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Edited by John Leach
Last Updated February 28, 2022
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St. Paul, MN Homeowners Insurance
Part of the Twin Cities in Minnesota, St. Paul is an excellent location for homeowners to put down their roots. As the state’s capital, it’s the second-most populous city in Minnesota and has plenty of diversity, cultural vitality, and tradition that flows through the streets. Homeowners can enjoy Rice Park in downtown Saint Paul, dog parks throughout the area, and—thanks to the city’s northern location—various winter recreation programs.
Being a homeowner in St. Paul can be rewarding. However, severe summer and winter storms, floods, and tornadoes could upset your otherwise peaceful life. Homeowners insurance is the first line of defense against damage from a natural disaster, vandalism, or theft.
Use Insurify to find the best home insurance in St. Paul, Minnesota. It only takes a few minutes to get quotes from up to a dozen or more insurance companies. With so many options to compare side by side, you can find the right policy for your home and budget.
Cheapest Home Insurance Companies in St. Paul
For homeowners in St. Paul, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in St. Paul. The following are the best insurance rates from carriers that offer homeowners insurance in St. Paul.
|Auto Club Group||$1,828|
How to Find Cheap Home Insurance in St. Paul
Homeowners should shop around at least once a year to compare rates for home insurance. A good time to get quotes is when your policy is up for renewal. However, if you’re new to the idea of homeownership, one of the first things on your to-do list should be securing homeowners insurance.
After all, buying a home may be one of the largest financial investments of your lifetime. And you want to protect your investment against risk by putting an insurance policy between you and potential damage to your property or personal belongings.
One of the best ways to protect your property is with homeowners insurance. Though not required by law, home insurance provides financial liability for your property and belongings from natural disasters and theft. St. Paul homeowners can choose from different coverage levels that are available based on different property types, locations, and other factors.
Keep reading for a full guide on St. Paul home insurance.
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Cheapest Home Insurance in St. Paul by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in the St. Paul area costs $3,342 annually, and the median home value is $250,414.
The value of your property is a driving factor for determining how much you pay in premiums. Getting quotes from the best insurance companies is an excellent way to find the cheapest home insurance policy in St. Paul.
To get the right coverage, make sure to get an estimate from major insurance carriers like State Farm, Allstate, AAA, and Liberty Mutual. Check out the graph below to see the average annual insurance premium in St. Paul.
|Average Home Cost in St. Paul||Average Annual Insurance Premium in St. Paul|
Average Annual Home Insurance Premium in St. Paul by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in St. Paul for Home Insurance
If you’re in the market to buy a house, finding the right insurance policy is usually easier than finding the perfect home. Still, the housing market is ripe with opportunity if you know where to look.
The Fulton neighborhood that sits southwest of St. Paul has the most expensive homes for sale. On the other hand, the Battle Creek neighborhood, nestled between St. Paul and Woodbury, is the cheapest.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in St. Paul can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in St. Paul
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage , liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
Mobile Home Insurance in St. Paul
Mobile home insurance is something you need if you purchase a mobile or manufactured home. In the Twin Cities, an area that includes St. Paul and Minneapolis, about 37,000 people live in mobile home parks.
Mobile home insurance isn’t the same as standard home insurance. The two policy types cover similar perils; however, where a standard policy is designed for stick-built homes, a mobile home policy is specific to mobile and manufactured homes.
Keep in mind that not all insurance carriers offer mobile or manufactured home insurance. You can find policies at well-known insurers, such as Allstate, Farmers, State Farm, and USAA.
Natural Disasters and St. Paul Home Insurance
The North Star State is no stranger to natural disasters. Homeowners in Saint Paul could experience natural hazards. Ramsey County has emergency plans in place, but homeowners should prepare for potential dangers by knowing what insurance policies might cover if disaster strikes.
While your policy may cover many severe weather events, some are excluded.
How to Find the Cheapest Home Insurance in St. Paul
Not all insurance providers in St. Paul are equal. Different insurers can offer different premiums and policy discounts. Taking a few minutes out of your busy day to shop around for insurance quotes can help you find the best price and coverage options for you and your family.
Use Insurify’s home insurance comparison tools for your property in St. Paul.
Frequently Asked Questions
Yes, most insurance companies in St. Paul offer bundling discounts. Another name for a bundling discount is a multi-policy discount. Insurance carriers can give you a lower price when you combine more than one insurance policy, such as bundling home and auto insurance, home and life insurance, or life and car insurance. Make sure to compare the bundled cost with the cost of buying separate insurance policies. You might save money by combining policies with one company, but you might save more when buying individual policies from different insurers. Use home insurance comparison shopping sites to easily compare multiple insurance quotes with one click.
Your insurance premium partially depends on the deductible amount you choose. Higher deductibles generally mean smaller premiums, so increasing your deductible could be a smart strategy to save on home insurance costs. However, you must be careful to set your deductible to an amount that fits your budget. If it’s too high, you might have trouble paying it if you have to file a claim. It’s better to choose a deductible that’s affordable even if it means slightly higher rates.
Homeowners insurance policies don’t cover flooding. You must have additional coverage—a flood insurance policy—to have insurance pay for flood damage. Many areas of St. Paul aren’t in a flood zone, so flood insurance isn’t required. However, you can purchase flood insurance to protect yourself and your home even if you’re not in a flood-prone area. Talk to your insurance agency or contact the National Flood Insurance Program (NFIP) to discover your coverage options.
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