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The average American homeowner pays $1,173 per year for home insurance, but in Minnesota, the average annual premium is $1,323. Even though insurance is more expensive for homes in Minnesota, you should not skimp on this important coverage. It can help cover potential damage to one of the biggest investments you will ever make: your home.
Your home insurance gives you a backup plan in case a catastrophe strikes in your neighborhood. Whether it's a fire, heavy winds or a burglary, you're covered if you have a suitable Minnesota homeowners insurance policy.
Pays for repairs to your home and your belongings
Pays for someone else's injuries or property damage when it's your fault
Pays for temporary living expenses when your home is damaged
We can’t be 100% certain, but in 2016, insurance companies spent more than $897 million on home insurance claims in Minnesota. That's a lot of unfortunate events happening to Minnesota homeowners.
Insurance carriers calculate the cost of a home insurance policy by asking , "How likely is it that something bad will happen?" The more likely it is that something bad will happen, the more expensive the home insurance policy will be, and vice versa. We call these potential disasters "risk." Let’s take a look at how risky Minnesota is compared to the rest of the US.
Even though the crime rate in Minnesota is lower than the national average, homeowners still have to be aware of the risk and should take precautions to secure their property.
With its northern climate and close proximity to Lake Superior, residents of this state are no strangers to freezing temperatures, heavy snowfalls, and severe storms, all of which can lead to expensive property damage. Be aware, however, that to have coverage against flood damage, you will need to supplement your insurance with a flood insurance policy through the NFIP.
Yes! There are currently 525 independent insurance agents in Minnesota who are ready to help. Did you know that independent insurance agents can give you multiple policy options to choose from? That way, you'll receive completely customized coverage that addresses all of your unique insurance needs.
National average burglary rate 4.69 per 1,000 homes
National average home value $188,900
National average home insurance cost $1,173 year
|City||Annual insurance cost||Avg. home value||Burglaries / 1,000 homes|
|Inver Grove Heights||$1,281||$237,191||2.92|
|St. Louis Park||$1,458||$258,902||3.25|