Average renters insurance cost in Minneapolis, MN

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The average cost of renters insurance in Minneapolis, MN is $223 per year (for insurance coverage of $40,000 in personal property coverage, $100,000 in liability coverage, and $1000 as deductible) — that’s $23 more than the state average of $200 a year.

It can be higher or lower depending on the coverage options you choose and the amount of liability the policy provides. If you live in a rented apartment or home, you should consider buying renters insurance because it protects your personal belongings from damage caused due to covered peril such as fire or smoke damage, theft, vandalism, and other mishaps.

We did a thorough analysis of renters insurance companies to find the most affordable options for Minneapolis renters. Keep reading to find out the cheapest renters insurance companies in Minneapolis.

What is the average cost of renters insurance per month in Minneapolis?

On average, the cost of renters insurance in Minneapolis is $19 a month. Renters in Minneapolis pay these rates for the coverage limit of $40,000 personal property coverage, $1,000 deductible and $100,000 liability protection coverage.

The renters insurance rates vary by city depending on your insurance provider and the coverage limits you decide. For example, renters in Minneapolis pay $14 per month for personal property coverage of $20,000 and $1,000 deductible. However, if you decide to increase the personal property coverage limit to $40,000, you will pay $5 more than for renters insurance.

Now, you’ll have to decide how much coverage you need and how much you can afford. However, it is recommended, if your personal belongings consist of expensive jewelry, furniture, and electronics, you should choose higher coverage limits.

How much is average renters insurance in Minneapolis by deductible?

The renters insurance cost in Minneapolis is $183 per year for a $500 deductible and $20,000 as personal property coverage. A deductible is an amount you agree to pay before your insurance company kicks in. If you increase your deductible limit, your insurance cost will go down. For instance, if the personal property coverage is the same, i.e., $20,000, but you increase your deductible limit from $500 to $1,000, you will pay $12 less every year for insurance.

Below are the renters insurance rates for different personal property coverage and deductible amount.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$183	$242	$299
$1,000	$171	$223	$275

Note: These rates are specifically for the coverage of $100,000 liability protection.

Read our guide to know what does renters insurance cover.

Who offers cheap renters insurance in Minneapolis?

Your search for the cheapest renters insurance company ends here.

Secura Insurance offers the cheapest renters insurance in Minneapolis at about $126 a year or $11 per month. According to Insure.com data analysis, Automobile Club MI (AAA) ranks second on our list followed by Allstate.

Our experts at Insure.com evaluated renters insurance quotes from all the big and small insurance companies in Minneapolis and put together a list of the most affordable insurance carriers. Below are the average annual and monthly rates of the cheap renters insurance companies across Minneapolis, MN.

(Note: USAA offers insurance only to members of the military, veterans and their immediate families.)

Renters insurance provider	Average annual rate	Average monthly rate
Secura Insurance	$126	$11
Automobile Club MI (AAA)	$134	$11
Allstate	$175	$15
State Farm	$177	$15
Auto-Owners	$181	$15
American Family	$237	$20
North Star Mutual	$246	$21
Farmers	$286	$24
Western National Mutual	$325	$27
Country Financial	$341	$28

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Minneapolis, MN, for $40,000 personal property coverage, $100,000 liability coverage, and a $1000 deductible.