Nearly half the Minneapolis residents have their own home. This makes affordable homeowners insurance a priority for many. An average Minneapolis homeowner spends $1,971 per year for insurance coverage on a $250,000 home. However, there are cheaper options available that can help residents save money on their insurance. Our team evaluated five of the most affordable homeowners insurance companies in Minneapolis. They were chosen based on their affordability, coverage and discounts, as well as customer satisfaction. Residents can make an informed decision and save money by understanding the options available to them.
Best Home Insurance Companies in Minneapolis
We evaluated each provider to find the most affordable home insurance company. This was done in order to determine which ones offer the best coverage. According to our findings, the following table lists the five most affordable home insurance companies.
Auto-Owners Insurance is the best affordable home insurance company in Minneapolis. This provider not only offers the lowest rates among the companies that we reviewed but also offers many additional coverages to go along with their standard homeowners insurance. These additional coverage options include home replacement cost, water backup from sewers or drains and equipment breakdown. They also offer identity theft expense coverage and special property coverage.
Auto-Owners also offers special coverage options. This allows homeowners to save even more on already affordable insurance. Multi-policy, payment history and green upgrades are eligible for discounts. Protective devices, water shutoff system, automatic back generator, favorable loss history, mortgage-free, and mortgage-free policies can also be discounted.
AAA (CSAA Insurance Group).
AAA (also referred as CSAA Insurance Group, J.D.) is affordable. Power offers affordable pricing when compared to other Minneapolis providers. The provider offers standard coverage, as well as additional options such as flood, umbrella/excess liability and boats insurance. They also offer coverage for valuables like jewelry, furs and collectibles, computers and silver. AAA doesn’t offer any discounts to lower the cost of their insurance. They do offer discounts for homeowners with burglar alarms installed, older homes, who have a clean record and those with multiple policies.
American Family Insurance
American Family Insurance, which is slightly more expensive than Auto-Owners or AAA, is still significantly less expensive than the regional average at $1,463 per year for coverage on a $250,000 residence. Standard homeowners insurance is offered by the company. There are optional coverages available for equipment breakdown, sump pumps and water backup, matching siding, credit theft protection, and monitoring. American Family also offers discounts for homeowners insurance, such as smart home devices, multiple policies and age of the home, customer loyalty, paid in full, renovated homes, credit theft protection and monitoring, and multi-policy coverage.
Farmers offers flexible coverage options for homeowners who want customizable coverage. Farmers Smart Plan Home policies allow customers to choose from three customizable packages that can be used as a base for expanding their coverage. Customers can adjust their coverages, raise or lower limits and change them as often as they wish. Farmers offers many discounts that can help policyholders reduce their homeowner’s insurance costs. Available discounts include enhanced home safety and security, non-smokers, multi-policy and customer affiliations/employment.
Although Travelers Insurance is the most expensive, the company makes up the difference with the variety of coverage they offer. Travelers Insurance offers additional coverages to customers for personal property, contents replacement and additional replacement cost protection. They also offer jewelry and valuables coverage, personal articles floter, water backup, sump pump discharge overload, identity fraud, and green homes.
Farmers does not offer any discounts, except for discounts on multi-policy, claim free, protective devices and green homes that were purchased within the last 12 months.
Minneapolis Home Insurance Considerations
Although homeowners insurance is not required by law, most mortgage lenders require that you have homeowners insurance in place before you can receive a loan. A policy can provide greater protection in the event of an emergency. Minneapolis residents are particularly concerned about their safety and security. There are crime rates twice as high as the national average, and there is an average of 52 in. of snowfall each year. Consider the following coverages to protect your personal property.
- Contents Replacement Insurance: Because of the high crime rate in the area, contents replacement insurance may be an option. It will cover the cost of replacing personal property in the event that it is stolen or damaged.
- Flood Insurance: Because Minneapolis receives more snow each year than other cities across the country, flood insurance coverage can be a great way for your home to be protected from any water damage that may occur during the season.
- Identity Theft: This coverage can help cover the costs of any unauthorized charges to your account if someone takes your credit card, computer, or other personal property.
Minneapolis Home Insurance Discounts
Minneapolis residents should not only find the right coverage, but also look for ways to lower their premiums. You can reduce your coverage costs by taking advantage of discounts. Every insurance company offers a different set of discounts for policyholders. It is advisable to shop around to find the best rates and the best savings opportunities. These are some of the most popular discounts for homeowners in the area:
- Multi-Policy: Customers who have life or automotive insurance policies with the same company are eligible for a discount. Bundling insurance policies can help you save significant money on your premium.
- Protective Devices: Homeowners who have installed security systems or smart home systems might be eligible to receive a discount from their provider.
- An automatic backup generator: It is a smart idea to have one, even if you don’t get a discount. You may be able save money on your insurance depending on the provider you choose.
- You can save money on insurance by not having to file a claim. When determining the cost for a policyholder’s premium, insurance companies evaluate each person’s risk. It makes sense that people with fewer claims may be eligible to receive higher rates.
Talk to your agent about the discounts that may be available to you to save more on your premium.
Most Frequently Asked Questions
Which is the best company for home insurance?
Your specific needs will determine the best homeowners insurer. Minneapolis has many home insurance providers. Each one offers its own pros and cons. It is highly recommended to shop around for the best policy that suits your needs. Do thorough research about the coverage options, discounts, and claims satisfaction of each provider.
What is the cost of Minneapolis home insurance?
Recent data shows that the average cost for homeowners insurance in Minneapolis was $1,971 per year for coverage on a $250,000 residence. There are many affordable options for home insurance that residents can use to lower their premiums.
What amount of Minneapolis home insurance do you need?
The amount of homeowners insurance Minneapolis residents require is not required by law. Your mortgage lender might require that you have specific policy limits, depending on the terms of your loan. Residents are also encouraged to consider regional issues (i.e. Residents are encouraged to consider regional concerns (i.e., higher crime rates) when assessing their insurance needs and seeking out optional coverages that could further protect their property.