In Minnesota, you should first get homeowners' insurance. Home insurance protects you and your possessions from damage and theft. Most lenders require that their customers have home insurance as part of their mortgage.
Comparing quotes is important. Make sure you get at least three quotes and carefully compare the price, customer service and coverage. This will help you find the right policy to suit your needs.
How much does home insurance cost on average in Minnesota?
Many factors determine the price of Minnesota homeowners' coverage, including the age of the homeowner, the level of protection needed, and the location of the home. For instance, if your home is located in a flood-prone region, you will need more coverage.
It's important to also consider the location of your house, the crime rate and any other potential dangers. If you live near a Minneapolis high-crime area, for example, you may want to invest more in liability protection than the average.
How to buy a homeowners insurance policy in MN
When you purchase a Minnesota home insurance policy, it will generally cover the building structure, your personal property and loss of use. You can get different coverage options depending on your personal property value. Compare quotes to see what you like best.
You should also review your insurance coverage annually, since your lifestyle and home may change. This will enable you to decide if you're buying enough insurance for your home and if that coverage is still suitable.
Best Home Insurance Companies in MN
Many national, regional and even local companies offer homeowners insurance in Minnesota. You can find out who the top-rated insurance companies in Minnesota are by reading reviews about them on consumer sites such as Better Business Bureau.
Allstate
Allstate has one of best online experiences in the State. The mobile app is easy to use and allows you manage your policy or payments. It also has an assortment of add-ons that can cut costs and improve your peace of mind.
Liberty Mutual
Liberty Mutual Minnesota offers homeowners insurance at a very affordable rate. The annual premium is $1046 as opposed to the average state price of $1773. Liberty Mutual has many policies to choose from, including simple policies for renters, condo owners and older houses.
Farmers
Farmers is yet another Minnesota home insurance firm that offers several discounts. Its website contains basic information for comparing its policies. You can also learn about the discounts that are available based on your needs.
HO-6 (walls-in)
Condo owners and mobile or small homes can benefit from a homeowners policy HO-6. This type of insurance is sometimes called "walls in" and it can be an excellent option for homeowners who have historic or architecturally significant homes.