Who Has The Cheapest Renters Insurance Quotes in Minnesota?

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More than 60% of the states 5.4 million residents live in the Minneapolis-Saint Paul area known as the “Twin Cities” and many of them are renters. To see who in Minnesota has the cheapest renters insurance, our study used data from one sample property (a rental property with roughly 1,000 square feet of living space and $100,000 in liability coverage). For that reason, the rates have comparative value but are not indicative of what all tenants can expect to pay for their renters insurance. Enter your zip code to find quotes from a list of renters insurance companies.

Cheapest Renters Insurance in Minnesota

In our study, we collected quotes for renters insurance from Farmers, Nationwide, Amica, GEICO, and Liberty Mutual for a 1,000 square-foot residence in Minnesota. We found that for our sample renters policy, Farmers had the cheapest renters insurance with an annual rate of $195, closely followed by Nationwide with an annual rate of $196. Both rates are approximately 25% lower than the average annual rate for Minnesota. The following table ranks the annual rates for the five major companies from cheapest to most expensive:

RankCheapest Renters Insurance CompanyAverage Annual Rates
1 Farmers $195
2 Nationwide 196
3 Amica 231
4 GEICO 338
5 Liberty Mutual 349
Average 262

These rates were for a sample property. To find the best rates for you, look for quotes from multiple insurance companies and compare them. 

Best Renters Insurance Rates in Minnesota: by City

The five cities with the cheapest renters insurance in Minnesota are scattered throughout the state. All of them also are small or medium-sized cities, which is a common charateristic across other states in which we performed the identical study. Thief River Falls has the best renters insurance premiums in the state, with rates 11% lower than the state average.

RankCityAverage Annual Rate% Difference vs State Average
1 Thief River Falls $234 -11%
2 Sauk Centre 237 -10%
3 Winona 239 -9%
4 Albert Lea 239 -9%
5 Staples 239 -9%

*The Average Annual Rate is rounded to the nearest whole dollar amount.

Thief River Falls, MN

Located in Northwestern Minnesota, Thief River Falls has the best renters insurance in the state. The city is only 70 miles south of the Canadian border and has more than 8,000 residents. It is a regional center for agricultural, industry and recreational activities. Renters insurance quotes in Thief River Falls for our sample property were 11% lower than the average in the state.

Sauk Centre, MN

Sauk Centre is surrounded by lakes including Big Sauk Lake, which starts in the city and expands north. Located in central Minnesota, Sauk Centre has a population of about 4,000 people and is about 100 miles west of Minneapolis. Renters insurance in Sauk Centre is nearly as cheap as Thief River Falls - rates for the sample property are 10% lower than the average for the state. 

Winona, MN

Winona is a beautiful city located along the Mississippi River with plenty of opportunities for students, businesses, visitors and residents. The are a number of parks and community centers as well as a public, charter and private schools. Kayaking, bicycling and ice skating are some of the most popular recreational activities. Winona also has two professional theater companies, the Great River Shakespeare Festival and the Theatre De Mississippi. With renters insurance quotes 9% lower than the rest of the state, Winona has the third cheapest in the state. 

Albert Lea, MN

Albert Lea is about 90 miles south of the Twin Cities as has a population of about 18,000 residents. It is located amongst a number of lakes, including Lake Albert Lea, White Lake, Fountain Lake and Pickerel Lake. Writer, director and actor Richard Carlson was born in Albert Lea. Carlson was best known for starring in “The Magnetic Monster” (1953), “Riders to the Stars” (1954), “It Came from Outer Space” (1953), “Creature from the Black Lagoon” (1954). 

Staples, MN

Founded as a town thriving in the lumber and railroad industry, it has since developed a good education system and a number of art and civics groups. Many residents can trace their ancestry in the city back several generations. Renters insurance premiums in Staples also are 9% lower than the state average.

Most Expensive Renters Insurance in Minnesota

With the exception of Minneapolis, all of the top five most expensive places for renters insurance in Minnesota are located in the northern third of the state. Grand Marais, the city with the most expensive premiums in the state, has rates that are 13% higher than the state average.

RankCityAverage Annual Rate% Difference vs State Average
1 Grand Marais $297 13%
2 Park Rapids 293 12%
3 Minneapolis 289 10%
4 New York Mills 283 8%
5 Grand Rapids 281 7%

*The Average Annual Rate is rounded to the nearest whole dollar amount.

Grand Marais, MN

Grand Marais is a small Minnesota city with fewer than 1,400 residents and the most expensive renters insurance in the state. The name means “Great Marsh” in French and was given after the area geography along Lake Superior where the city is located. Renters insurance premiums for the sample property in Grand Marais are 13% higher than the average rates in the state.

Park Rapids, MN

The small town is a unique opportunity to step back in time. With just over 3,000 residents, Park Rapids has made great effort to preserve its history. it also has a number of parks and activities for its community, including the Heartland Trail. It also is near Itasca State Park, the source of the Mississippi River. Park Rapids renters insurance rates for our sample property are 12% higher than the state average.

Minneapolis, MN

The larger of the Twin Cities was once famous for being a flour milling capital but is now best known for its amusement parks and shopping. There's even an amusement park inside the Mall of America, the nation's largest shopping mall (more than 4 million square feet across 4 levels) nearby. There are a number of Fortune 500 companies in Minneapolis, which is considered the primary business center between Chicago, Illinois and Seattle, Washington. Minneapolis renters insurance rates also are 10% higher than the state average.

New York Mills, MN

New York Mills is a city of roughly 1,200 residents located away from Minnesota’s concentrated population near the Minneapolis-Saint Paul area. As the city’s economy slowed, it invested in a regional cultural center for the arts to attract tourists and bring revenue to the city. Renters insurance quotes for the sample property were 8% higher in New York Mills than the state average.

Grand Rapids, MN

Located next to the Paper Mill reservoir and along the Mississippi River, the city of Grand Rapids was named after the 3.5 miles of rapids that were nearby. However, the rapids are now covered by the dam of the Blandin Paper Mill. Prior to the dam, the rapids and fast-moving water of the river were an optimal resource for the logging industry. The city was the childhood home of Judy Garland, born Frances Ethel Gumm, one of the most acclaimed actresses of all time. Grand Rapids is also the hometown of entertainer Judy Garland. Renters insurance rates for the sample property also are 7% higher than the sample average for the state.

Average Cost of Renters Insurance Rates in Minnesota: by City

Our comparative study gathered renters insurance quotes for the sample property from five major carriers across 109 cities in Minnesota. We used the data to calculate a mean rate of $262 for the state of Iowa and compared it to the rates gathered for each city. The results showed that premiums in the most expensive place in Minnesota are 27% higher than the cheapest in the state. While that difference is considerable, the range between quotes is not nearly as drastic as it is in other states. For example, premiums in the most expensive place in Delaware are only 7% higher than the cheapest, while rates in California are more than 2x the cost of the cheapest. Below, we’ve shown the cities from the cheapest to the most expensive.

Study Methodology

Our study examined renters insurance quotes for a 1,000-square-foot residence with at least $25,000 in personal property coverage and $100,000 in liability coverage. We then collected quotes for that sample residence from five of the major carriers that offer a renters insurance product in the state of Minnesota. We averaged rates for the sample home in each city as a benchmark to show which cities are relatively cheaper or more expensive. Those comparative values are not indicative of what tenants can expect to pay for an annual renters insurance premium.

RankCityAverage Annual Rate% Difference vs State Average
34 Aitkin $256 -2%
68 Albany 267 2%
4 Albert Lea 239 -9%
35 Alexandria 256 -2%
18 Annandale 251 -4%
27 Anoka 255 -3%
46 Austin 260 -1%
36 Bemidji 257 -2%
41 Benson 258 -2%
70 Blaine 267 2%
97 Bloomington 274 5%
25 Brainerd 254 -3%
32 Brooklyn Park 255 -2%
95 Buffalo 273 4%
104 Burnsville 279 7%
55 Caledonia 264 1%
60 Cambridge 266 1%
94 Cannon Falls 273 4%
67 Chanhassen 267 2%
93 Chaska 273 4%
65 Clarissa 266 2%
85 Cloquet 270 3%
86 Cokato 271 3%
76 Coon Rapids 269 3%
62 Cottage Grove 266 1%
31 Crookston 255 -3%
90 Duluth 272 4%
101 Eden Prairie 276 5%
74 Elbow Lake 269 3%
92 Ely 272 4%
69 Fairmont 267 2%
51 Faribault 264 1%
30 Fergus Falls 255 -3%
72 Forest Lake 267 2%
33 Frazee 256 -2%
57 Fulda 264 1%
88 Glencoe 272 4%
39 Glenwood 257 -2%
109 Grand Marais 297 13%
105 Grand Rapids 281 7%
45 Granite Falls 260 -1%
98 Hastings 274 5%
87 Hibbing 271 3%
52 Howard Lake 264 1%
79 Hutchinson 269 3%
84 International Falls 270 3%
56 Jackson 264 1%
81 Jordan 269 3%
54 La Crescent 264 1%
73 Litchfield 268 2%
49 Little Falls 262 0%
100 Long Prairie 275 5%
50 Luverne 264 1%
10 Mankato 244 -7%
63 Marshall 266 2%
28 Melrose 255 -3%
75 Milaca 269 3%
107 Minneapolis 289 10%
82 Minneota 270 3%
44 Montevideo 260 -1%
83 Moose Lake 270 3%
71 Mora 267 2%
61 Mountain Lake 266 1%
78 New Prague 269 3%
43 New Ulm 258 -1%
106 New York Mills 283 8%
66 North Branch 267 2%
40 Ortonville 258 -2%
102 Osseo 277 6%
58 Owatonna 264 1%
108 Park Rapids 293 12%
48 Parkers Prairie 262 0%
64 Paynesville 266 2%
38 Perham 257 -2%
77 Pine City 269 3%
53 Pipestone 264 1%
47 Preston 262 0%
99 Princeton 275 5%
91 Prior Lake 272 4%
96 Red Wing 274 4%
8 Rochester 241 -8%
24 Saint Cloud 253 -3%
13 Saint James 245 -6%
37 Saint Paul 257 -2%
2 Sauk Centre 237 -10%
23 Savage 253 -4%
21 Shakopee 252 -4%
7 Slayton 241 -8%
11 Sleepy Eye 245 -7%
5 Staples 239 -9%
6 Stillwater 240 -8%
1 Thief River Falls 234 -11%
19 Tower 252 -4%
16 Tracy 250 -5%
89 Two Harbors 272 4%
17 Tyler 250 -5%
14 Victoria 246 -6%
20 Virginia 252 -4%
22 Waconia 252 -4%
29 Wadena 255 -3%
26 Walker 254 -3%
103 Wayzata 278 6%
59 White Bear Lake 265 1%
42 Willmar 258 -1%
80 Windom 269 3%
3 Winona 239 -9%
15 Winsted 248 -5%
9 Woodbury 242 -8%
12 Worthington 245 -7%

*The Average Annual Rate is rounded to the nearest whole dollar amount.

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