Minneapolis ,MN Home Insurance - The cost of homeowners insurance is influenced by a range of factors, including the value of your coverage, deductible, and the construction materials used in your home.
VHome Insurance conducted a thorough analysis of the Minneapolis, MN homeowners insurance market, taking into account factors like average costs, range of coverages, deductibles and customer satisfaction ratings to determine the best providers. The Average home insurance cost in Minneapolis, MN is $2138. Enter your zipcode below and click “GO” to get multiple free quotes.
It is important to understand the different coverage options available in Minneapolis, MN. VHome Insurance will help you navigate the world of homeowners insurance coverages in Minneapolis, MN.
| Coverage Level | Average Annual Premium |
|---|---|
| $100,000 | $855 |
| $200,000 | $1,454 |
| $300,000 | $1,796 |
| $400,000 | $2,737 |
| $500,000 | $3,442 |
Home insurance costs in Minneapolis can vary greatly based on location. The frequency of claims in your area can affect the cost of your policy. Simply put, the location of your home can significantly impact your homeowners insurance premium.
| Zipcode | Average Insurance Premium |
|---|---|
| 055419 | $2,127 |
| 55405 | $2,103 |
| 55414 | $2,096 |
| 55403 | $2,002 |
| 55401 | $2,081 |
| 55409 | $2,041 |
| 55415 | $2,198 |
| 55449 | $2,070 |
| 55408 | $2,053 |
| 55417 | $2,043 |
| 55413 | $2,051 |
| 55404 | $2,013 |
| 55418 | $2,021 |
| 55406 | $2,020 |
| 55407 | $2,008 |
| 55454 | $1,915 |
| 55411 | $1,953 |
| 55412 | $1,948 |
One key aspect of your policy is the deductible, which is the amount you pay out of pocket before your insurance kicks in. Choosing the right deductible can have a major impact on your insurance premiums and overall savings. In this guide, we'll help you understand the options available for homeowners insurance deductibles in Minneapolis, MN, and how to choose the right one for your needs.
| Deductible Level | Average Annual Premium |
|---|---|
| $500 Deductible | $2,192 |
| $1000 Deductible | $1,961 |
| $1500 Deductible | $1,849 |
| $2500 Deductible | $1,668 |
| $5000 Deductible | $1,411 |
| Home Insurance Company Near Minneapolis, MN | Homeowners Insurance Agency Near Minneapolis, MN | Address |
|---|---|---|
| Liberty Mutual Independent | Lake Country Insurance Services Llc | 1001 Twelve Oaks Center Dr Ste 1007 Wayzata, Minnetonka, MN, 55391 |
| Travelers | North Suburban Agencies Inc | 11421 Hanson Boulevard Northwest Coon Rapids, Coon Rapids, MN, 55433 |
| Travelers | P&H Ins Agency Inc | 11800 SINGLETREE LN STE 120, EDEN PRAIRIE, MN, 55344 |
| NA | Freeberg Insurance Agency, Inc. | 309 W Main St , Cannon Falls, MN, 55009 |
| NA | Oakwood Insurance Agency, Inc. | 129 Central Ave, Osseo, MN, 55369 |
| Place | 1 Car Bundle Savings On Insurance | 2 Car Bundle Savings On Insurance | 3 Car Bundle Savings On Insurance |
|---|---|---|---|
| Lauderdale city, Minnesota | $154 | $205 | $308 |
| Golden Valley city, Minnesota | $161 | $214 | $321 |
| St. Louis Park city, Minnesota | $158 | $211 | $317 |
| Place | Home insurance as a % of housing cost for homes with mortgage | Home insurance as a % of housing cost for homes without mortgage |
|---|---|---|
| Minneapolis, MN | 5.1% | 15.2% |
| Lauderdale | 6.08% | 19.67% |
| Golden Valley | 4.73% | 13.74% |
| St. Louis Park | 4.86% | 16.73% |
| Minneapolis Home By Monthly Rent | Total Homes | % of Total | Estimated Monthly Income To Afford Rented House Including Renters Insurance |
|---|---|---|---|
| Less than $200 | 2,910 | 3.0% | $327 |
| $200 to $299 | 5,536 | 6.0% | $777 |
| $300 to $499 | 5,128 | 6.0% | $1227 |
| $500 to $749 | 20,373 | 25.0% | $1902 |
| $750 to $999 | 20,070 | 24.0% | $2652 |
| $1,000 to $1,499 | 19,731 | 24.0% | $3777 |
| $1,500 or more | 7,534 | 9.0% | $5427 |
| Streets in Minneapolis Area | Homeowners Insurance Cost |
|---|---|
| Edmund Blvd S, Oak St SE, Taft St NE, St Anthony Ln, Malcolm Ave SE, 12th St S, Van Buren St NE, 14th Ave SE, California St NE, NE Hollywood Ave | $1,123 |
| Osseo Rd, William Berry Pkwy, Lourdes Pl, Fairmount Ave SE, S Upton Ave, Beacon St SE, N 3rd St, Sibley St NE, Dorman Ave S, 16th Ave SE | $1,109 |
| E 17th St, NE Hayes St, 4th St S, 27th Ave SE, Orlin Ave SE, E River Pkwy, Butler Pl S, List Pl, E 23rd St, Cumberland Rd | $1,076 |
| Colfax Ln S, Harmon Pl, 23rd Ave SE, 25th Ave SE, 3rd Ave NE, Hillside Ave N, Roseway Rd, Industrial Blvd NE, NE Ulysses St, NE Pierce Pl | $1,033 |
| NE Stinson Pwky, 15th Ave SE, 12th Ave NE, S 2nd St, 1st Ave NE, Franklin Ave SE, N 6th St, 3rd Ave NE, 10th St N, NE McKinley St | $1,039 |
| Place | Savings For Senior Occupied Homes |
|---|---|
| Minneapolis | $156 to $158 |
| Lauderdale | $154 |
| Golden Valley | $160 |
| St. Louis Park | $158 |
| Low Deductible | High Deductible | |
|---|---|---|
| Deductible | $700 | $1,700 |
| Yearly Minneapolis Homeowner Insurance Premium Example | $1,900 | $1,700 |
| Out of Pocket Expense During Claim | $700 | $1,700 |
| Total Home Insurance Premium for 8 years + Out of Pocket Expense for Claim | $15,900 | $15,300 |
| Net Savings to Minneapolis Home Owner from High Deductible Plan | $600 | |
| Scenario | Minneapolis, MN Home Replacement Value MORE than Home Value | Minneapolis, MN Home Replacement Value LESS than Home Value |
|---|---|---|
| Replacement Value | $367,500 | $237,000 |
| Insurance Premium based on Replacement Value | $2,800 | $1,800 |
| Risk Exposure from Under Insuring Coverage | Unnecessary Home Insurance Coverage of $59,500 | Risk Exposure from Under Insuring Coverage is $71,000 |
| Premium Impact | Insurance cheaper by $550/year | Insurance costlier by $450/year |
| Insurance Company | Nationwide Insurance | Farmers Insurance | Travelers |
| Monthly Premium | 131 | 96 | 90 |
| Year Built | 1969 | 1948 | 1980 |
| Home Details | 5 Beds, 3 Baths | 3 Beds, 1 Baths | 4 Beds, 1 Baths |
| Coverage Amount | $400000-$500000 | $125000-$150000 | $200000-$250000 |
| Deductible | > $10,000 Deductible | $1000-$2500 Deductible | $2500-$5000 Deductible |