Compare Homeowners Insurance Quotes In Minnesota

On average, your neighbors pay $101 a month.

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Best Home Insurance Rates In Minnesota

Minnesota is the birthplace of Bob Dylan, Judy Garland, Target stores, and Charles M. Schulz, creator of Peanuts. The Land of 10,000 Lakes is known for its kind citizens, and having one of the highest standards of living of any state in the US. The Gopher State is also known for its extremely cold winters.

Average Minnesota Homeowners Insurance Rates

Minnesota has relatively high home insurance premiums. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of home insurance in the state of Minnesota was $1,222, a bit higher than the national average of $1,219. Only 15 states have higher average home insurance premiums than Minnesota.

Minnesota Average Annual Homeowners Insurance Rates
  2012 2013 2014
Minnesota Annual Average $1,140 $1,222 $1,219
Minnesota Price Per Month $95 $102 $101
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 12 11 16
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Minnesota should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to get a homeowners insurance quotes comparison in Minnesota from multiple companies.

Best Minnesota Home Insurance Companies

Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Minnesota. Out of the 13,982 Minnesota homeowners that used QuoteWizard to request insurance quotes last year, 461 had no home insurance.

  1. American Family
  2. Progressive Casualty
  3. Farmers
  4. Allstate Insurance
  5. AAA Insurance Co.
  6. Liberty Mutual
  7. Geico
  8. USAA
  9. Nationwide
  10. Travelers Insurance
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Why contact every individual company in Minnesota that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Minnesota Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 American Family Insurance Co. $250,809 13.7%
2 Farmers Insurance Group of Cos. $162,175 8.8%
3 Auto-Owners Insurance Co. $99,926 5.5%
4 Allstate $97,012 5.3%
5 Liberty Mutual $88,276 4.8%
6 USAA Insurance Group $57,445 3.1%
7 Travelers Companies Inc. $55,455 3.0%
8 Nationwide Mutual Group $49,881 2.7%
9 Auto Club Insurance Assoc. Group $45,762 2.5%

Financial Strength Ratings of Top Minnesota Home Insurers

Source: A.M. Best (Ratings as of 8/24/2015)

  • American Family Insurance Co.: A+
  • Farmers Specialty Insurance Co.: A
  • Auto-Owners Insurance Co.: A++
  • Allstate: A+
  • Liberty Mutual: A
  • USAA Insurance Group: A++
  • Travelers Companies Inc.: A++
  • Nationwide Mutual Group: A+
  • Auto Club Insurance Assoc. Group: A-
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Rating Guide

Minnesota Property & Casualty* Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 American Family Insurance Co. $699,397 16.8%
2 Farmers Specialty Insurance Co. $459,848 4.5%
3 Progressive Group $444,748 4.3%
4 Travelers Companies Inc. $407,545 4.0%
5 Liberty Mutual $380,307 3.7%
6 Auto-Owners Insurance Co. $363,788 3.6%
7 Wells Fargo Insurance Group $299,032 2.9%
8 Allstate $271,972 2.7%
9 QBE Insurance Co. $251,423 2.5%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Minnesota.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Minnesota, the average listing price is $274,574 as of July 2015, about the same as the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Minnesota’s average burglary rate was 419.0 per 100,000 people, which is significantly lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Minnesota, there are 14.9 law enforcement personnel per 100,000 total citizens, significantly lower than the national median of 32 per 100,000.

Home Insurance Hazards

Minnesota experiences all four seasons. It is probably most famous (or perhaps infamous) for its extremely cold and snowy winters. In the summers, the heat and humidity occasionally give way to severe thunderstorms and tornadoes. These year-round extremes represent a number of homeowners insurance hazards.

Extreme winters: Winters in Minnesota are extremely cold and extremely snowy. The northern parts of the state are much colder, on average, than the southern portion of the state. January in northern Minnesota is marked by high temperatures below freezing and lows below zero. While average highs in southern Minnesota are also below freezing, the average daily temperature is a bit higher. Southern Minnesota usually emerges from winter earlier and starts winter later than northern Minnesota. Overall, the state averages about 38 days and 54 inches of snow per year. As with temperatures, the snowfall distribution is also uneven. For example, the capital city of St. Paul, in southern Minnesota, averages 34 days of snow, and about 51 inches of snow per year, while the northern city of Duluth averages 61 days of snow per year, and about 86 inches of snow per year. This snow often comes in the form of heavy blizzards, caused by “Alberta clippers,” fast-moving low pressure systems that are responsible for much of the extreme winter snowfall in the Upper Midwest.

Thunderstorms: Because it is so far north, Minnesota often experiences thunderstorms later in spring than other states that are closer to the warm waters of the Gulf of Mexico. Minnesota averages about 35 days of thunderstorms per year, mostly in the summer. The North Star State averages over 100 days of rain per year, and thunderstorms contribute greatly to the 27 inches of rainfall that the state averages each year.

These thunderstorms are encouraged by the state’s warm summers and extremely high humidity. In summer months, southern parts of the state average about 80 degrees with about 90% humidity, whereas northern parts average closer to 70 degrees with about 80% humidity. This is because Lake Superior, to the northeast, moderates the surrounding area, keeping summers cooler and winters warmer. Thunderstorms in Minnesota can be dangerous and very destructive. They bring heavy rains, strong winds, lightning, and can cause tornadoes, wildfires, and flooding.

Minnesota is especially susceptible to flooding, from both summer storms and snow melt runoff, and averages 3 days per year of flood conditions. Proper preparation is the best way to combat this kind of extreme weather. The only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Tornadoes: Spring and summer thunderstorms give way to tornadoes, which are the most violent kind of storm. The southern half of the state is much more susceptible because of the increased exposure to warm, humid air. According to the National Oceanic and Atmospheric Administration, Minnesota averages 19 tornadoes per year, and in 2012, the National Weather Service ranked Minnesota as the #20 most tornado-prone state. 2010 saw 48 tornadoes, the most on record, including nine that ranked “strong” or higher. These tornadoes can have winds up to 110 mph, and can travel for miles before slowing down. A strong tornado can tear buildings from their foundations and flip over cars. Even a weak tornado can cause property damage and knock over trees, so be sure to discuss how you can protect yourself from them with your insurance agent.

Minnesota Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Michael Rothman
Insurance Hotline:
(651) 539 – 1500
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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