8 Best Renters Insurance Companies in Minnesota of 2023

While there’s no state law in Minnesota saying that you must buy renters insurance, most landlords may require their tenants to purchase it as a condition of their lease and reduce the risk of disputes.

If you rent a home or apartment in Minnesota, we recommend renters insurance for all renters.

The number one reason why renters in Minnesota buy a policy is because of its personal property coverage.

In most cases, the coverage will reimburse you for damage, loss, or theft of your personal possessions. And if you own expensive items like jewelry, you can add a rider to your policy to cover your engagement ring, for example.

According to a PropertyNest study, the average cost of basic renters insurance in Minnesota is $16.65 a month.

Renters insurance even covers your personal liability.

If you want to ensure you’re properly covered while renting and are in search of the best and most affordable renters insurance in Minnesota, then this guide is for you.

We compared renters insurance companies in Minnesota by category to give you an idea of what’s out there.

Compare Renters Insurance in MN

Liberty Mutual: Best Renters Insurance for Replacement Cost Value

Liberty Mutual is known for having one of the industry's most affordable renters insurance rates.

Like Progressive, Liberty is also known for the many discounts it offers policyholders.

One optional coverage that stands out is that the insurer allows you to choose replacement cost (RCV) upon signing up with an insurer.

This coverage distinguishes how you would like your items valued if damaged.

In the event of a covered loss, RCV covers the total cost to repair or replace most damaged items with brand-new equivalents.

Unlike actual cost value (ACV), there’s no depreciation accounted for with RCV.

In addition, Liberty is unique since you can communicate with customer service without needing to make a phone call.

You can reach a rep via text, email, and even social media.

Using such technology saves you time; you can take care of your insurance needs any time you want and at any time of the day.

Read a full Liberty Mutual home insurance review.

Amica Mutual: Best Renters Insurance for Identity Fraud

Theft of personal information such as bank account numbers, social security numbers, and private financial information can lead to identity thieves taking over your current accounts, unlawfully securing new loans, and opening new credit cards in your name.

It can be difficult to recover your financial identity.

But Amica Mutual has your back. The insurer’s Identity Fraud Insurance is powerful. You can receive up to $15,000 to resolve any financial hacking, have unlimited access to a resolution specialist via a dedicated phone line, and get assistance with other matters to clear your identity and give you back your normal life.

Specialists can help clear your name with credit bureaus, credit cards, and bank accounts. They can also help you file a police report and affidavits to resolve your fraud and many other things.

Travelers: Best Renters Insurance That Covers Home Improvement

If you rent, you know that you can’t make any huge improvements to your rental since you don’t own it. You may have an electric stove and want to install a gas one. You want more closet space, but what are you going to do, break down a wall?

Many renters just want to personalize their space rather than make epic changes. If you just ask your landlord for permission to make small, livable changes, the landlord may agree.

So, then you are allowed to paint your walls, hang wallpaper, and change your curtains, for example.

But what happens when your improvements and more are burned down in a fire?

That’s where Travelers Insurance comes in. The insurer will cover the repairs or improvements you made by allowing policyholders to allocate up to 10% off their personal property coverage.

State Farm: Best Renters Insurance Generally Known to Have the Most Affordable Rates

Renters insurance is a relatively inexpensive insurance type in general, especially for the amount of coverage you can get. State Farm is the embodiment of that. We found that State Farm’s renters insurance is highly cost-competitive.

The average premium rate for renters insurance with State Farm is around $11 per month or $125 per year.

That’s less than the average renters policy in the US, which is about $15 per month or $180 per year, based on the National Association of Insurance Commissioners (NAIC) survey.

Think about it. If you can afford to buy a subscription streaming service every month, then you can surely afford to buy renters insurance from State Farm and be able to pay your premium every month.

However, the monthly cost of your premium depends on several factors, including how safe your neighborhood is, the total value of your personal belongings, and how much coverage you want.

Since many customers increase their personal property limits to make sure there is adequate or enough coverage to insure their valuables, your rate will be much higher.

However, you will pay less in general because the insurer’s basic policy has replacement cost value (RCV) that comes standard, which means you don’t have to pay for this invaluable coverage.

Read a full State Farm renters insurance review.

GEICO: Best Renters Insurance for Mobile App

If an insurer uses technology to take care of your policy needs, such as having a useful and informative website and mobile app, you save time overall because you can, for example, make a claim at any time that is convenient to you.

GEICO’s website and app cover every part of your renters insurance.

You can use the site and app to get a renters insurance quote, estimate the value of your personal belongings, explore add-on coverages, read about your options, and learn if there are any policy discounts, for example.

However, GEICO is underwritten by other companies, which can be confusing. GEICO’s insurance matches you with one of its renters insurance partners (you can’t choose one of its partners) and some of them are already known, such as Liberty Mutual and Travelers.

Allstate: Best Renters Insurance for Additional Coverages

Allstate corrects that by offering additional coverages that can be used to tailor your policy or to protect your personal property further if the unexpected occurs.

Scheduling

Scheduling is designed for expensive personal belongings like jewelry. When you schedule, you list your valuable for its full value and have it removed from your personal property limits so that it can be insured separately.

Personal Umbrella Policy

Umbrella insurance helps protect you against large liability claims. If you're found responsible for a liability judgment that exceeds the liability limits of your renters insurance policy, a personal umbrella policy can help prevent you from paying out of pocket.

Identity Theft Restoration

If someone steals your identity, this coverage will help pay for costs such as legal fees, lost wages, and lost business work, and it will even help you recover lost confidential documents.

Flood Insurance

Flood insurance is never covered in a standard renters policy, so you have to pay out-of-pocket if your belongings are damaged by natural flood water. But if you purchase a flood insurance policy through an Allstate agent, this coverage can help cover the cost of replacing your items.

Read a full Allstate renters insurance review.

Progressive: Best Renters Insurance for Many Discounts

Progressive, like Liberty Mutual, offers the most discounts to policyholders. The discounts are meant to lower your premium, and if you qualify for many, Progressive may be your cheapest option yet.

Here are just some of the discounts you may be eligible for.

• Multi-Policy. Save 3% when you bundle renters with auto.
• Quote in Advance. Getting a quote at least three days before your policy starts.
• Paperless. Get all insurance documents and monthly bills via email rather than by mail.
• Pay in Full. Pay your policy upfront in full.
• Single Deductible Benefit. If you have an incident that causes you to file a claim on both your renters and auto policy, you'll receive reimbursement for one of your deductibles.
• Gated Community. If you drive by a security guard or use a key or remote to enter a gated complex or community.

Read a full Progressive renters insurance review.

Farmers: Best for Customer Service

Farmers insurance is known for many things, including having the best customer service and the many ways to contact agents.

Farmers makes it easy to reach an agent.

You can go to the insurer’s website to find a local agent. You can use the mobile app as well to contact an agent.

Or you can contact Farmers directly to speak to the customer service department anytime.

And to file a claim, you can do that easily too. That’s because Farmers offers multiple ways to file a claim. You can file a claim on the website, the app, or by phone, and you can also text Farmers.

Is Renters Insurance Mandatory to Rent an Apartment in Minnesota?

Renters insurance is not mandatory by law in Minnesota.

However, having some form of coverage for your personal possessions and liability protection is always a good idea.

Most landlords may also require that you purchase insurance before signing a lease agreement.

In Minnesota, it’s your choice to buy renters insurance.

You will only be required to get renters insurance if your landlord or property management company needs it as a condition of your lease.

What is the Average Cost of Renters Insurance in Minnesota?

In general, renters insurance is very affordable.

The average basic renters insurance premium in Minnesota is $16.65 per month or $199.82 per year.

The amount you pay depends on factors such as where you live, your prior claims experience, and your credit score.

In addition, your deductible, add-ons, and coverage limits can also impact how much you pay for renters insurance.

What Factors Determine Your Premium?

The following factors determine your policy rate:

Where You Live

If your neighborhood is safe, has a low crime rate, or is not in an area where natural disasters frequently occur, your insurer will lower your premium.

Security Measures

If you install fire, smoke, and burglar arms, an interior sprinkler, and safety features like surveillance cameras, and if your rental is in a gated community or has doormen or front-desk security, your rate will be less costly.

Claims

You'll pay less if you’ve never made a claim with your previous insurer and then switched to a new insurer. And if you make just one claim, an insurer will believe you are more likely to make more claims in the future and will increase your rate.

Credit Score

You’ll pay less if you have a high credit score because the insurer believes you are more likely to pay your monthly premium on time.

Deductible

Your renters insurance deductible is the amount of money you pay to repair or replace your possessions before your insurance funds kick in.

If you opt for a higher deductible, your monthly premium will decrease. The more you are willing to pay for the deductible, the less the premium costs.

Just keep in mind whether you can afford the high deductible if you make a claim.

Coverage Limits

If you take out a rider or endorsement to cover your valuables in full, that coverage can lead to a higher premium.

Does Landlord's Property Insurance Cover Renters Belongings?

Landlords have their own insurance.

The landlord’s insurance protects the structure and exterior of the building where you rent.

The insurance is also used to repair or overhaul common areas such as the lobby, concierge, entrance hall, foyers, elevator, apartment halls, and stairwells, to name a few.

Since you don’t own the place you rent, you don’t need to worry about acquiring coverage for the exterior. Also, if the building you rent gets ruined due to a fire and your interior is damaged, you’re not responsible for the repairs, your landlord is.

But your landlord’s insurance doesn’t cover any damages to your personal property.

So if you don’t have renters insurance, you’ll have to replace or repair your personal belongings out-of-pocket. Can you afford to do that? Most people can’t.

Why Should You Get Renters Insurance?

Since your landlord never covers damage to your personal belongings, getting a renters policy is essential.

Renters insurance covers the unexpected or the unforeseen.

For many, personal property coverage is probably the main reason you purchase a renters policy. The coverage will reimburse you for damage, loss, or theft of your personal possessions up to a certain dollar amount or up to an insurer’s policy limit.

This is why most renters insurance may be essential, regardless of if you’re not required to have it. Since renters insurance is highly affordable, it is the cheapest way to protect your personal property.

Renters insurance even covers your personal liability.

What Does Renters Insurance Cover?

No matter what the state, the standard renters insurance policy always covers four things: liability, personal property, medical treatment, and loss of use.

Liability

Liability protects you against lawsuits from someone who has bodily injuries or property damages that you or your family caused to them. Liability also covers your legal defense.

Personal Property

This coverage pays to repair or replace personal property that’s stolen or vandalized or that has been damaged due to fire, windstorms, smoke damage, and other covered perils.

Loss of Use

This policy covers basic living expenses and temporary housing costs if you can’t live in your rental unit due to damage and destruction from fire, smoke, and heavy winds.

Medical Payments

This policy pays for medical care if there is bodily injury to a person that occurs in your rental unit, regardless of fault.

What Doesn’t Renters Insurance Cover?

Two things that renters insurance never covers are earthquakes or floods.

Earthquakes

If you live near a fault line, you’ll need to buy a separate earthquake policy on top of your basic renters policy.

Flooding

If you live in an area susceptible to frequent hurricanes and storms that lead to flooding and which come into your rental and damage your personal property, you’ll need to buy flood insurance.

The only time your insurer will pay for water damage that destroys your personal property is if water backs up through your drain or sewer or if there is an overflow from a sump pump.

What is a Covered Peril?

A covered peril is an event that the insurer agrees to reimburse you after you file a claim.

Here are the covered perils that are included in a standard renters insurance policy:

• Lighting
• Explosion
• Falling objects
• Electrical surges
• Fire
• Smoke
• Theft
• Civil disruption, vandalism, and riots
• Windstorm or hail
• Weight of snow, ice, or sleet
• Accidental discharge of water (such as from a plumbing failure)

Does Renters Insurance Cover Tornadoes?

The natural disaster that frequently occurs in Minnesota is tornadoes.

Minnesota lies along the north edge of the region of maximum tornado occurrence, which is often referred to as Tornado Alley.

In Minnesota, tornadoes occur every month from March through November.

The good news is that Minnesota residents don’t have to buy an extra policy for tornado coverage.

Many don’t know that tornadoes are covered in a standard renters insurance policy because it isn’t listed as a covered peril in your policy.

That's because the insurance industry classifies tornadoes as windstorms, and most insurance policies cover windstorms.

Should You Bundle Your Renters with Car Insurance?

Most insurers offer a multi-policy discount where you can bundle several types of insurance products at once to save money.

You can bundle auto and life or home and umbrella, but the most common discount is when you bundle your renters insurance with your car policy with the same insurer.

Bundling is Affordable

Bundling makes sense financially. It’s often more affordable to bundle with the same insurer. And it’s more expensive if you buy individual policies from two different companies.

Plus, your insurer will give you a discount when you bundle, which is the main reason you bundle. And when it does, you’ll have a lower monthly premium.

Bundling Offers Convenience

A multi-policy also offers convenience; you only deal with one carrier, you cut down on multiple paperwork, and you only have to pay one premium each month. In addition, you will most likely link up with only one agent if you need live help.

Bundling Offers a Single Deductible

Bundling offers more than lower rates. For example, if a hurricane rips the roof of your rental home and causes a heavy tree to fall on your car and ruins it, you’d have to file two separate claims from two different insurers, causing you to have two separate deductibles, one for your rental, the other for your auto.

That’s if you hadn’t bundled. If you did, in most cases, you may be able to file just one claim with one cheaper deductible.

Drawbacks to Bundling

But there are drawbacks to bundling. If you bundle with one carrier, this may decrease potential discount earnings available to customers elsewhere.

And when it comes time to pick an insurer, you may decide not to shop around for the best quotes from different companies. As such, you could miss out on lower rates from other insurers.

How to Get a Quote for Both Car and Renters Insurance

It’s relatively easy; contact an agent with an insurer, and the agent can give you bundled quotes.

This may be the best way to find the most affordable car and renters insurance rates available. And informing the agent that you want to bundle from the start ensures you’ll get the multi-policy discount.

While many insurers offer various discounts to policyholders, it’s the multi-policy discount that you want to get because it takes the highest percentage off your premium.

What Should You Look for in a Renters Insurance Policy?

While price is an obvious consideration, what you should look for in a renters policy involves considering the company’s coverage limits, the claims process, customer service, customer ratings, and other factors.

Affordability

To find the most affordable insurer, you have to do your research. You should get several quotes from different insurers and compare them by using factors that matter to you, such as price and coverage options.

When getting a quote, make sure you enter the same limits for each type of coverage.

Although the policies may cost the same, a tenant may find out that one policy has lower coverage limits.

Also, if you only want a $500 deductible, don’t get a quote from another insurance with a $1,000 deductible.

If you need extra help when shopping around, you should also speak to an independent insurance agent or broker. Independent agents sell insurance products from several different companies, which can also help you compare policies if you don't know where to start.

Customer Service

Filing a claim may be overwhelming. If you choose to make a claim with an agent rather than online, you’ll want to speak to an agent who is understanding and has a friendly tone. You may not be able to keep calm, but your agent should.

Customer Reviews

You’ll want an insurance company with great reviews and ratings so that if you ever need to file a claim, you’ll have peace of mind knowing that your company has a strong track record of customer satisfaction.

To get customer reviews, check out sites that rate renters insurance companies and offers plenty of vetted customer reviews.

Financial Stability

You should look at an insurer’s financial stability. Doing so will help you understand if an insurer will be able to reimburse you after a covered loss in a timely manner.

If the company doesn’t have great financial strength, you may be looking for a perpetually delayed payout. So, move on to another insurer until you find one in excellent financial shape.

To get a sense of a company’s financial strength, look to AM Best, a credit rating agency that is recognized as a credible source for evaluating an insurance company’s financial strength.

Coverage Limits

Before purchasing a policy, it’s important to determine the amount of personal property and liability coverage you need so you don’t overpay or you don’t underpay.

Some renters insurers like State Farm don’t have a limit on the personal property coverage that you can purchase. This means you have the freedom to increase your coverage limits to your liking.

Look out for these companies, as some insurers put a cap on how much coverage you can add.

When you find the right insurer, you can increase your personal property limit so it’s close to or greater than the value of your belongings.

Quote Process

If you can get a quote easily online using the insurer’s website or mobile app, that saves you time. And if that same insurer also offers live help from an agent, then this will appeal to a broader audience since not every policyholder is tech-savvy.

Discounts

To lower your premium, you should ask the insurer during the buying process if there are any available discounts that you may qualify for. As discussed, you want to look out for the multi-policy discount because it offers the most percentage off your rate.

Claims Process

No one wants to file an insurance claim because it can be time-consuming. Look out for what the claims process entails.

Can a tenant file a claim online or using the company’s app quickly?

Or will the tenant have to speak to an agent after a long hold?

Or wait for an insurance adjuster to evaluate the situation?

When you sign up for a policy, don’t forget to find out how long it takes, on average, for the insurer to pay a claim.

Actual Cash Value vs. Replacement Cost Value?

When you sign up for a policy, your insurer will give you the option of actual cash value (ACV) or replacement cost value (RCV).

For RCV, if your personal items were damaged or destroyed due to a covered peril, your insurer will pay for them in full using today’s prices.

For example, RCV will give you a brand-new laptop to cover the one you owned that you purchased five years ago.

But ACV will cover the laptop at a depreciated value, the price you paid for it at the time of purchase.

How to Choose the Best Renters Insurance for You

To choose the best renters insurance that makes financial sense to you, you must decide on what you want to cover and determine how much insurance you need.

You should also make sure:

• You have explored all options before deciding on a policy.
• The policy provides suitable coverage for all of your possessions
• You understand what your policy covers and doesn't cover.
• You’ve considered adding additional coverage, 
• Decide On What You Want to Cover

This means all the personal properties you want to be covered.

Many don’t know that most of your belongings are eligible for coverage. The things you use daily are covered, such as your clothing and shoes, furniture (sofas, coffee tables, dressing drawers, etc.), appliances, kitchen equipment, and utensils.

Also covered are home goods such as sheets and towels and pillows, electronic equipment like laptops and printers, sports and hobby equipment such as bicycles and kayaks, and musical instruments.

If these items are stolen, vandalized, or damaged due to a covered disaster, your renters insurance policy will compensate you for your loss.

Determine How Much Coverage You Need

Determining how much coverage you need depends on your personal property and its value.

To buy enough coverage for your property isn’t that difficult.

You make a detailed list of everything you own that you would want to replace if it were damaged or stolen.

To do this, you perform a home inventory.

A home inventory is a list of all your belongings that you take pictures of, along with each item’s approximate value. You can use a spreadsheet if you want, but if you ever have to file a claim, a picture can better prove to an insurer what you own.

Almost everyone’s personal belongings are worth more than the estimate. According to Allstate, the average value of possessions is approximately $30,000 for a standard two-room apartment.

And when you calculate the value of your belongings, you may be surprised at how much it’s actually worth.

However, even if a renter has no personal property, the other coverage features make renters insurance worthwhile.

Adding up the cost of your items determines how much renters insurance you would require if you had to replace everything after a fire or flood.

So, if you need extra coverage, you’ll only pay for what you need.

Determine How Best to Cover Your Valuables

Not everything you own will be covered in full. These include high-priced belongings such as jewelry or artwork.

Standard renters insurance will only pay for your expensive items that are damaged or destroyed or stolen in a covered peril up to a certain amount or up to the policy’s limit.

To make sure your expensive jewelry is insured to its full value, you need additional renters insurance.

Riders, Endorsements, Insurance Floaters, and Scheduling

All three are used interchangeably and mean the same thing, purchasing additional coverage for your valuables.

If the value of your belongings exceeds the category coverage limits of your basic policy, a rider is the best way to get full coverage of them.

For example, if you have a smart TV that costs $5,000, but your policy only covers electronics up to $2,000, you can buy a rider to cover the TV in full.

Essentially, a rider adds more benefits to your basic renters insurance policy and will give you peace of mind that your expensive items will be entirely protected.

You can also schedule your high-cost items.

Scheduled personal property covers an item at its full value. For example, if you have a piece of artwork that’s worth $15,000, you can schedule it for that amount with your renters policy.

In other words, when you schedule an item, you’ll list it for its full value. When you do that, you remove the item from your personal property limits and insure it separately.

Our Methodology

We thoroughly researched the state's top renters’ insurance companies and narrowed the list down to those that operated in Minnesota. We rated them on criteria that included ease of use, ratings, financial strength, customer, and affordability. Read our full in-depth renters insurance methodology.

How We Picked the Best Renters Insurance Companies in Minnesota

We looked at several factors to determine the best renters insurance companies in Minnesota.

Discounts

The more discounts an insurer has, the more likely your rate will drop.

In particular, we looked at the multi-policy discount because it offered the most savings.

Coverage

Every renter has different insurance coverage needs. So, when evaluating insurers, we looked for companies with a wide range of useful coverage options.

Those insurers that had some essential coverages that came standard in their basic policies ranked higher on our list. For example, whether a policy comes standard with RCV.

Technology

We only considered an insurer if it had a useful and easy-to-use website and mobile app where you could do several things—get a quote, buy a policy, file and track a claim online, pay your bills on a mobile app, and much more.

If an insurer required you to speak to an agent to get a quote, this could lead to a lack of convenience, and we tried to avoid such an insurer.

Customer Satisfaction

We reviewed verified customer reviews on different websites that catered to reviewing insurance policies.

Insurers with a good number of quality customer ratings and reviews were included in our list.

Price

Insurers that had low premiums or had plenty of options to lower your premium, such as discounts, ranked higher on our list than others.