Homeowners Insurance in Missouri

What factors influence my home insurance rate in Missouri?

Several factors impact Missouri homeowners insurance rates. Understanding these factors can help you manage and potentially reduce your homeowners insurance cost in Missouri. Here are a few of these factors:

• Claims history: If you’ve made a claim in the past three to five years, expect higher premiums. Insurers see recent claims as a sign of increased risk.
• Property loss history: The previous owner’s claims on your home can also affect your rates. If the home had recent claims before you bought it, your insurance costs might be higher.
• Location: Where your home is situated plays a big role. Living near a flood zone or in an area prone to severe weather, like windstorms, can drive up your premiums.
• Construction style: The materials used to build your home matter. Wood-framed homes usually cost more to insure compared to those made of brick or stone due to their higher susceptibility to damage.
• Age of your home: Newer homes generally cost less to insure. Older homes may have higher premiums because of potential issues related to outdated wiring, plumbing, or other factors.
• Home value: It will cost more to cover your home if it is valued more. More valuable homes require more coverage, which increases your premiums.
• Deductible amount: Opting for a higher deductible can reduce your premium, but it means you'll need to pay more out of pocket if you file a claim. The key is to find a balance between your deductible and your income.
• Credit score: Insurers may use your credit score to help determine your premium. A higher credit score can lead to lower insurance costs, as it often reflects financial responsibility.

Common discounts on homeowner insurance in Missouri

Average homeowners insurance in Missouri is $2,905. We know—it’s too high. Protecting your home doesn’t have to cost a fortune. Many insurers in Missouri offer discounts to help lower your premiums. Taking advantage of these discounts can make your homeowners insurance more affordable while still providing the protection you need. Here are some common ones:

• Multi-policy discounts: Bundle your homeowners insurance in MO with auto insurance and save up to 25%. This not only simplifies your coverage but also reduces your costs.
• Responsible payment discount: Save more if you pay your premium on time or in full. Insurers reward those who manage their payments well.
• Claim-free discount: If you switch insurers and haven’t made recent claims, you could get up to 20% off. This discount rewards a clean claims record.
• New home discount: Living in a new or recently renovated home can earn you a discount. Newer homes often have updated safety features that reduce risk.
• Safety device discounts: Install smart home devices like deadbolts, burglar alarms, or smoke detectors to lower your premium. These safety features help prevent damage or loss.
• Long-time policyholder discount: Staying with the same insurer for years can lead to savings. Loyalty to your insurer can result in discounts.
• Additional discounts: Some insurers offer special discounts for military service or advanced home security systems. Check with your insurer for any unique savings opportunities.

Tips for lowering home insurance rates in Missouri

Seeing a higher premium on your MO home insurance renewal can be frustrating. But don’t worry; there are several ways to potentially lower your homeowners insurance rates in Missouri and save money. By using these strategies, you can potentially lower your home insurance rates and keep more money in your pocket.

Here are some tips for lowering home insurance rates in Missouri:

• Review your coverage: Review your present coverage carefully. You might be paying for insurance that you don't need anymore. For instance, if you’ve stopped renting out your home, you can remove home-sharing coverage to cut costs.
• Check for discounts: Discounts can change as your situation evolves. If you’ve recently upgraded your roof or added security features like deadbolts, these improvements could qualify you for savings.
• Compare quotes: Even if you’re satisfied with your current insurer, it’s wise to shop around. Comparing home insurance quotes in Missouri from different companies can help you find a better deal for the same coverage.
• Increase your deductible: Raising your deductible can lower your annual premium. Just make sure you’re comfortable with the higher out-of-pocket expense if you need to file a claim.
• Make home improvements: Upgrading key features like your roof or installing storm shutters can reduce the risk to your home, which may lower your insurance rates.
• Maintain good credit: Your credit score can impact your insurance premium. Keeping your credit score high can help you get a lower rate.

What does Missouri home insurance cover?

A standard homeowners insurance policy in Missouri provides essential protection for your home and belongings. Learning about these coverages helps ensure you have the protection you need for your home and personal liability in Missouri. 

Here’s a list of what Missouri home insurance usually covers:

• Dwelling protection: Your policy helps pay for repairs or replacement if your home is damaged or destroyed by covered events like fire, storm, or vandalism. This ensures that your living space can be restored or rebuilt with dwelling insurance.
• Liability coverage: If someone gets injured on your property or their property is damaged due to your actions, liability coverage helps cover the costs. This includes legal fees and compensation for injuries or damages.
• Medical payments coverage: If a guest is injured on your property, this part of your policy helps pay for their medical expenses, regardless of who is at fault.
• Loss of use: If your home becomes uninhabitable due to a covered event, your insurance will cover additional living expenses. This includes the cost of temporary housing, meals, and other necessary expenses while your home is being repaired or rebuilt.

Additional Missouri insurance coverage options

To better protect your home and belongings, consider adding optional coverages to your homeowners insurance policy. Finding cheap homeowners insurance in Missouri can also be possible by choosing the right add-ons for your policy. 

Here are a few Missouri insurance coverage options that could be helpful:

• Enhanced personal property coverage: This option broadens the protection of your personal belongings. It covers items for any reason unless specifically limited or excluded. This means you get more comprehensive coverage for your possessions, including those that might not be considered covered loss under a standard policy.
• Functional replacement cost coverage: If your home was built before 1940, you can choose this coverage. It allows you to use standard construction materials for repairs instead of the original materials. This can help reduce your premiums.
• Service line coverage: This coverage helps with costs related to repairing or replacing damaged service lines on your property. This includes lines for drainage, electricity, and other essential services that may need excavation and repair.
• HostAdvantage® coverage: If you rent out part of your home temporarily, this coverage enhances protection for your personal property. It covers theft or damage caused by temporary renters, giving you peace of mind when hosting guests or tenants.

 These additional coverages can help tailor your policy to meet your needs better and provide extra protection for special items and situations.

What ​​coverage is recommended in Missouri?

Living in Missouri presents unique risks, from severe weather to natural disasters. By selecting the best home insurance in Missouri, you can better safeguard your home against Missouri’s varied risks. Here’s how to ensure you are well-protected:

• Winter weather: Standard homeowners insurance covers most damage from winter storms. However, some types of damage may need extra coverage. For example, flood damage from snowmelt usually requires a separate flood insurance policy. Negligence-related damage, such as frozen pipes from inadequate heating, might not be covered.
• Flooding: Standard homeowners insurance typically excludes flood coverage. Homeowners in flood-prone areas should consider separate flood insurance. Check your risk level using FEMA’s flood maps or RiskFactor.com. Even if your property is low-risk, flood insurance offers extra protection. Remember that flood insurance usually has a 30-day waiting period before it starts.
• Earthquakes: Most homeowners insurance policies do not cover earthquake damage. Coverage might extend to related damages, such as fires caused by dislodged gas lines. If you live in an area with a higher earthquake risk, adding earthquake insurance is a wise choice. Note that this insurance often comes with a high deductible. For example, a 20% deductible on $200,000 coverage means you would need to pay $40,000 before insurance covers additional costs.
• Tornadoes and high winds: Standard policies generally include wind damage coverage. However, check if your policy has a separate wind deductible. This deductible can be a flat rate or a percentage of your dwelling coverage. For instance, a 1% wind deductible on a $250,000 dwelling means you would pay $2,500 for wind damage.

Insuring your home in Missouri

Finding the right homeowners insurance in Missouri can seem overwhelming. The state’s average annual premium is higher than the national average. It’s important to shop around to get the best homeowners insurance in Missouri.

Here are the steps to follow to insure your home in Missouri effectively:

1. Reach out to experts: Connect with a licensed agent. They can help you determine the coverage you need. They also help you find your ideal pricing. This free service does not affect your credit score.
2. Check the FAIR plan: If you have trouble finding insurance in the private market, ask about Missouri’s FAIR Plan. This plan provides basic coverage and serves as a last resort. However, it’s important to note that you must first receive declinations from private insurers before qualifying. The FAIR Plan is intended to be temporary until you can secure standard coverage.
3. Consider additional coverage: Missouri experiences severe storms and tornadoes. Think about adding coverage to protect against these events. This will offer better protection for your home.
4. Evaluate your deductible: Choose a deductible amount you can afford. This is the amount you will pay out of pocket before insurance covers the rest.
5. Compare quotes: After deciding on coverage needs and limits, get homeowners insurance quotes in Missouri from an agent. They will help you compare options. This ensures you find a policy that fits your budget and needs.
6. Finalize your policy: Once you select a policy, your agent will handle the paperwork, including canceling any existing policy. All you need to do is sign the documents and pay your first premium.

Following these steps will help you secure the right coverage for your home in Missouri. This ensures you have peace of mind and financial protection.

Is Missouri homeowners insurance required by law?

No, the Missouri homeowners insurance laws don’t require home insurance in Missouri. If you have a mortgage, though, your lender will probably insist that you obtain insurance to guard your investment.