The City of Lakes is the largest city in Minnesota, and a thriving metropolis made up of many small and distinct neighborhoods with names like Longfellow, Kenwood, Powderhorn and Calhoun Isles. Some are considered safe and others are not. If you own a home in the Twin Cities, or are planning to purchase a home in this city, finding the right home policy is a priority, whether you live in an upscale burg or an area that could use some renovation.
Your own individual coverage needs are unique to you, and should be based on factors such as the value of your home, the personal property you need to protect and how much liability coverage you want. A local independent agent in the Trusted Choice® network can help you compare Minneapolis, MN homeowners insurance options from multiple insurers and select the coverage you need to protect your home and financial security.
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Cost of Homeowners Insurance in Minnesota
- National yearly premium average: $1,034
- Minnesota yearly premium average: $1,140
- 12th most expensive premium in the US
Minneapolis premiums tend to be somewhat higher than premiums for rural areas and small towns, primarily because metropolitan areas typically have higher property values. However, you can very often find the best rates by shopping around, and by reducing your risk. Consult with a local independent agent who can provide a range of Minneapolis home insurance quotes and help you learn about ways to save.
What Factors Affect Your Minneapolis Home Insurance?
As in any large metro area, Minneapolis homeowners insurance rates and coverage needs are based on a number of factors, such as your home’s value and the exact ZIP code of your neighborhood. Your rates will also be determined by how much coverage you want for your personal belongings, whether you want to increase your liability insurance and so on. Your agent will be able to compare Minneapolis home insurance quotes for your specific property and customize a policy for you. For example, if you have high value belongings such as heirloom jewelry, or a collection of signed Harmon Killebrew memorabilia, you will want to protect that investment with an additional rider on your policy.
What Risks Do Minneapolis Home Owners Face?
Your homeowners policy will need to cover a number of risks, from fire and storm damage to burglary. A good home policy can protect you financially in the event that you suffer a loss due to a break-in, theft, vandalism and other threats.
What about flood? According to The Federal Emergency Management Agency (FEMA), approximately 494 properties in Minneapolis lie in the “100 year flood plain,” and must have flood coverage. FEMA also cautions all home owners in the city to assess their own risks of damage. The many creeks in this area can quickly swell to flood stage in heavy rains. Standard Minneapolis homeowner’s insurance does not include flood coverage, which means you will need to discuss this additional coverage with your local agent.
Number of Catastrophes in Minnesota vs. the U.S.
- National number of catastrophes: 19,033
- Number of catastrophes in Minnesota: 407
- National number of tornadoes: 1,233
- Number of tornadoes in Minnesota: 24
- National property damage from weather: $5,511,270,000
- Property damage from weather in Minnesota: $47,550,000
Number of Thefts in Minnesota:
- National average for burglaries: 37,814
- Minnesota number of burglaries: 22,713
Second Home Insurance in Minneapolis
Summers here are beautiful and many residents own second homes and vacation properties such as cabins in the Mille Lacs and Brainerd Lakes areas. If you own a second home, whether as a weekend getaway or a rental property, you will need coverage tailored to how you use that property. For example, if you have a cabin rental on a lake, you’ll want liability coverage to protect your property investment based on the risks involved. Your local agent can also help you select vacation home or landlord insurance options. Be sure to ask about bundling your various policies together, which may help you can qualify for discounts.
Find the Best Minneapolis Homeowners Insurance
Choosing the coverage you need and making the best coverage choices can be time consuming, but it can also provide peace of mind. A local Trusted Choice independent agent can help. One of these agents can gather various quotes from top insurance companies and compare them side by side.
Contact a member agent today for personal assistance in comparing Minneapolis home insurance quotes and finding the right protection for your household.