The Cheapest and Best Homeowners Insurance in St. Paul
The Cheapest Home Insurance Companies in St. Paul
For homeowners in St. Paul, cost can be an important factor to consider when looking for the best policy. This is because most insurance providers in St. Paul offer similar core coverages.
Homeowners looking for cheap home insurance with $250,000 in dwelling coverage may find that the most affordable options are, on average:
- Chubb: $1,808 per year
- Travelers: $2,140 per year
Meanwhile, the cheapest options for expensive homes with a dwelling coverage of $2,000,000 in St. Paul on average are:
- American Family: $9,671 per year
- Chubb: $9,809 per year
Dwelling coverage limits affect homeowners insurance rates in St. Paul. The table below shows how prices compare at different dwelling coverage limits.
The Cheapest Home Insurance in St. Paul, Ranked
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The sample homeowners insurance policies with the initial baseline dwelling coverage have $250,000 personal property coverage limits. Those with dwelling coverage of $2,000,000 have $800,000 personal property coverage limits. All policies have $100,000 liability coverage limits.
Minnesota homeowners living outside of St. Paul can look up home insurance in Minnesota as a whole.
The Average Cost of Homeowners Insurance in St. Paul for 2022
Homeowners in St. Paul pay an average of $2,698 per year for home insurance. That is $37 cheaper than the average rate of $2,735 in the state but $595 more expensive than the $2,103 average cost of homeowners insurance in the country.
Calculate the Cost of Home Insurance in St. Paul
Insurance carriers consider location when calculating annual premiums. They also use other determining factors, such as dwelling coverage limits, amount of personal property coverage and your credit score, to accurately calculate home insurance quotes in St. Paul. You can use MoneyGeek’s home insurance calculator to compare quotes.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in St. Paul
Cost should not be the only consideration when looking for the best homeowners insurance in St. Paul. Look at the company’s customer service and financial stability. You will likely file a claim during a stressful time, so choose an insurer that can process and pay claims quickly and fairly.
MoneyGeek’s analysis found that the best home insurance providers in St. Paul are:
- Best Overall: Chubb
- Runner-up: Farmers
MoneyGeek ranked insurance carriers in St. Paul using three criteria, including affordability, user satisfaction and financial stability.
Chubb policies do not account for depreciation when calculating replacement costs for personal property. That means policyholders can get new items of similar quality as the old ones. The company also offers cash settlement for homeowners whose houses were destroyed in a total loss. That means you can opt to get money instead of rebuilding your home.
MoneyGeek’s top pick in St. Paul is Chubb. It has high ratings across categories, including a perfect score in affordability. Chubb policies pay to have your home rebuilt to its original condition even if the cost exceeds your policy limit.Read MoneyGeek's Chubb home Insurance Review
All Farmers policies include a Declining Deductible, which means your deductibles decrease by $50 each year you stay as a Farmers policyholder. The company also rewards those who remain claim-free for five years by not imposing higher rates after making a claim. If you get the Eco-Rebuild coverage, you can receive up to $25,000 more to replace materials and appliances with green alternatives.
Farmers got high ratings across all categories, making it the second-best company in St. Paul. Policyholders can add on Farmers Identity Shield to cover the expenses of having your identity stolen.Read MoneyGeek's Farmers home Insurance Review
Cheapest Home Insurance Companies in St. Paul for Newly Constructed Homes
Insurance rates for newly constructed homes in St. Paul are typically cheaper because of the materials used. Modern materials are usually more resistant to damage, which makes it less likely for the homeowner to file a claim. Replacing newer materials is also cheaper for insurers.
On average, homeowners insurance in St. Paul costs $2,087 per year for newly constructed homes. The average rate for homes built in 2000 is $2,698 per year.
The most affordable options in St. Paul for a newly built home are, on average:
- Farmers: $1,149 per year
- Travelers: $1,649 per year
The Cheapest Home Insurance in St. Paul for New Homes, Ranked
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Cheapest Home Insurance Companies in St. Paul if You Have a Lot of Personal Property
Home insurance in St. Paul includes personal property coverage, which covers damages to personal belongings you keep at home. You can increase your personal property coverage limits based on your needs, but this will result in higher annual premiums.
The average cost of a standard policy in St. Paul with $100,000 in personal property coverage limits is $2,698 per year. A similar policy with $250,00 in personal property coverage limits costs an average of $2,975.
MoneyGeek’s study found that the cheapest options for St. Paul homeowners looking for a policy with high personal property coverage limits are, on average:
- Travelers: $2,213 per year
- Chubb: $2,383 per year
Cheap Companies in St. Paul for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in St. Paul for High Deductibles
Policyholders pay deductibles when making a claim. Higher deductibles mean you will pay more money out-of-pocket if you file a claim. But you will have cheaper annual premiums.
In St. Paul, the cost of a standard policy with a $2,000 deductible averages $2,362 per year. A similar policy with only $1,000 deductibles costs an average of $2,698.
For those looking for cheap homeowners insurance in St. Paul with high deductibles, the top options are, on average:
- Chubb: $1,452 per year
- Travelers: $1,860 per year
The Cheapest Companies in St. Paul for High Deductibles, Ranked
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Cheapest Home Insurance Companies in St. Paul if You Have Poor Credit
Insurance carriers also consider credit history when calculating home insurance quotes in St. Paul. Generally, homeowners with bad credit pay more expensive annual premiums than those with good credit scores.
On average, St. Paul homeowners with poor credit scores pay $3,991 per year for insurance. The average rate for those with credit is $2,698.
Based on MoneyGeek’s study, the most affordable companies on average for St. Paul homeowners with poor credit scores are:
- Country Financial: $2,529 per year
- Travelers: $3,118 per year
The Cheapest Companies in St. Paul for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in St. Paul
When getting homeowners insurance quotes in St. Paul online, you will have to provide some information related to you and your home. This includes, but is not limited to:
- Home replacement cost – To determine your dwelling coverage limits, insurers need to know the cost to rebuild your home. This is different from the market value of your property.
- Personal property value – Since homeowners insurance covers personal property kept in the insured home, you will have to inform the insurer of the value of the personal belongings you want to be covered.
- Personal information – Insurers will ask for your address, how many people and who lives in your home, your insurance history, your credit history and other relevant information.
- Details about your house – Companies may also ask for information related to your home, such as when it was built, its size and if there are any security features in place.
Homeowners Insurance in St. Paul Analysis: Methodology
The base profile used for this analysis is a home insurance policy for a 2,500-square-foot home built in 2000 with $250,000 in dwelling coverage limits, $100,000 in personal property coverage limits and $100,000 in liability coverage limits.
MoneyGeek analyzed home insurance premiums from eight companies in St. Paul. Data was provided in partnership with Quadrant. Quotes were collected across different coverage levels to calculate affordability scores. For customer satisfaction ratings, J.D. Power surveys were used.
MoneyGeek also collected and compared average insurance rates for homeowners with newly constructed homes, higher dwelling and personal property coverage, higher deductibles and poor credit scores.
About Mark Fitzpatrick