Best Renters Insurance in Minnesota

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Despite the hundreds of thousands of renters in Minnesota, a surprising amount still don’t have renters insurance. For roughly the cost of a Spotify subscription every month, renters can protect their personal property, liability, and more from several sources of damage.

Renting in Minnesota isn’t without its risks, from severe winter weather to tornadoes. Having the right renters insurance policy gives peace of mind from the things you can’t control in your life.

This detailed guide outlines average renters insurance rates in Minnesota and provides valuable tips for getting the best insurance.

How Much Is Renters Insurance in Minnesota?

The average cost of renters insurance in Minnesota is $14 per month or $173 per year. Monthly rates from common companies in Minnesota ranged from $10 to $17.

As an independent insurance agency, one of our goals at Clovered is providing you with the information you need to get the best property insurance coverage. As we did with our homeowners insurance and landlord insurance pages in Minnesota, we examined some rates from the top carriers in the state, so you know what you can expect to pay. 

Minnesota Renters Insurance Rates by Company


American Family
State Farm

Avg. Annual Rate


Avg. Monthly Rate


Remember that while these are actual averages, your exact premium may be higher or lower depending on your circumstances. We’ll break down the many cost factors that influence the average Minnesota renters insurance cost later in this page.

Protect Your Belongings With Renters Insurance

Averaging just $12 per month, renters insurance can protect your belongings for the cost of a few cups of coffee.

Which Companies Have Cheap Renters Insurance in Minnesota?

According to our analysis, State Farm offers the cheapest renters insurance in Minnesota. Their average rate was $21 cheaper yearly than the next closest provider in our table.

Farmers was the most costly option we reviewed, but that doesn’t mean it’s always the most expensive carrier. Rates will vary based on location and more, so you may find an affordable rate with them once you start quoting.

We outlined national companies, but it may also be useful to get quotes from some regional carriers in Minnesota that may have different customer service and more specialization in the local market. 

What Does Renters Insurance in Minnesota Cover?

Renters insurance policies financially protect you from over a dozen possible sources of damage called perils. Some of the most common perils include:

  • Theft
  • Fires 
  • Windstorms
  • Frozen or burst pipes
  • Weight of ice and snow
  • Accidental injuries 

Renters insurance in Minnesota typically covers you from these perils in three main areas: personal property, liability, and additional living expenses.

Personal Property Coverage

Personal property coverage financially safeguards your belongings on your property from damage. Covered items typically include furniture, electronics, clothing, jewelry, tools, bicycles, art, and more.

Loss of Use Coverage

Loss of use coverage comes into play if you’re forced out of your rental property after it sustains significant damage. Your insurance company can cover the costs of your lodging, gas, groceries, and more while you’re displaced through loss of use coverage.

Liability Coverage

Liability coverage protects you if a visitor gets hurt at your property and pursues you for damages. Your insurance company can cover medical bills, legal fees, lost wages, and more if you’re found liable.

Medical Payments Coverage

Medical payments to others covers minor injuries someone could suffer on your property with no legal liability required. It’s like smaller-scale liability coverage.

How to Get the Best Renters Insurance in Minnesota

Keep coverage amount and cost in mind to get the best renters insurance in Minnesota. Make sure your plan covers you sufficiently, and be sure to shop around to find the best deal.

Deciding on a Company

As we touched on earlier, you want to keep costs low when deciding on a company, but don’t neglect their customer service. Just because a carrier offers cheap renters insurance in Minnesota doesn’t mean it’s the best. You should take customer service and user experience into account.

When starting your shopping, you can check company reviews online for some tips. You should also note user experience on their website. Some companies will let you quote online, while for others, you’ll have to get in touch with an agent. You may prefer one over the other.

Also, ask about the discounts companies offer on your premiums. Many companies offer discounts for bundling, home safety features, military status, and more. 

Adjusting Your Policy

You’ll need to determine sufficient policy limits to make sure you’re securing the best renters insurance in Minnesota for your needs. You can adjust the amount of personal property and liability insurance you want.

Create a home inventory to get the proper amount of personal property coverage to fully protect your belongings. In a home inventory, you’ll list every item you own and the price for which you bought them. The total cost of your things is the amount of personal property coverage you should get – anything more would technically be overpaying for the protection you don’t need.

Liability limits are often cheaper to raise than property coverage limits. Consider setting your liability limits between $300,000 and $500,000, and opt for more if you have a high net worth or a lot of financial assets. 

You don’t want to stick with the minimum amount, which may be $100,000 for some carriers, since medical expenses can climb very quickly if someone suffers an accident for which you’re liable. You’d have to cover their bills as well as your legal representation out of pocket if you run out of liability coverage.

Protect Your Belongings With Renters Insurance

Averaging just $12 per month, renters insurance can protect your belongings for the cost of a few cups of coffee.

Minnesota Renters Insurance Cost Factors

Insurers analyze several factors about you and your property to determine appropriate premiums. Since every renter and rental property differs, insurance companies examine as many variables as possible to determine the likelihood of loss.

Some common factors insurers will look at to determine renters insurance rates in Minnesota include:

  • Location
  • Property Features
  • Coverage details

The location of your rental will impact your rates. Properties in areas prone to theft, flooding, or storm damage will likely have higher premiums due to the increased odds of property damage.

Many aspects of your property shape premiums. Older properties may have higher rates. Outdated systems, siding, and construction methods make older buildings more prone to damage, whether from wear and tear or Mother Nature. Insurance companies take this into account, and it usually means higher premiums.

Insurers may also ask about features in your home or apartment. Certain features such as trampolines, wood stoves, and furnaces make your property riskier and raise your rates. Other features lower your premiums, like fire sprinkler systems and security alarms.

Additionally, the coverage amounts you choose in your policy determine your rate. More coverage means greater premiums. Renters in apartment units may have lower premiums than renters in single-family homes, for instance, because generally, people in apartments will have fewer belongings in comparison, lowering their personal property limits and premiums.

Is Renters Insurance Required in Minnesota?

No, renters insurance isn’t required by law in Minnesota. However, some landlords mandate that renters have renters insurance as part of leases. 

Some landlords and property management companies require their tenants to get renters insurance before moving in. Getting renters insurance is part of the lease agreement. Landlords do this, especially in apartment complexes, to further limit the property owner’s and other residents’ liability.

Sometimes, a landlord will ask to be an additional interest on your renters insurance. Your insurance company will notify them if you cancel or change your policy. This helps your landlord ensure you keep your coverage for your whole lease and not just cancel your plan after moving in.

Renters should always keep renters insurance, whether they need to or not, to protect their personal property and liability in case of unexpected events.

Getting Renters Insurance Quotes in Minnesota

When getting renters insurance quotes in Minnesota, it’s crucial you compare rates from multiple providers to save money. You can use our online quoting engine to get quotes from some of the best renters insurance companies in Minnesota in minutes.

As an independent insurance agency, we’re also staffed by licensed, in-house agents. Feel free to call us at 833-255-4117 for any help with your renters insurance quote in Minnesota. 

Since our founding in 2018, Clovered has helped over 30,000 policyholders with their property insurance needs. You can also email us at [email protected].

Protect Your Belongings With Renters Insurance

Averaging just $12 per month, renters insurance can protect your belongings for the cost of a few cups of coffee.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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