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Shopping for homeowners insurance is more important than the average first-time homeowner may imagine. Homeowners coverage is what stands between a homeowner and potential financial hardship if their house is damaged or destroyed. Here, we take a look at the best homeowners insurance in Missouri, show you where to buy the least expensive policies, and outline key factors to search for when shopping for a Missouri home insurance policy.
These four companies offer cheap homeowners insurance in Missouri:
Moving into a brand-new home is exciting. One added bonus is that insurance premiums are typically lower in a newly built home. That's because insurers give the homeowner credit for the fact that all the components in the house are new and unlikely to fail any time soon. Nationwide offers the cheapest homeowners insurance in Missouri for new construction homes at an average annual rate of $617.
These three companies are runners up for the cheapest Missouri home insurance providers for new construction:
Older Missouri homes may be full of character and unique architectural touches, but they are also likely to have age-related problems. Old homes may suffer from issues like mold, leaky basements, dry rot, and damaged roofs. Yet these four companies have found a way to insure old Missouri homes at reasonable rates:
After a storm or fire, it can be financially devastating to be without insurance. Still, it's frustrating to learn that the cost of Missouri home insurance will increase following a claim -- if only for a time. These four insurance companies offer the lowest rates in the state for homeowners who have previously filed a claim:
The average cost of homeowners insurance in Missouri is $2,542, which is quite a bit higher than the national average of $1,725.
|Average Rate Category||Missouri||National Average|
|New home construction||$1,345||$943|
|When making a claim||$2,740||$1,803|
While price is an import consideration, there are other factors to consider when shopping for homeowners insurance in the state. Here are a few.
There are six types of policies designed to cover traditional (non-mobile) homes. These six policies range from basic coverage to comprehensive coverage. The best homeowners insurance companies offer a variety of coverage levels. The first thing a homeowner should do is determine how much coverage they require and compare policies offering that level of protection.
A bare-bones insurance policy may be less expensive, but it may not always provide the coverage needed if a home is damaged or destroyed. Shopping for a low price is great, but only when it includes searching for the proper level of coverage, enough to meet the homeowner's financial needs in the event of peril.
A deductible is the amount of money a homeowner must pay toward a claim. Let's say a pipe breaks and floods a room. The total cost of the repair is $7,500 with a $1,000 deductible. The homeowner pays a contractor $1,000, and the insurance company covers the remaining $6,500.
One way to find cheap homeowners insurance in Missouri is to take advantage of policy discounts. Before deciding which insurance company provides the best fit, find out how much each policy will cost after all discounts have been factored in. It would be unusual to find an insurance company that does not offer home insurance discounts. Homeowners can get discounts for things like installing an alarm system or having smoke detectors.
The fact that Missouri has four distinct seasons means that it has it all -- wind, rain, snow, ice, flooding, tornadoes, and the occasional earthquake. Here are some of the most common claims of this heartland state.
Missouri winters can be harsh, leading to issues like ice dams, weighted-down roofs, and roof damage. Spring rains sometimes lead to issues like mold, dry rot, and flooding. Water claims can also be caused by burst water pipes and leaky appliances.
According to the Insurance Information Institute, fire and lightning damage accounted for about 25% of all homeowners insurance claims in the nation in 2019. Due to the number of thunderstorms experienced in Missouri, it's no surprise that fire and lightning are among the most common insurance claims in the state.
Wind damage is another frequent cause of Missouri claims. Wind can strip siding and damage roofs. It can also knock down power lines and pull trees out from the roots.
While some areas of Missouri are safer than others, there's no corner of the state that is 100% crime free. Whether a homeowner experiences a break-in or broken windows, theft and vandalism are two common reasons for claims.
The ideal policy is a combination of comprehensive coverage and low price.
Homeowners with a non-mobile home have their choices of six categories of coverage, referred to as HO-1 through HO-8:
Finding cheap homeowners insurance in Missouri depends, in part, on taking advantage of as many discounts as possible. While each insurance company offers its own set of discount options, here are some of the most common:
To offer an idea of how much discounts impact premiums, here are some averages for Missouri:
Each insurance company has its own way of coming up with premiums for Missouri home insurance. Typically, these companies consider factors like crime rate, how near (or far) a house is from a fire station, and the value of homes in the area. Here are the five Missouri cities with the lowest homeowners insurance rates:
|City Name||Average Home Insurance Rate|
Here are the five most expensive cities in the state for homeowners insurance:
|City Name||Average Home Insurance Rate|
|South West City||$2,861|
Landing the best homeowners insurance in Missouri is the first step. It makes financial sense for homeowners to revisit coverage at least once a year, just to make sure they still have the proper level of coverage.
Our Insurance Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.
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