Best cheap homeowners insurance in St. Louis

The best home insurance companies in St. Louis

To determine which carriers to feature, Bankrate’s insurance editorial team reviewed average quoted premiums from Quadrant Information Services for the largest home insurance carriers in the St. Louis area. We also reviewed available coverage types, discount opportunities, policy features and third-party customer satisfaction rankings from J.D. Power and financial strength ratings from AM Best. We used all of this data to assign a Bankrate Score, which is based on a five-point scale and can help you identify and compare companies offering affordable rates and good customer service.

If you are shopping for the best home insurance in St. Louis, Missouri, consider getting a quote from USAA, Nationwide, Allstate, American Family or Travelers. 

The cheapest home insurance companies in St. Louis

Financially protecting your home does not need to break your budget. For homeowners looking for coverage on the cheap, Bankrate identified the cheapest home insurance companies in St. Louis. According to our research, USAA, Allstate and State Farm offer the most affordable rates on average for $300,000 in dwelling coverage. Keep in mind that the cheapest home insurance companies may change depending on your dwelling coverage limit. According to our research, these companies offer the cheapest rates: 

How much is home insurance in St. Louis?

Home insurance in St. Louis, Missouri costs an average of $1,929 per year for $300,000 in dwelling coverage, which is about 9 percent less than the state average of $2,117. Exactly what it costs to insure your St. Louis home will depend on other rating factors like your credit rating, the age of your home and the deductible you choose. Adding endorsements like scheduled property to your home can also increase your costs. Still, it’s helpful to know the city average so you have an idea of what to expect when you’re shopping for a home insurance policy. It is worth mentioning that all insurance companies in St. Louis use their own algorithm to determine your rate, so you will likely see your quotes vary based on the provider.

St. Louis rates by credit tier

Credit can affect your premium with multiple types of insurance, home included. Insurance actuarial data shows that homeowners with poor credit are more likely to file claims than those with good or excellent credit. To account for the added risk, insurance companies generally charge homeowners with poor credit higher premiums. Having poor credit means that you will likely pay more than the average cost of home insurance in St. Louis, but affordable coverage is still possible. Our research shows that USAA, Allstate and American Family are cheap home insurance companies in St. Louis for homeowners with poor credit. 

St. Louis rates by home age

Home age is another risk home insurers consider when setting rates. Given that the median age of homes in St. Louis is 86 years old, there are a lot of properties that may be seen as high risk by home insurance companies. That’s because older homes often have outdated systems that are more susceptible to major failures, leading to significant repairs and replacements. This includes corroding pipes and dated wiring. This could put the homeowner at a higher risk of filing an insurance claim.

Older homes could also have been built with materials that are more expensive and harder to source now, which could make a potential claim more expensive. With added risk comes added cost, which could make insuring an older St. Louis home more expensive. Cheap home insurance companies for older homes could be harder to come by, but our research shows that these companies may offer some savings:

St. Louis rates by deductible amount

A home insurance deductible is the amount of money you are financially responsible for when you file a claim with your insurance provider. While the phrase “pay your deductible” is often used to describe the amount you pay toward your portion of repairs, it can be a little misleading. Most often, your insurance company sends you a claim check with your deductible taken out. Rather than having to contribute cash from your savings immediately to cover the deductible, you’ll see a contribution from your insurer that is smaller than the total cost of repairs. This often means making up the difference between your insurance company’s claim check and the final bill from your contractor.

As you can see in the chart below, a high-deductible home insurance policy will typically yield a lower rate.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $300,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $30,000
• Coverage C, Personal Property: $150,000
• Coverage D, Loss of Use: $60,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000, $1,500, $2,000 or $5,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts.

Year built: Rates were calculated based on the following years built for homes and assigned to our homeowners: 1959, 1982, 1992, 2010, 2015 (base) and 2020.

Bankrate Scores

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.