Minnesota
If you reside in Minnesota, you might want to look for an insurance plan that offers coverage specific to the frequent loss factors in your region. The following choices may be worth your consideration:
- Standard homeowner’s insurance typically excludes coverage for flood damage. You can get a separate flood insurance policy from the National Flood Insurance Program if you’re worried about flooding in your location (NFIP). Numerous private insurance providers offer flood insurance.
- Scheduled personal property coverage: This insurance could be useful if you own pricey or valuable objects. With this insurance, you can raise your coverage limits for particular goods like jewels, works of art, furs, or collections.
- Insurance against identity theft is widely available from home insurance providers, and it can help cover the cost of identity restoration services like credit monitoring and legal costs.
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