Mankato Home Insurance

Your Complete Guide to Mankato, MN Homeowners Insurance

More than 40,000 people live in the vibrant and cultural city of Mankato, MN. This college town is home to Minnesota State University, South Central College, Bethany Lutheran College, and Rasmussen College. If you are among Mankato’s proud homeowners, you will want to be sure to cover your investment with a suitable home insurance policy.

When you are shopping for affordable insurance coverage for your home, an independent insurance agent can help. Find an agent near you to learn more.

Cost of Homeowners Insurance in Minnesota

  • National yearly premium average: $1,173
  • Minnesota yearly premium average: $1,323
  • 13th most expensive premium in the US

The averages listed above are just that: averages. Actual rates can vary significantly from one homeowner to the next. To find out how much coverage will cost you, you can review quotes from different insurance companies. Each insurer has its own method for calculating rates, so comparing quotes lets you choose the policy that provides the best value for your money. 

Your rates can be based on a number of considerations including: 

  • The age and value of your home, as well as the material used in its construction
  • The crime rate in the ZIP code where your house is located
  • The amount of your deductible
  • Whether you are bundling your coverage with other policies like car insurance

Second Home and Vacation Home Insurance

If the property you are insuring is not your primary residence, there are many other factors that need to be taken into consideration. Properties that are left vacant for long periods of time have higher associated risks. Also, if you rent your second home out to others, such as to some of the many college students living in Mankato, you may need to purchase landlord insurance.

A local independent insurance agent can explain the coverage needs associated with your property, and can help you find the best and most affordable policy to meet those needs.

Burglary Rate in Minnesota

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in MN: 3.37

The burglary rate in Minnesota is lower than the national average, but in Mankato, it is higher. This city sees property crimes at a rate of 5.35 burglaries per 1,000 homes. This can result in a slight increase in home insurance rates.

Precautions such as burglar alarms and deadbolt locks can often qualify you for a discount on your home insurance policy. In the event that your Mankato home is burglarized, you may gain some peace of mind knowing that your homeowners insurance company can provide compensation for your losses. 

Catastrophic Events in Minnesota

  • Number of declared disasters in Minnesota: 60
  • Average number of tornadoes per year in Minnesota: 41.9
  • Average amount of property damage per year in MN: $897,178,000
  • 1 in 15 insured homes has a claim each year.

Your home insurance policy is designed to provide coverage against many of the hazards you are likely to face as a homeowner in Mankato.  Your local independent agent can help you review your coverage limits so you can be sure that they are high enough.

What Are the Risks in Mankato, MN?

As a resident of Mankato, you are most at risk for property damage caused by flooding. However, as many homeowners learn too late, flood damage is not covered by home insurance. Fortunately, an independent insurance agent can help you supplement your homeowners insurance policy with flood insurance through the National Flood Insurance Program (NFIP).

Why Work with an Independent Insurance Agent?

Independent insurance agents make comparison shopping easy because they can work with a number of different insurers to ensure that you are getting the best price for your home insurance coverage. Find an agent in or near Mankato to start comparing quotes.

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