The average cost of homeowners insurance in Minneapolis is $2,010 per year for a policy with $300,000 in dwelling coverage, according to our latest insurance pricing analysis.
To ensure your house is fully covered from events such as winter storm damage, tornadoes, or break-ins, you'll want to make sure you have a high-quality homeowners insurance policy from a reputable company. Here are our picks for the best homeowners insurance companies in Minneapolis, MN.
Compare the best cheap homeowners insurance companies in Minneapolis
Based on our analysis of insurance carriers across Minnesota, Auto-Owners Insurance, State Farm, American Family, Farmers, and Allstate are the best homeowners insurance companies in Minneapolis.
To find the best cheap homeowners insurance in Minneapolis, Policygenius reviewed over a dozen of the largest insurance companies in Minnesota and landed on the five with the highest overall Policygenius rating.
Our ratings are based on each company's financial strength and customer service ratings, the number and quality of available coverage, and average policy premiums in 21 Minneapolis ZIP codes.
Company | Average monthly cost | Policygenius rating | |
|---|---|---|---|
$102 | 5.0 out of 5 | ||
$192 | 4.8 out of 5 | ||
$179 | 4.5 out of 5 | ||
$130 | 4.5 out of 5 | ||
$268 | 4.4 out of 5 |
Methodology & why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
2025 Policygenius award winner
Auto-Owners Insurance
5.0
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Why we chose it
Auto-Owners Insurance is the best homeowners insurance company in Minneapolis thanks to its extensive policy and coverage options, its high marks for financial strength, and its customer experience ratings.
Pros and cons
Pros
Offers a slew of extra coverage add-ons
Offers lots of discounts
Flood insurance through the NFIP
Cons
Not able to get quotes or file claims online
More details
Why we picked Auto-Owners Insurance
Auto-Owners Insurance is one of the best home insurance companies in Minneapolis, especially if you want to add more protection to a basic policy. Auto-Owners offers endorsements like guaranteed replacement cost coverage, water backup protection, inland flood coverage, and more.
Auto-Owners also offers more than a dozen discounts, including many that are easy to qualify for, like signing up for automatic payments and paperless billing.
How do Auto-Owners home insurance rates compare to the Minneapolis average?
The average cost of Auto-Owners home insurance in Minneapolis is $1,229 per year, which is 39% cheaper than the citywide average.
How to get quotes
To get a homeowners insurance quote, you’ll have to call a local Auto-Owners Insurance agent.
2025 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
All 50 states
Why we chose it
State Farm is the best overall home insurance company in Minneapolis due to its statewide availability, wide range of policy options for homes of all shapes and sizes, high marks for customer service, and its industry-best financial stability ratings.
Pros and cons
Pros
High customer satisfaction and financial strength ratings
Top-tier coverage add-ons, including extended replacement cost coverage
Offers large discounts when you bundle your home and auto insurance
Cons
20% more complaints filed with the NAIC than other companies of its size
No discounts for first-time homebuyers
More details
Why we chose State Farm
As the largest home insurance provider in Minneapolis, State Farm is best known for its easy-to-reach and dependable customer service. And this goes for all steps of the the customer journey — from shopping and setting up your policy to making changes to your coverage to filing a claim.
What makes this possible is State Farm's extensive network of local agents who understand the weather risks and overall coverage needs of their community.
Plus, while many competitors don't have the financial strength to pay out claims after several natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from A.M. Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.
How do State Farm home insurance rates compare to the Minneapolis average?
The average cost of State Farm home insurance in Minneapolis is $2,308 per year, which is about 15% more expensive than the average annual premium in Minneapolis of $2,010.
How to get a quote
Online through State Farm or by contacting your local State Farm agent.
2025 Policygenius award winner
American Family
4.6
Offers extended replacement cost
Offers flood insurance
Bundle home & auto
Why we chose it
American Family is one of the best home insurance companies in Minneapolis, especially for people who want to add coverage to a basic policy. AmFam also has high customer service ratings and several discounts.
Pros and cons
Pros
Several one-of-its-kind coverage endorsements and policy perks
High customer satisfaction and digital shopping satisfaction scores with J.D. Power
Offers nearly a dozen discounts
Cons
Requires you to work with an agent to purchase a policy
More details
Why we chose American Family
American Family is one of the top home insurance companies in Minneapolis. You can customize your American Family policy with up to 15 additional coverage options — including inland flood, equipment breakdown, and service line coverage.
Although its rates are more expensive than average in Minneapolis, AmFam's many discounts (including paying your premiums all at once, opting for paperless billing, and signing up for automatic payments) can help get those premiums down.
How do American Family home insurance rates compare to the Minneapolis average?
The average annual cost of American Family home insurance in Minneapolis is $2,144 per year, which is 7% more expensive than the citywide average.
How to get a quote
Online with American Family or by contacting a local agent
2025 Policygenius award winner
Farmers
4.5
Offers extended replacement cost
Bundle home & auto
Smart home discounts
Why we chose it
Farmers is one of the best home insurance companies in Minneapolis for those who want to add coverage to their policies. Farmers also has a range of discounts, slightly cheaper-than-average rates, and high claims satisfaction scores.
Pros and cons
Pros
Optional extended or guaranteed replacement cost dwelling coverage
Receives few complaints from policyholders and has a high claims satisfaction score
Rates are cheaper than average
Cons
Below-average scores on J.D. Power’s overall customer satisfaction and digital experience surveys
More details
Why we chose Farmers
Farmers is one of the best home insurance companies in Minneapolis, especially if you want to add coverage to a basic policy. Optional coverages from Farmers include guaranteed or extended replacement cost coverage, water backup protection, and a personal articles floater.
Farmers also earned a high score in J.D. Power’s 2022 claims satisfaction study (though it scored below average on J.D. Power’s overall customer satisfaction and digital experience surveys). Plus, Farmers receives fewer complaints than average, according to the National Association of Insurance Commissioners.
How do Farmers home insurance rates compare to the average in Minneapolis?
The average cost of Farmers home insurance in Minneapolis is $1,556 per year, which is 23% cheaper than the city's average annual premium.
How to get a quote
Online through Farmers
2025 Policygenius award winner
Allstate
4.5
Bundle home & auto
Smart home discounts
Why we chose it
Whether you’re looking for basic or comprehensive home insurance coverage, Allstate is a standout option. Airbnb hosts may find a suitor in Allstate thanks HostAdvantage — its affordable short-term rental coverage that can be easily added to any policy.
Pros and cons
Pros
Offers HostAdvantage — an excellent short-term rental coverage add-on that can be seamlessly added to any policy
Extensive list of discounts and policy features to lower your bill and out-of-pocket costs
A+ credit rating with A.M. Best
Cons
Beginning to pull back coverage in high-risk areas
Customer experience scores with J.D. Power are below the segment average
Rate are higher than average
More details
Why we chose Allstate
If you rent out your property through a short-term rental service like Airbnb and a guest destroys or steals your property, Allstate’s HostAdvantage will pay up to $10,000 per rental host period to replace or repair your property.
And the best part? This coverage can be seamlessly added onto your policy for just a small additional fee. Only around a third of the nearly 70 home insurance companies we reviewed offer any type of home-sharing coverage, making Allstate a great option for Airbnb hosts who also need home insurance of their own.
How do Allstate home insurance rates compare to the Minneapolis average?
The average annual cost of an Allstate home insurance policy in Minneapolis is $3,215, or around 60% more expensive than the citywide average of $2,010 per year.
How to get a quote
Online through Policygenius or Allstate, or by contacting a local Allstate agent.
How much is homeowners insurance in Minneapolis?
Minneapolis homeowners pay an average of $2,010 per year, or $168 a month, for a homeowners insurance policy with $300,000 in dwelling coverage.
This makes home insurance in Minneapolis roughly 10% more expensive than the state average of $1,829 per year, and around 15% pricier than the national annual average of $1,754.
Minneapolis home insurance rates by ZIP code
To help you find out how much home insurance costs where you live, we calculated average home insurance rates for the 10 most populated ZIP codes in Minneapolis.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
55407 | $2,009 | 10% |
55406 | $2,008 | 10% |
55414 | $2,008 | 10% |
55408 | $2,010 | 10% |
55411 | $2,011 | 10% |
55418 | $2,010 | 10% |
55419 | $2,010 | 10% |
55404 | $2,009 | 10% |
55417 | $2,029 | 11% |
55412 | $2,013 | 10% |
Cheapest ZIP codes for home insurance in Minneapolis
With an average home insurance rate of $1,999 per year, the 55450 ZIP code is the most affordable area for home insurance in Minneapolis.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
55450 | $1,999 | 9% |
55401 | $2,008 | 10% |
55402 | $2,008 | 10% |
55406 | $2,008 | 10% |
55414 | $2,008 | 10% |
55415 | $2,008 | 10% |
55454 | $2,008 | 10% |
55455 | $2,008 | 10% |
55403 | $2,009 | 10% |
55404 | $2,009 | 10% |
Most expensive areas for homeowners insurance in Minneapolis
With an average home insurance rate of $2,029 per year, the 55417 ZIP code is the most expensive area for home insurance in Minneapolis.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
55417 | $2,029 | 11% |
55412 | $2,013 | 10% |
55405 | $2,011 | 10% |
55411 | $2,011 | 10% |
55408 | $2,010 | 10% |
55409 | $2,010 | 10% |
55410 | $2,010 | 10% |
55413 | $2,010 | 10% |
55418 | $2,010 | 10% |
55419 | $2,010 | 10% |
Learn more >> Home insurance rates by ZIP code
Minneapolis home insurance costs by coverage amount
Along with your home's location, your homeowners insurance premiums are primarily based on how much dwelling coverage is in your policy.
As you can see in the table below, the average annual premium for a Minneapolis home with $500,000 in dwelling coverage is almost $1,000 more expensive than the citywide average.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $1,017 |
$200,000 | $1,501 |
$300,000 | $2,010 |
$400,000 | $2,415 |
$500,000 | $2,978 |
Minneapolis home insurance costs by deductible amount
Your home insurance deductible is the amount you’re responsible for paying on each claim before insurance kicks in to help cover the cost of repairing or replacing your property. A higher deductible means lower insurance premiums, but it also means you're responsible for paying more out of pocket when you file a claim.
As seen in the table below, Minneapolis residents can save around $800 on home insurance each year by choosing a $1,000 deductible over the $500 option.
Deductible | Average annual cost |
|---|---|
$500 | $2,565 |
$1,000 | $1,787 |
Cheapest homeowners insurance companies in Minneapolis
Based on our analysis, Auto-Owners, AAA, Farmers, Western National, and Chubb are the five cheapest home insurance companies in Minneapolis, with average premiums ranging from $1,229 to $1,720 per year.
Company | Average annual cost |
|---|---|
$1,229 | |
$1,548 | |
$1,556 | |
Western National | $1,648 |
$1,720 | |
Westfield Insurance | $1,787 |
Secura Insurance Companies | $1,946 |
$2,144 | |
North Star Mutual Insurance | $2,189 |
$2,308 | |
West Bend Mutual Insurance | $2,827 |
$3,215 |
Cheapest home insurance in Minneapolis if you have poor credit
Insurance companies may also take your credit score into consideration when determining your home insurance premium. Insurers consider customers with poor credit to be more likely to file claims for small losses or damages rather than cover the costs themselves out of pocket, so they'll often charge more in premiums as a hedge against the higher risk of claim payouts.
With an average annual premium of $2,308, AAA has the cheapest home insurance rates in Minneapolis for a homeowner with poor credit, while Auto-Owners' average of $12,960 per year is the most expensive.
Company | Average annual cost |
|---|---|
AAA | $2,308 |
Western National | $2,350 |
Secura Insurance Companies | $2,458 |
American Family | $2,577 |
Westfield Insurance | $3,062 |
North Star Mutual Insurance | $3,119 |
Farmers | $3,157 |
West Bend Mutual Insurance | $3,668 |
State Farm | $3,979 |
Chubb | $4,752 |
Allstate | $5,124 |
Auto-Owners Insurance | $12,960 |
Cheapest home insurance in Minneapolis if you have an older home
Insurance carriers consider older homes to have a higher risk of damage or loss compared to newer homes since they're constructed with older and more difficult to replace materials. Additionally, certain structural components in older homes, like the roof or plumbing systems, may not be up to code.
Looking at average quotes for a 50-year-old home, Auto-Owners Insurance is the cheapest home insurance option for Minneapolis residents with older homes, while Allstate is the most expensive.
Company | Average annual cost |
|---|---|
Auto-Owners Insurance | $1,251 |
Farmers | $1,494 |
AAA | $1,579 |
Western National | $1,648 |
Chubb | $1,720 |
Westfield Insurance | $1,787 |
Secura Insurance Companies | $2,011 |
American Family | $2,132 |
North Star Mutual Insurance | $2,189 |
State Farm | $2,308 |
West Bend Mutual Insurance | $2,567 |
Allstate | $2,571 |
Cheapest homeowners insurance in Minneapolis if you have a history of claims
Your claims history is one of the biggest factors that can impact your home insurance premiums. If you've filed one or more claims in the previous five years, you'll typically pay more for home insurance compared to if you went claim free during that time.
Here's the cheapest home insurance companies in Minneapolis for a homeowner with three claims within a five-year period on their record. According to our analysis, homeowners with multiple claims will likely find Auto-Owners Insurance to be their cheapest option, while AAA will likely be the most expensive.
Company | Average annual cost |
|---|---|
Auto-Owners Insurance | $1,296 |
Western National | $1,648 |
Westfield Insurance | $2,033 |
North Star Mutual Insurance | $2,189 |
American Family | $2,549 |
State Farm | $2,636 |
Secura Insurance Companies | $2,674 |
Farmers | $2,821 |
Chubb | $3,245 |
West Bend Mutual Insurance | $3,559 |
Allstate | $3,858 |
AAA | $4,617 |
How to get homeowners insurance quotes in Minneapolis
Now that you're familiar with the best insurance options available in Minneapolis, it's time to start shopping for homeowners insurance. Here are some things you should keep in mind as you compare home insurance quotes in Minneapolis.
Frequently asked questions
Who offers the best insurance in Minneapolis?
With an average yearly cost of $1,229, Auto-Owners Insurance has the lowest home insurance rate in Minneapolis, but the best policy is the one that provides quality coverage at an affordable rate.
What can I do to lower the cost of my homeowner’s insurance?
Most companies offer discounts for bundling home and auto policies, paying your premium in one payment, and adding safety features to your home. Some also offer additional discounts for not filing claims.
How does the cost of insurance in Minneapolis compare to the rest of the state?
The average annual cost of homeowners insurance in Minneapolis is $2,010, which is 10% higher than the statewide average of $1,829.
Is homeowners insurance mandatory in Minnesota?
While you are not legally obligated to purchase homeowners insurance, having it can save you hundreds of thousands of dollars in case of a catastrophic event. In some cases, your mortgage lender may require it as a stipulation for your loan.
