Compare Home Insurance in St. Louis
Do you own a home in St. Louis, Missouri? Are you planning a big move to the Gateway to the West? St. Louis has very low cost of living, making it a desirable place to live. However, the city suffers from constant tornadoes, which devastate homeowners insurance rates.
These insurance spikes affect every homeowner in the state. We’ll cover the most important factors behind the price of your policy, as well as how to cut costs.
Average St. Louis Home Insurance Rates
How much is home insurance in St. Louis? Using data from nearly 1,300 QuoteWizard users from St. Louis, we created this 'average' home:
- 1730 square foot home built in 1968
- 3 bedrooms and 2 bathrooms
- One story
- Deadbolt locks
- Fire extinguishers
- Composite shingle roof
We got homeowners insurance quotes for standard coverage of this sample home. Remember; home insurance is unique to each person, their home, and their insurance needs. Your policy details and price may differ from our example. Listed below are the average rates for a St. Louis homeowners insurance policy.
The graph below shows the change in average Missouri home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Missouri homeowners insurance rates increased from $1,022 in 2011 to $1,253 in 2015, a jump of $231 dollars, or 22.60 percent.
QuoteWizard helps consumers compare quotes from both national insurance companies and local agents. QuoteWizard can help you find affordable home insurance rates near St. Louis, Missouri.
Last year, 1,300 people used QuoteWizard to compare compare home insurance quotes in St. Louis, MO from multiple companies.
Best Home Insurance Companies in St. Louis, MO
Most Popular Insurance Companies
According to QuoteWizard users in St. Louis, these are the most popular home insurance companies in the area:
- State Farm
- Liberty Mutual
- American Family
- COUNTRY FINANCIAL
Best Insurance Companies
The above list shows the most popular home insurers in St. Louis according to our users. But popular doesn’t always mean best.
Our study on the best home insurance rates focuses on top of the line companies. In no particular order, these companies stand out among the rest:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
St. Louis Home Insurance Rate Factors
Insurance companies consider many elements when pricing your home insurance plan. Here are some of the most common factors:
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- Natural disasters: It’s no surprise that inclement weather brings higher insurance rates. Louis has relatively normal weather: warm and muggy summers as well as cold winters. But the city is prone to frequent tornadoes as well as storms. In 2017, the Governor of Missouri filed a disaster declaration after storms destroyed 1,200 homes and caused over $86 million in damages. These annual bouts of destructive weather cause frequent insurance raises. After Missouri insurers paid out $1.6 billion and $1.3 billion in 2011 and 2012, respectively, insurance rates raised across the board. Insurers responded by raising rates by 6.7 percent in the state. St. Louis residents pay extra because of this.
- Your home's age: Older homes are more prone to claims and cost more to repair. As a result, an old house costs more to insure. According to QuoteWizard users in St. Louis, the city’s average home was built in 1968. That’s old enough that serious problems will begin to surface, even if the home has been well maintained. If you own an old home, you can soften the blow of high insurance rates by updating and renovating your home.
- Credit history: Your credit history plays an important role in everything you do. That includes insurance. Insurers use your credit history to gauge your financial responsibility. Unfortunately, if you have bad credit you're guaranteed to pay more for home insurance. The average credit score in St. Louis is 666. That ranks St. Louis 56th out of 100 major cities for credit score rankings. 666 isn’t a great credit score, but the average St. Louisan shouldn’t face steep rate hikes because of it.
- Previous claims: If your home’s previous owner didn’t stay on top of maintenance, you can face problems down the road. If the previous owner filed several insurance claims, that can hurt your premiums. Why? A history of claims means you’re statistically more likely to need to file additional claims. When a claim is filed on your home, it is saved in a C.L.U.E report. This allows insurers to look up your house’s claim history as well as any previous claims you may have made. After several claims, you may be labelled high-risk. That leads to rate raises and, in some cases, coverage refusal or cancellation.
- Coverage amounts: Coverage levels vary from state to state and they are key in the cost of your home insurance. Homeowners can purchase standard policies with basic coverage, or they can opt for stronger coverage. For many people, a standard policy are cost-effective and provide enough coverage. But for people with unique homes, collectables, antiques, or large assets, more coverage is necessary. Obviously, a plan with additional coverage costs more.
- Home security and crime: Insuring a house in a city with high property crime costs a lot. In 2017, Louis was ranked the fourth most dangerous city in the country. Property crimes occur at a rate nearly two and a half times higher than the rest of the country. You have a 1 in 16 chance of becoming a victim of property crime in St. Louis. Remember that these statistics vary considerably by neighborhood.
Types of Homeowners Insurance
The type of insurance policy you will need is all dependent on you, your home and your insurance needs. Below we have listed the main homeowners insurance policy options:
- HO-1: Basic insurance that covers standard damages.
- HO-2: Broad homeowners insurance that covers everything in HO-1 but also covers falling objects and damages to AC units, pipes, and other household systems.
- HO-3: Covers damage from all perils unless they are specifically excluded. Also covers unattached structures and liability.
- HO-4: Provides belongings and liability coverage for renters.
- HO-5: Comprehensive policy like HO-3 but with expanded coverage and less limitations for property claims. This is considered a premium policy.
- HO-6: Covers possessions and provides liability for condo owners.
- HO-7: Similar coverage as HO-3, but for mobile homes.
- HO-8: Designed specifically for older homes, this policy provides similar coverage as HO-3. It can be tailored to suit the unique needs of older homes.
- HOB -This will provide the same coverage as an HO3, but provides more coverage for water damage. Which after reading about the flooding in St. Louis could be a great option for St. Louis residents.
8 Ways to Save Money on Homeowners Insurance in St. Louis
What can you do to save money on a St. Louis homeowners insurance policy? Below are some tried and true ways:
- Raise your deductibles: This is one of the easiest and fastest ways to shave numbers off your monthly premium. Your deductible is the amount you pay out of pocket when you file a claim. If you can afford a $1,000 deductible, you are guaranteed to decrease your home insurance rates. A lower deductible costs more every month, but you save money when you need to file a claim. It’s a balancing act.
- Bundle: Insurers offer bulk buy discounts when customers buy multiple policies. This is known as bundling. Bundling your home and auto insurance with one company can save you anywhere from 10 to 20 percent.
- Avoid claims: Filing claims leads to rate raises. If you file multiple claims, your insurance company may label you a high risk. Coverage costs much more for high-risk people, and some companies refuse to cover them. It’s a good idea to avoid claims when possible by paying for minor damages yourself. There’s plenty to consider when deciding whether to file a claim.
- Shop around: Buying insurance can be a hassle. Most people go with a familiar insurance company, or the first decent policy they find. But if you don’t shop around and compare quotes, you won’t know if you’re getting a good deal. Shopping around annually can help you decide whether you are truly getting the best insurance rates to fit your needs. If you don’t compare companies, you don’t know what savings you may be missing. Start saving right now and compare homeowners rates in St. Louis today.
- Boost your credit score: If you have a bad credit score, you’re going to pay more for home insurance. Work on improving your credit score and you will reap the benefits in many aspects of your life. That includes home insurance, where people with bad credit can pay as much as 90 percent more than people with good credit.
- Safe Neighborhood: It should come as no surprise that certain neighborhoods have lower home insurance rates than others. There are many factors that can cause this, with the most common being crime rates. If you can afford to buy a house in an area with low crime rates and no flood risks, your home insurance rates will reflect it. In St. Louis, some of the safest neighborhoods to live include Cottleville, Millstadt, Glendale, and Glen Carbon and others.
- Add Security Measures: Louis has a very high crime rate. This fact negatively affects home insurance rates. To combat this, try installing new technology and security systems. These additions make your home safer to live in and lower your chances of needing to file a claim. Because of this, security enhancements can earn you an insurance discount.
- Renovate: Old homes can be costly to repair. One way to get around costly repairs is to renovate or update an old home with new appliances, wiring, plumbing, and more. Homes in St. Louis on average are a bit older. Renovating may cost you money up front, but it can save you money in the end.
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