Get Minnesota Homeowners Insurance Online Quotes
If you are a homeowner in Minnesota in search of adequate protection for your house and your family, we have some good news:
At Insurance Geek, we love getting you set up with the best possible Minnesota homeowners insurance rates based on your requirements and your situation.
Below, we discuss what you should anticipate paying for your premiums based on specific locations throughout Minnesota.
Also, we’ll cover all the terms relevant to homeowners policies that you should understand before you generate the quotes and choose your insurance company.
Minnesota Home Insurance: The Basics
Minnesota isn’t only home to the Vikings – it’s host to beautiful winter scenes and the incredible twin cities of Minneapolis & St. Paul.
Whether you’re settling down in Minnesota for a career, family, access to beautiful lakes, the amazing sunsets, or just about any other reason, we get it. It’s a beautiful, safe place to live.
In fact, Minnesota is the seventh safest state in the US at the tie of this writing, with a lower crime rate, along with the states such as Nebraska and Utah. While crime is higher in metro areas like the twin cities, you can expect an overall safe experience in this beautiful state.
As you probably know, it gets a little cold in Minnesota, and winters can be rough, so expect to protect yourself against the major perils of snow and ice.
That said, what are perils in the insurance company lingo?
PERILS are defined as damages to your home as a result of inclement weather or situations such as sewer drainage backups happening in your home.
In addition to snow and ice, other perils that may occur in Minnesota include:
- Thunderstorms
- Winter weather
- Winter storms
- Tornadoes (though infrequent, they do happen)
- Wind
- Hail
- Wind gusts
To protect your house and belongings adequately, you should make sure that your homeowners insurance coverage encompasses all the perils that are potential risks for your area. You will find information on what is covered on your policy’s declarations page.
What Kind of Home Insurance Do I Need in Minnesota?
There are different home insurance coverage options, and which policy you should get depends on your specific needs.
In general, there are two main types of homeowners insurance policies: a named and an all peril policy.
NAMED Policy
This type of home insurance policy protects a homeowner only against those perils that are explicitly stated. You can file a home insurance claim only for those risks that are named.
In our experience, these are usually purchased as add ons as additional coverage to fill in the gaps in your existing policy.
ALL PERIL Policy
On the other hand, an all peril home insurance policy includes all the perils unless a peril is explicitly omitted. Thus, it can protect your home and belongings against all the major perils in Minnesota covered above, so it’s the best option.
It makes sense to ensure your coverage includes ALL PERIL protection to protect against major losses in your house.
How are Premiums Determined?
The average cost of homeowners insurance in Minnesota is generally similar to that of some other states like Texas or Ohio.
However, homeowners insurance rates may vary depending on multiple interrelated factors.
The cost of your premiums is affected by:
Credit Score
Home insurance companies look into your credit score to determine whether you are punctual with your payments. Paying bills and loans on time will result in a better credit score and could get you lower rates for your home insurance policy.
The Value of Your Home
The amount of your premium is also largely affected by the value of your home.
The appraisal process by an insurance company will take into account the age and location of the house as well as the material it is constructed from.
An important term to mention here is the replacement cost of your house. The replacement costs refer to the amount it would take to rebuild or repair your house to its state as it is now. It is different from the market value of your home (i.e., how much your home costs).
If you want to learn more information on the replacement cost, read our article on ACV vs. RCV.
Previous Claims
An insurance company will also check whether there have been any previous claims filed for the property in question. The existence of previous claims would signal to insurance companies that the home is at a greater risk, which may drive your rate up.
Deductible
The deductible is the amount you, as a policyholder, will have to pay before the home insurance company pays expenses to you.
The formula goes like this: The higher deductible you pay, the lower your premium is, and vice versa.
So, you should determine which of the two you prefer. Low premiums may sound alluring, but then you will have to pay higher out of your pocket when you need to make a home insurance claim on your property.
So, it’s in your best interest to balance the two.
Discounts
While the aforementioned factors may raise the cost of your Minnesota home insurance, this is one that can lower it.
Discounts can be received in multiple ways, from having a fire or burglary alarm already installed to paying out your insurance policy at once.
But the most popular way to get a discount is to combine home insurance policies with other kinds of policies with the same company. For example, you can get a life or auto insurance policy along with home insurance, and you will save up.
These are only a few factors to consider. There are many more things that influence how much you will pay to protect your home.
Get Minnesota Homeowners Insurance Quotes Today
There are many things you should take into account before getting a homeowners insurance policy, and many homeowners insurance companies to choose from. We know that it can get really complicated.
That’s why we’ve decided to make it easier for our customers:
Take a gander at our Insurance Geek quote tool, and put in your info to connect with an agent via our Fat Agent app who can help you get the best home insurance quotes in Minnesota!
The only thing you need to share with us and use our services are basic things like your ZIP code, address, and some details about your property.
Then, we will generate homeowners insurance policy quotes from multiple insurance companies for you.
We love helping our customers, and we’re confident we can get you set up with the right homeowners policy and company. Our carriers have excellent customer service, and Insurance Geek agents are here to help you with any inquiries you may have!
What Discounts are Available?
We help people just like you save on Minnesota homeowners insurance through various discount cost adjustments, including family and bundle discounts, PIF (paid in full discounts), and a variety of other ways to save.
So, if you want to get multiple policies – for example, life and auto insurance, too – let us know, and you’ll save up with the right company!
Who Should Get Homeowners Insurance?
It doesn’t matter whether you are a new or existing homeowner; everyone should get Minnesota homeowners insurance coverage.
First and foremost, it protects you against any accidents and risks – not only those solely caused by perils but also if someone gets injured at your property. You can read more about what your coverage options are down below.
Also, your mortgage lender will require proof that you have homeowners insurance for the home.
Top Cities & Metro Suburbs in Minnesota for Homeowners
Homeowners from all around the state, regardless of the ZIP code, seek our services.
They come from the biggest cities in Minnesota, as well as all the suburbs.
Some of the cities include:
- Minneapolis
- St. Paul
- Duluth
- Plymouth
- Rochester
- Woodbury
- Brooklyn Park
- Bloomington
Here’s a list of the top Minnesota suburbs:
- Edina
- Victoria
- Falcon Heights
- Mendota Heights
- Shoreview
- Lauderdale
- Eden Prairie
- Chanhassen
- Waconia
- Minnetonka
- St. Louis Park
- Dellwood
- Shorewood
- New Brighton
We provide Minnesota homeowners insurance through Progressive, Safeco, and Nationwide. In our experience, these insurance companies can provide competitive rates that truly benefit our customers.
What Does Home Insurance Coverage Include?
Homeowners insurance providers will offer different coverage options.
Your policy may look like this:
Coverage A – Dwelling Amount
This covers the physical structure of the home.
In our experience, dwelling coverage should be based on the replacement cost of your house, i.e., the amount it would take to rebuild it (and not the actual cash value, or the market value). This ensures that your policy will account for any expenses you may face due to a peril.
If you feel like the dwelling amount in your policy might not be enough, and that the cost of rebuilding will surpass it, you can get additional coverage and protect yourself if the amount exceeds the dwelling coverage limit.
Coverage B – Separate Structures Coverage
Separate structures coverage protects those structures that aren’t a part of the physical structure of your home.
This can include:
- Mailboxes,
- attached garages,
- fences,
- sheds,
- etc.
Coverage C – Personal Property
Personal property coverage accounts for your personal belongings.
“Your belongings” includes things that are inside the house and could get damaged in the event of a peril – furniture, appliances, clothes, etc.
Depending on your needs, you can get an optional policy that would protect your valuables that aren’t included in the personal property coverage. These can be things like jewelry, antiques, etc.
If you want to protect yourself from theft and damage, you should create a home inventory. Your home inventory should list your possessions that are at risk of perils, and valuables should be listed separately.
Coverage D – Loss of Use Coverage
Loss of use coverage accounts for costs incurred if you’re unable to use your home for some time.
That said, loss of use coverage can pay for things like higher restaurant bills, renting a place to stay, or using public transportation.
To confirm that you are facing additional living expenses, an insurance company will ask for proof, so make sure that you save the bills and receipts during that period and show that they are higher than your average bills.
Coverage E – Personal Liability Coverage
Personal liability coverage kicks in if you’re found liable for damages or a suit is brought against you due to a covered occurrence.
This portion of your policy will cover defense in court, too.
Coverage F – Medical Payments
MedPay coverage is similar to liability coverage, but you don’t have to be responsible for the accident in question.
It is basically a payment of medical bills for anyone injured on your insured property.
What Isn’t Included?
In addition to getting a standard homeowners insurance policy that consists of the parts mentioned above, you might want to get some other insurance products that aren’t included in it to obtain full protection.
Some insurance options you might want to consider getting are:
Flood Insurance
Your homeowners insurance policy will not contain flood insurance. This is an option that has to be purchased separately.
However, you can protect yourself from water-related damages such as sump overflow, clogged sewer, or drain backup with the right insurance company.
Safeco, Nationwide, and Progressive all offer additional policies for this purpose.
Auto Insurance (Car Insurance)
Auto insurance is another thing you may want to consider, as your vehicle is equally vulnerable to any potential damages.
Plus, if you combine it with homeowners insurance with the same insurance company, you may be eligible for discounts.
Life Insurance
Life insurance is always needed for complete peace of mind for you and your family.
Our carriers offer excellent whole and term life insurance policies.
Other
An insurance company may offer you many interesting and cheap options you can consider getting.
For example, you can obtain equipment breakdown coverage for mechanical and electrical failure, credit card insurance for unauthorized purchases made with insured credit cards, or identity theft protection that helps you recover from identity theft or fraud.
Homeowners Insurance in Minnesota: FAQ
Q: How much is homeowners insurance in MN?
A: Average cost of homeowners insurance in Minnesota is $1,481, which is slightly over the national average rate. Even though the state is amongst the safest in terms of crime and vandalism, other potential damages that can arise due to extreme winters drive the cost up.
Q: Who has the cheapest homeowners insurance in Minnesota?
A: Nationwide, Safeco and Progressive have the best and cheapest homeowners insurance in Minnesota. Apart from the excellent money-to-value ratio and the diversity of homeowners insurance policies that these companies offer, they have great customer service. Their add ons and other insurance products are also great and available in all states.
Final Words
If you have decided to protect your property and family in Minnesota, you are in the right place:
Insurance Geek will help you find the best home insurance company for your needs if you use our quote tool.
There are also various discounts available, and our agents will guide you throughout the process.