Missouri Homeowners Insurance

 
Missouri Homeowners Insurance

Residents in Missouri pay an average of $107 per month or $1,280 per year in home insurance premiums. 


There are almost 2.8 million homes in the Show-Me State, seventy percent of which are owner-occupied.

The average monthly cost for a homeowner with a mortgage in Missouri is $1,225.

Residents in Missouri pay an average of $107 per month or $1,280 per year in home insurance premiums. 


There are almost 2.8 million homes in the Show-Me State, seventy percent of which are owner-occupied.


The average monthly cost for a homeowner with a mortgage in Missouri is $1,225.

Shop around and save.

Compare insurers to find the cheapest rates around.

 

Missouri Statistics*

6,126,452

Population

$145,400

Average value of owner-occupied housing units

2,386,203

Households

$51,542

Average household income

89%

High school grad or higher, percent of people age 25 years +

23.5 min

Average travel time to work

*Data from the U.S. Census Bureau


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When you live in a region as prone to natural disasters as the state of Missouri, you’re going to need some form of home insurance. Missouri is one of the 11 states that are part of Tornado Alley, averaging 34 tornadoes per year. Although 2018 was a relatively calm period, the state is often met by storms and hurricanes every 2 years. Plus, there’s always a seismic concern since the state is located on the New Madrid earthquake fault line. Experts claim less than 18 percent of residents with insurance had earthquake coverage as part of their premiums in 2015.


Today, insurance markets are becoming more niche, while premiums continue to rise. Knowing this, you can expect to pay higher than average homeowners insurance rates in Missouri. Read the rest of the article down below for more on premiums in the state. We suggest you do your research and get different quotes before finalizing your insurance provider company. Our free online tool serves your search by giving you a list of home insurers where you live, so be sure to try it out. Comparing quotes from many different providers is the best way to ensure you’re getting the best deal around. By having a list of quotes, you can visually see who's the cheapest provider around.

Average home insurance premiums in MO


On average, homeowners in Missouri can expect to pay $1,280 in premiums per year for getting their houses insured. This amounts to $107 on a monthly basis. Missouri ranks as the 17th most expensive state for premiums and pays about 7.38 percent more than the national average. Homeowners across the United States pay an average of $1,192 annually, which is about $99 for a month. The monthly home insurance costs mentioned above were calculated using the data provided by Insurance Information Institute’s (III) most current information regarding the matter in 2016.

Average Missouri home insurance premiums

 201620152014
Monthly average$107$104$100
Annual average$1,280$1,253$1,199
National annual average$1,192$1,173$1,132
Rank171717
Source: The annual average premiums came from the Insurance Information Institute's latest recorded data. We calculate the estimated monthly insurance costs based on the data provided.

Reviewing top homeowners insurance companies in Missouri


Since homeowners in Missouri are expected to more than the national average, it’s only natural that they would want something worthy of their time and money. We’ve compiled a review of the top three homeowners insurance companies in the state to help you get a head start on your research. III’s compiled data of home insurance providers with the most direct premiums written in 2017, which we used to decide who to write about in this article. All of the providers in MO are not mentioned below, therefore, it’s advised that you do further research after reading this article. A little time spent on applying the correct methods to find the cheapest rates in your area can save you a lot of money every year. Below are the most popular companies that MO homeowners use.


State Farm


State Farm is one of the top writers of direct premiums for homeowners insurance in Missouri, owning a home insurance market share of 25.6 percent, according to III. It tops consumer review reports due to its ability to pay claims in both the short and long term. In fact, financial stability is the name of the game here. AM Best lauds it with their highest possible A++ (Superior) grade, while JD Power gives it a 3 (About average) out of 5 Power Circle Ratings. Meanwhile, S&P has awarded State Farm with an AA (Very Strong) grade.


Missouri residents do not have to worry in times of natural disasters because State Farm homeowners insurance covers losses caused by a variety of weather-related incidents. Theft, vandalism and water damages are also covered.


The company also offers plenty of discounts, including a Multiple Line discount that takes care of auto insurance and reduces home premium rates. The Home Alert Protection offers discounts if owners have installed fire or burglar alarms. A roofing discount is also available if owners use a type of impact-resistant roofing product that is mentioned on its website.


When looking for quotes, be warned that prices might be slightly higher for Missouri residents. Nonetheless, you can tweak your coverage costs and deductibles when getting the quotes. Overall, we’d say State Farm boasts a highly favorable business profile and holds an excellent reputation among homeowners looking for affordable insurance. 


American Family 


With a 15 percent market share, American Family (AmFam) offers one of the best prices on homeowners insurance policies in Missouri. A standard plan will cover property losses caused by fire, hail, and other types of natural disasters. Homeowners can also get liability coverage for businesses that they run from their house. AmFam does not cover water damages but does have options for accidents related to plumbing failures.


The real bonus here is that while a homeowner’s property is being repaired and recovered from damages, they can expect to receive temporary expenses to meet their alternative housing needs.


Discounts at AmFam are fairly limited, but if you qualify, you can save up on some hard-earned cash. Homes secured with smart home devices and fire alert systems can receive 5% discount on their overall coverage. Additionally, if you bundle your home and auto insurance, you can save up to 27% and 42% on coverage, respectively.


Getting quotes is quick and easy, and JD Power gives it a 3 (About average) overall customer satisfaction score. 


Liberty Mutual


Liberty Mutual opened its first office in Missouri in 1919. Today, it employs over 850 locals and owns a market share of 9 percent in the state. Like State Farm, the company can be trusted for a reliable claims procedure. JD Power gives the company 3 (About average) out of 5, which is decent and gives an insight about the company’s customer satisfaction performance.


A standard homeowners insurance policy from Liberty Mutual includes personal possessions, liabilities and most living expenses. However, water damages and inflation protections come with additional coverage costs.


There are some features that set Liberty Mutual apart from other companies in Missouri. For starters, it has a 24/7 repair option for homeowners and has a catastrophe response unit that deals with most emergency situations. The best part is that it would look for alternative housing options in cases of natural disasters, and that’s always a plus.


Discount options are versatile and include a Claims-Free discount for those homeowners who haven’t filed a claim in five years or more. If you’re looking for quotes, we recommend you start with Liberty Mutual. There’s plenty to save with it.


Our recommendations


The insurance industry significantly impacts the economy of the state. Data from the Department of Commerce indicates that insurance companies provided over 68,000 jobs to Missouri locals in 2016, and contributed over $8 billion in GSP.


When looking for insurance in Missouri, we recommend you look for two important coverages. The first is earthquake protection. Living on the New Madrid fault zone puts the state at sufficient risk for a major quake. In fact, seismologists do record microquakes in the states on a regular basis.


The second coverage you need is sinkhole protection. Data from the US Geological Survey indicates Missouri as one of the seven states with frequent sinkhole damage. Sinkholes can harm more than just your home, so make sure you check for adequate coverage when choosing a provider. 

Missouri home insurance companies: Market share and summary of ratings

RankInsurerMarket share %AM BestS&PJD Power
1State Farm25.6A++AA3
2American Family15.3ANR3
3Liberty Mutual9.0AA3
4Farmers7.9AA3
5Shelter5.0ANRNR
6USAA4.5A++AA+5
7Nationwide4.3A+A+3
8Allstate3.9A+AA3
9Auto Club Exchange3.8A+NR3
10Travelers3.5AA3
NR: Not rated
Source: Insurance Information Institute, AM Best, S&P, JD Power

The only way to guarantee the safety of your home is to get a comprehensive homeowners insurance policy. Home-related emergencies can happen when you least expect them, leaving you with an extraordinary expense that you may not be able to pay for. Insurance protects you from this worst-case scenario.A home is one of the largest and most important investments that anyone will make in their lifetime. One of the most important aspects of owning a home is getting proper insurance coverage. There are many people who try to save money on their insurance whenever possible by getting worse coverage.


When it comes to your home, it pays to invest in quality insurance coverage. When something happens to your home, you will be happy that you have great insurance. There is usually an inverse correlation between the premiums and the deductible in a policy. If you choose the cheapest policy, it could end up costing you later on.


Insurance options


With the strong housing market, many people are looking for a home to purchase. There is still a shortage of inventory on the market. With that being said, there are more home insurance options than ever before. One of the best ways to look through these options is to go online.


Buying insurance online is difficult for some people. Many people like to work directly with an insurance agent to find a policy that fits their needs. However, the easiest way to save money is to compare your options in an online format.

Different coverage choices


When getting any insurance policy, you are able to choose the different coverage options within a policy. As a general rule, the fewer things that get covered, the cheaper the policy is going to be. There are various people who struggle to choose what things should get coverage.


One area that many people need to focus on is flood insurance. Some people wrongly assume that flood damage is covered in their home. This is often not the case. Make sure to ask about flood coverage before signing up for a policy. If your policy does not cover flood damage, you may need to supplement your policy with other coverage options.


How to save money


The good news is that there are ways to save money on Missouri home insurance. One of the best ways to save money on coverage is to bundle your home insurance with other coverages that you already have. For example, many insurance companies will give discounts on home insurance if you already receive auto insurance from them.


In addition, there are various upgrades that you can make in order to save money on Missouri home insurance. Homes with a security system typically have lower premiums than homes that do not have a system. This is just one example of a simple way to reduce your home insurance costs.


Finding the right Missouri homeowners insurance is not easy. With so many coverage options on the market, it requires a lot of research. To help save you time, try our online tool that reveals a list of home insurers in your location. 

For more assistance, please contact your local state department of insurance:

Missouri

Department of Insurance

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