Chubb has the cheapest home insurance in Minneapolis, Minnesota, with an average monthly rate of $144 a month. North Star Mutual has the next-most affordable rate at $153 a month.
Most of the top homeowners insurance providers in Minneapolis have rates that are above the national average. For this reason, you should compare the costs and policy offerings of as many insurers as you can.
We will go over Minneapolis' best home insurance providers in order to help you get a quote with the best combo of cost and coverage.
In this article
What are the cheapest home insurance companies in Minneapolis?
Of the eight biggest home insurance providers in Minneapolis, Chubb has the lowest average rate of $144 a month. North Star Mutual has the next-lowest premium of $153 a month. American Family also offers an affordable average rate of $159 a month.
| Company | Monthly rate |
|---|---|
| Chubb | $144 |
| North Star Mutual | $153 |
| American Family | $159 |
| Allstate | $174 |
| State Farm | $188 |
| Farmers | $227 |
| Travelers | $230 |
| Country Mutual | $244 |
| Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
How much is home insurance in Minneapolis?
If you have a home in Minneapolis, you'll pay an average of $190 a month for a homeowners insurance policy. This is 14% higher than the Minnesota state average premium of $167 a month, and 30% higher than the national average premium of $146 a month.
| Region | Monthly rate |
|---|---|
| Minneapolis | $190 |
| Minnesota | $167 |
| U.S. | $146 |
| Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
There are many factors that go into calculating your home insurance policy. These include:
- The ZIP code of your home
- The age of your home
- Materials used in construction
- Your insurance claim history
When looking at the standard home insurance policy offered by home insurance companies, you'll notice there is very little difference in their coverage points. Why are some insurers more expensive than others? A key reason is that different companies have different values when gauging the risk factors involved.
As an example, one home insurance company may consider the construction materials used in building your home to be a greater risk than another provider. This is why it's important to compare quotes from as many different home insurers as you can.
Compare rates from top home insurance companies
Another factor involved in your final home insurance quote is the deductible you choose. A higher deductible will lower your rate. If you have a newer or otherwise low-risk home, you may want to consider going with a high deductible. This can save you hundreds of dollars over time.
Who are the best home insurance companies in Minneapolis?
We found that Chubb, North Star Mutual and American Family are the best choices for home insurance providers operating in Minneapolis. Here's why:
Chubb: Lowest rates and best for luxury homes
Chubb has the most affordable average premium for home insurance in Minneapolis, at $144 a month. This is 24% cheaper than the city's average premium of $190 a month. If you have a high-value home, Chubb provides even better benefits. It offers the Masterpiece program, a set of policy offerings geared toward luxury homes. These perks include:
- Extended replacement cost coverage: This coverage will take care of the full rebuild of your home, even if the damage repair cost is above your dwelling coverage limit.
- Preferred contractors: If you have a contractor you like to work with, Chubb allows them to be used instead of working off a list of its preferred contractors.
- Cash payout option: If you do not want to repair or rebuild your high-value home after a claim, you can get a cash payout up to your policy limit instead.
North Star Mutual: Best regional home insurance company
North Star Mutual has the second-cheapest average rate for home insurance in Minneapolis, at $153 a month. North Star Mutual is also highly recommended if you're looking for an insurer that understands the needs of Minneapolis homeowners. Based in Minnesota, North Star Mutual has been covering the Midwest's insurance needs since the 1920s. Furthermore, it carries a superior financial strength rating with A.M. Best. This indicates an excellent ability to cover claims.
American Family: Best home insurance discounts
American Family has the third-lowest homeowners insurance rate in Minneapolis, with an average of $159 a month. However, it also has the strongest set of discounts that could drop your annual premium even lower. Among them are:
- Bunding: If you bundle your homeowners insurance with a car insurance policy, you can save upwards of 23% on both policies.
- Age of home discount: If your home has been renovated in the last 15 years, it can land you a discount.
- Electronic billing discounts: Sign up for autopay and/or paperless billing and get further discounts on your annual premium.
Methodology
We collected quotes from every ZIP code in Minneapolis from the following home insurance companies:
- Allstate
- American Family
- Chubb
- Country Mutual
- Farmers
- North Star Mutual
- State Farm
- Travelers
Average rates for a standard HO-3 homeowners insurance policy we calculated using the following coverages:
- $275,000 dwelling (unless otherwise noted)
- $27,500 other structures
- $137,500 personal property
- $55,000 loss of use
- $100,000 liability
- $5,000 medical payments
- $1,000 deductible (unless otherwise noted)
Sources:
Home insurance by city
- Minneapolis
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