Table of Contents
- How much does renters insurance cost in Minnesota?
- Average price of renters insurance in Minnesota by city
- Average price of renters insurance in Minnesota by insurance company
- The cheapest renters insurance in Minnesota: State Farm
- The best renters insurance in Minnesota: Allstate
- Other Minnesota renters insurance providers you should consider
- What else do you need to know about renters insurance in Minnesota?
- How we gathered our data on Minnesota renters insurance prices
How much does renters insurance cost in Minnesota?
On average, renters insurance costs $16.96 per month in Minnesota, which is slightly below the national average of $20 per month.
Minnesota’s average reflects a wide range of prices. Homesite offers the state’s most expensive premiums in Minneapolis and St. Paul ($33.14), whereas State Farm offers the cheapest in Coon Rapids ($8.71).
Minneapolis (where renters insurance costs $18.70 per month on average) has the most expensive premiums in Minnesota. This isn’t surprising because crime affects the price of renters insurance and Minnesota has an unusually high crime rate.
There are other factors that affect the cost of renters insurance in MN, including:
- Weather: Insurers charge higher premiums in areas that regularly have extreme weather because of the greater risk of property damage. For instance, blizzards are common in Minnesota, and your policy will be more expensive if your city is particularly prone to snowstorms.
- Riders: If you add renters insurance riders to your policy to increase your coverage for items like jewelry, your insurer will raise the cost of your insurance.
- Deductibles: You’ll pay higher premiums if you choose a lower renters insurance deductible (the amount your insurer deducts from your claim payout). Conversely, your premiums will be lower if you choose a higher deductible.
Your premiums may also be affected by your insurance claims history, your credit score, and your home’s safety (e.g. its distance from the nearest fire department, or the age of the building you live in).
Average price of renters insurance in Minnesota by city
The table below shows the average cost of renters insurance in Minnesota’s 15 most populous cities.
|City||Average price (monthly)||Average price (yearly)|
Average price of renters insurance in Minnesota by insurance company
The following table shows the average price that the eight biggest insurers offer for renters insurance in MN.
|Insurer||Price||Difference from average|
The cheapest renters insurance in Minnesota: State Farm
State Farm offers the cheapest renters insurance in every city in Minnesota, selling policies for $9.82 per month on average. They’re more than $2 cheaper than the second most affordable insurer, Nationwide ($12.25).
Benefits of State Farm renters insurance in Minnesota
- More loss-of-use-coverage: If your roof collapses during a blizzard, which is a covered peril in renters insurance, your provider will usually cover your additional living expenses for up to 12 months. However, State Farm offers loss-of-use coverage for up to 24 months, so you’ll be financially supported for twice as long.
- Replacement cost coverage: Several insurers provide actual cash value coverage and expect you to pay extra if you want to upgrade. State Farm, however, offers replacement cost coverage with every policy, so they won’t increase your premiums if you opt for better protection.
Disadvantages of State Farm renters insurance in Minnesota
- No flood insurance: Minnesota winters are severe, and snowmelt can cause flash flooding. Unfortunately, State Farm doesn’t offer flood coverage through the National Flood Insurance Program (NFIP), which is a significant drawback because it means you’ll have to buy a separate policy from another insurer.
The best renters insurance in Minnesota: Allstate
Although State Farm doesn’t offer flood insurance, Allstate does. They also offer all-around solid coverage at a reasonable price.
Benefits of Allstate renters insurance in Minnesota
- Optional flood insurance: As Allstate’s website mentions, one inch of water can cause more than $25,000 worth of damage to your home. Flash flooding from thawing snow is a serious problem in Minnesota, so you should speak to your local Allstate agent, who can help you buy flood insurance. Be aware that doing so will significantly increase your premiums.
- Solid bundling discount: Like most insurers, Allstate offers a bundling discount when you buy renters insurance and auto insurance from them. Allstate’s discount is around 13%–14%, which is better than what many of their competitors offer, including Progressive and GEICO.
- Price: Allstate is the third most affordable insurance provider in Minnesota, selling policies at $14.78 per month, which is below the state average ($16.96). Allstate provides the four types of coverage offered by most renters insurance policies, but for a more affordable price than many of their competitors.
Disadvantages of Allstate renters insurance in Minnesota
- Limited coverage add-ons: Aside from flood insurance, Allstate doesn’t offer any noteworthy add-ons. Their website only mentions two riders, scheduled personal property coverage and identity theft restoration coverage, so you won’t be able to customize your policy very much.
In general, Allstate’s policies are fairly similar to State Farm’s, with the benefit that you can also buy flood insurance from them if you need it. Overall, they’re our pick for the best renters insurance in MN.
Other Minnesota renters insurance providers you should consider
We’ve also given two other providers honorable mentions for the following categories:
- Blizzard coverage
- Tornado coverage
Best Minnesota renters insurance for blizzard coverage: USAA
Renters insurance covers water damage, including damage inflicted by ice or snow, so you’ll be protected if your pipes freeze during a blizzard. However, snowmelt that floods your home is excluded from most policies.
USAA’s renters insurance covers floods automatically, so you don’t have to buy it separately, as you would with Allstate or Liberty Mutual. The downside is that you must fit into one of the following groups to be eligible for USAA’s insurance:
- A currently serving military member
- A veteran
- The spouse, child, or grandchild of an existing USAA member
USAA offers the best renters insurance for blizzards in Minnesota (and they have an excellent reputation in other respects, too). As mentioned, if you’re ineligible for their insurance, Allstate is a good alternative.
Best Minnesota renters insurance for tornado coverage: Farmers
Minnesota sits on the northern end of “Tornado Alley.” If a tornado renders your home uninhabitable, you’ll usually be covered by your renters insurance, since most policies cover wind damage.
When it comes to tornado coverage, Farmers has the edge because of their impressive mobile claims center. In the wake of natural disasters, Farmers sends buses that provide:
- Internet, phones, and TV
- Hot food, bottled water, blankets, and children’s toys
- Shelters and tents
Moreover, Farmers sends out insurance agents who specialize in catastrophe response, so you’ll be able to get an expert’s help when you file your renters insurance claim.
How to learn more about renters insurance providers in Minnesota
If you want to take a look at each insurer individually before you buy a policy, you can read our renters insurance reviews of the following companies in MN:
- State Farm
- Lemonade (they don’t sell policies in Minnesota just yet, but may in the future)
What else do you need to know about renters insurance in Minnesota?
Check out the following Minnesota-specific renters insurance questions:
Does renters insurance require a credit check in Minnesota?
Yes, in Minnesota it’s legal for renters insurance providers to run your credit before they offer you a price. If you have a low credit score, they’ll charge you more, and vice versa. In some states, you can get renters insurance with no credit check, but this is difficult in MN.
Can landlords require renters insurance in Minnesota?
Yes, landlords can write a renters insurance requirement into your tenancy agreement in Minnesota. If you break your contract by failing to get insurance or letting your policy lapse, they’re entitled to evict you.
How we gathered our data on Minnesota renters insurance prices
To find cheap renters insurance in MN, we collected quotes using the following information:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based off personal property coverage)
- Deductible: $500
The cost of renters insurance in MN is affected by how much coverage you want, the deductible you choose, and your personal information, which is why the quotes you receive might vary slightly from our own.
Also, be aware that many insurers will ask you to pay at least one month’s premiums before your policy starts. If you want to get renters insurance with no down payment, consider paying for a year’s worth of insurance upfront.
The price of renters insurance in Minnesota: complete data set
The table below shows every quote we received for renters insurance in Minnesota’s 15 biggest cities from the major insurers we looked at.
|City||Allstate||Geico||Progressive||State Farm||Liberty Mutual||Nationwide||Homesite||Farmers|
- What is guest medical coverage in renters insurance?
- What is a sub-limit in renters insurance?
- Does renters insurance cover gold or silver bullion?
- What does "dependent in the care of" mean in renters insurance?
- Does State Farm renters insurance cover hotel stays?
- Does renters insurance cover bursting pipes?