As the second-largest city in Minnesota and part of the Twin Cities metropolitan area, St. Paul shares many of the same weather risks as Minneapolis, which contribute to the cost of home insurance. The average home insurance cost in St. Paul is $1,770 per year, slightly lower than Minneapolis but still above the national average due to weather and housing factors.
Local Factors Impacting Home Insurance Costs in St. Paul
Severe Winters: St. Paul experiences similar winter conditions to Minneapolis, with heavy snow and ice increasing the risk of property damage.
Flood Risk: While inland, parts of St. Paul are close to the Mississippi River, making flood insurance worth considering for some homeowners.
Older Homes: Like Minneapolis, St. Paul has a significant number of older homes that are more expensive to insure due to higher repair costs.
Home Insurance Rates by Home Age in St. Paul
The age of your home is one of the biggest factors influencing home insurance rates. Below is a breakdown of premiums by home age in St. Paul:
Home Age
Average Annual Premium
0-10 years
$1,570
11-25 years
$1,690
26-50 years
$1,820
51+ years
$2,010
Home Insurance Rates by Credit Tier in St. Paul
Your credit score plays a big role in determining your home insurance premium. Here’s a breakdown of how credit scores affect rates in St. Paul:
Excellent Credit (750+): $1,630 per year
Good Credit (700-749): $1,750 per year
Fair Credit (650-699): $1,880 per year
Poor Credit (Below 650): $2,150 per year
Cheapest Home Insurance Providers in St. Paul
Here are some of the cheapest home insurance providers in St. Paul:
Provider
Average Annual Premium
Farmers
$1,660
State Farm
$1,730
Allstate
$1,790
Liberty Mutual
$1,810
Home Insurance Rates by Deductible Amount in St. Paul
Raising your deductible can help lower your premium. Here’s a look at how different deductible amounts affect premiums in St. Paul:
$500 deductible: $1,900 per year
$1,000 deductible: $1,770 per year
$2,500 deductible: $1,600 per year
Types of Homeowners Insurance in St. Paul
HO-3: The most common homeowners policy that covers the home, personal property, and liability.
HO-5: Provides more comprehensive coverage for both personal belongings and the structure of the home.
HO-4: Renters insurance, offering personal property and liability coverage for tenants.
Additional Coverage Options
Sewer Backup Coverage: Older homes in St. Paul may have plumbing systems prone to backups, making this a valuable coverage option.
Flood Insurance: Homes near the Mississippi River or other bodies of water should consider this additional coverage.
Ice Dam Coverage: St. Paul’s heavy snowfall can lead to ice dams, which may cause water damage to your home. This coverage is highly recommended for local homeowners.
Frequently Asked Questions (FAQs) about Home Insurance in St. Paul
Is flood insurance required in St. Paul? It depends on your home’s location. If you live near the Mississippi River or in a flood-prone area, flood insurance is highly recommended.
How does my home’s age affect my premium? Older homes generally cost more to insure due to higher repair costs and outdated building materials, leading to higher premiums.
Comparison of Home Insurance in Minneapolis vs. St. Paul
Minneapolis: $1,800 average annual premium
St. Paul: $1,770 average annual premium
Although both cities are close in proximity and share similar weather conditions, Minneapolis’s slightly higher population density and housing stock contribute to marginally higher insurance premiums than St. Paul.
