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In Minnesota, the annual average cost of home insurance is $1,348, coming in a bit higher than the national figure of $1,211 per year. Each homeowner will pay a unique price based on individual needs and exposures.
Every homeowners insurance policy will come with standard and specific limits of protection. Dwelling value, other structures, personal property, liability, medical payments, and additional living expenses are all included in your policy. These coverages provide insurance for damage due to a fire, severe storms, natural disasters, theft, and vandalism.
In each state there are common risks that could create a loss to your home. The most reported homeowners insurance claims in Minnesota are:
Carriers determine your Minnesota homeowners insurance rates by how risky your personal and local exposures are. They'll review things like past claims reported, if you have a burglar alarm, crime rates, and natural disasters in the area. With Minnesota having $897,178,000 home insurance claims paid in one year alone, the proper policy is necessary to avoid financial ruin.
Yes, Minnesota has 525 independent insurance agencies in operation. Each agent can help you find a homeowners insurance policy that suits your needs and fits your budget. They'll even do the shopping for you at no cost, making it super-simple.
In Minnesota, you'll have several options when it comes to finding a carrier for your home insurance. State Auto, Travelers, West Bend, and Nationwide are highly rated for their excellent coverage, fast service, and claims handling. The market that's right for your situation can be easily found through a trusted adviser.
National average burglary rate 3.76 per 1,000 people
National average home value $269,000
National average home insurance cost $1,211 year
|City||Annual insurance cost||Avg. home value||Burglaries (per 1k residents)|
|Inver Grove Heights||$1,281||$254,500||2.92|
|St. Louis Park||$1,458||$271,600||3.25|