Who Has the Cheapest Homeowners Insurance Quotes in Minnesota?

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Minnesota is a northern state that has a large population, a large cache of natural resources, and plenty of wonderful towns to live in. And while we’re sure you just want to move along and enjoy your home, you should also make sure that it’s safe and protected. There are measures you can take, but a vital part of every protection plan is a homeowners insurance policy. To help you find one, we reviewed some of the best and cheapest providers.

Here are the three cheapest homeowners insurance providers operating in Minnesota:

The Three Cheapest Quotes:

With the diversity of the environments over the large state of Minnesota, it can be easily surprised that everyone’s home insurance experience is going to be different based on where they live. That being noted, we ask that you consider the following notes more of general noticed trends than your exact future experience.

The number listed next to each provider is the average annual rate for a standard policy.

1) Nationwide: $1,537

Nationwide, the cheapest choice we found in Minnesota, is a well-known provider that is known for its customization options, discounts, and high levels of stability. It gets top marks for reliability and providing you with information, and in most states would be far more expensive than they are in Minnesota. Working with them is an opportunity you should at least consider.

Yet the customization options and discounts tend to balance each other out, albeit often on the side of higher rates. The reason for this is that Nationwide usually charges more for their optional coverages than their competitors.

You can expect the following working with Nationwide:

  • Discounts available for the following: people who remain claim-free, those who made a recent home purchase, people looking to bundle, and others still.
  • Optional flood, earthquake, water backup, identity theft, and enhanced valuables and home replacement coverages.
  • Excellent replacement coverage to help you rebuild your home.

2) State Farm: $1,789 

Once of the first names you’ll hear when talking about insurance, State Farm has millions of customers on insurance plans of all types, and their homeowners policies can provide you with steady and understandable service. Simple in nature, State Farm policies will get you what most people need and won’t try to give you too many unnecessary extras.

Yet State Farm, outside of its main offering, doesn’t give you as many options as Nationwide or Farmers would. If you’re looking to customize your plan or are counting on discount options, you’ll want to look elsewhere.

You can expect the following working with State Farm:

  • One of the best online experiences in the industry, complete with an excellent quoting tool and more information than you’ll ever need regarding insurance.
  • An extremely strong infrastructure and level of financial stability, ensuring you’ll get what you need no matter what disaster strikes.
  • Plenty of agents across the state available to help you sign up or answer any questions you have.

3) Farmers: $2,249

Farmers will be more expensive for most customers, but Farmers also is able to provide quite a bit for the price. Like Nationwide, Farmers has plenty of customization options to work with, whether you need to adjust your coverage levels or something else. While the price might be prohibitive to some, exceptions to this include new homeowners and people who want an especially effective loss-of-use policy, as they might find either a lower rate or a policy that’s worth every penny.

Outside of the price, the main issue most customers had with Farmers was that after signing up there are some bad experiences. Rate spikes have occurred after the first year of the policy or sometime within it, and the coverage wasn’t to some people what they were hoping for.

You can expect the following working with Farmers:

  • Three base levels of coverage to choose from, with at least the most basic level being customizable to the point of your satisfaction.
  • The ability to repair your damaged home with eco-friendly materials.
  • Discount opportunities for people buying a new home, homes with recent renovations, non-smokers, those who bundle policies, and others.

Other Notable Minnesota Homeowners Insurance Providers

Not every insurance provider in Minnesota is easy to get data from to determine an average annual rate for, at least to an accurate degree. Yet there are still some other great companies. Here are our top two:

4) Allstate

Our first choice is Allstate, which is another major company and insurance provider that has roots planted all throughout the country. They are somewhat like State Farm, but trend towards being a bit more expensive and having more options. If you’re looking to bundle, want a financially strong or stable company, or have an older home, Allstate is worth your consideration.

They aren’t worth your consideration if you value a quality customer service experience, as we can’t guarantee you’ll get one with Allstate. Their agents aren’t all up to the same level, and you might feel pushed into upgrading. You may also have to wait longer to get service than you would with other companies.

You can expect the following working with Allstate:

  • Excellent online and mobile apps, and resources to help you completely understand insurance and your policy.
  • Plenty of different opportunities to get a discount and reduce your annual rate.
  • Plenty of optional coverages available, including ones for your garden and landscaping, identity theft, your business property, and others.

5) American Family

A company that has a large presence in Minnesota but is also available across the country, American Family is well-liked and appreciated across the state, with few complaints against them. Offering rates that usually remain competitive, unlike some other companies they still manage to keep support lines constantly manned.

Yet like Allstate, those lines aren’t always perfect, and their customer service staff could probably use a little more training. There aren’t many other major issues, but we understand that service can be a big concern for many homeowners.

You can expect the following working with American Family:

  • Discounts for bundling, recently renovating your home, and installing home security or protection systems.
  • Optional coverages including equipment breakdown coverage, sump pump and water backup coverage, credit protection, and matching siding protection.
  • Plenty of ways to make a claim or get support.

 

Conclusion

The right time to get homeowners insurance in Minnesota is now. If you already have a policy, then it’s worth it to make some comparisons and perhaps switch if you can. No matter what, we hope we got you seriously thinking about a financial safety net for your home should something happen to it. A policy is affordable in Minnesota and is always worth at least the peace of mind it brings. We hope you get some quotes soon, and that you find the company for you over the next few days.