Insurance Agency Startup Cost Comparison
St. Louis, MO vs Miami, FL
St. Louis, MO
$18,000 - $77,000
COL Index: 90.8
VS
Miami, FL
$26,000 - $110,000
COL Index: 128.3
Detailed Cost Comparison
| Expense | St. Louis, MO | Miami, FL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$800 - $4,000 | $2,600 - $9,500 | -60% |
|
Insurance Producer Licenses
|
$1,000 - $4,000 | $1,000 - $4,000 | Same |
|
Office Lease (First + Last + Security)
|
$2,600 - $13,000 | $5,900 - $29,300 | -56% |
|
Technology & Equipment
|
$2,000 - $8,000 | $2,000 - $8,000 | Same |
|
Carrier Appointments & Bonds
|
$1,000 - $5,000 | $1,000 - $5,000 | Same |
|
E&O and Business Insurance (Annual)
|
$1,500 - $6,000 | $1,500 - $6,000 | Same |
|
Marketing & Lead Generation
|
$2,000 - $10,000 | $2,000 - $10,000 | Same |
|
Working Capital (3-6 Months)
|
$7,300 - $27,200 | $10,300 - $38,500 | -29% |
| Total Estimated Cost | $18,000 - $77,000 | $26,000 - $110,000 | -30% |
Local Market Factors
| Factor | St. Louis | Miami |
|---|---|---|
| Cost of Living Index | 90.8 | 128.3 |
| Commercial Rent ($/sqft/yr) | $12 - $28 | $25 - $65 |
| Labor Rate Index | 0.9 | 1.08 |
| Sales Tax | 9.679% | 7% |
| Minimum Wage | $12.30/hr | $13.00/hr |
| LLC Filing Fee | $50 | $125 |
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