Missouri Homeowners Insurance
Homeowners Insurance in Missouri: Complete Consumer Guide
Do you want to settle down and buy a home or already have one in Missouri? Well, we want to share some fun facts with you. Missouri is called the “Show Me State” because when Congressman Willard Duncan Vandiver said, “I’m from Missouri and you’ve got to show me.” It’s also called the “Gateway to the West” and “Home of the Blues.” The most destructive tornado occurred in Annapolis and left 823 dead and many buildings and trees uprooted and cars overturned. Iced tea was invented at the St. Louis World’s Fair in 1904. The state animal here is the mule. The bluebird is the state bird and the honey bee is the state insect. Anheuser-Busch brewery is located in St. Louis and is the largest beer producer in the country. Aunt Jemima pancake mix was invented in St. Joseph, Missouri. The tallest man, who was eight feet, 11.1 inches tall, was from St. Louis (Robert Pershing Wadlow). The largest earthquake in U.S history occurred here in 1811 and shook more than one million square miles. President Truman was born in Lamar, Missouri. The state instrument is the fiddle and so the state dance is the square dance. Get your boots on, let’s go!
Types of Homeowners Insurance policies in Missouri
Wondering what type of home insurance policy that you need for your home? Here is a look at the different types of policies you can choose from.
HO-1 This “basic form” policy covers the 10 most common perils. And you should know that some insurance companies do not offer HO-1 forms.
HO-2 This “broad form” provides only limited coverage. But it still provides more insurance coverage than a HO-1 basic form.
HO-3 This form is the most commonly purchased type of homeowners insurance. HO-3 provides coverage for named perils as well as personal property. With this form, your insurance company will pay to repair or replace belongings damaged in 16 covered perils. These perils include smoke, fire, lightning, windstorm, hail, explosions, theft, vandalism, falling objects, the weight of ice, snow and sleet on your home and water damage.
HO-6 This type of form is for condominium units. This type of HO-6 coverage is usually “walls-in” coverage and may protect a condo’s floors, walls and ceilings against 16 covered perils. The HO-6 form also includes coverage for a condo owner’s personal belongings
HO-8 This type of form is for older houses and covers just 10 perils. The HO-8 form is paid on an actual cash value, which is the cost of the items minus depreciation.
What factors affect rates on homeowners insurance in Missouri?
The biggest factor that determines home insurance rates is construction material. For example, you’ll have a lower rate if your home is made of fire resistant material. With that said, your home may be more expensive to rebuild because it’s made of expensive materials so your rate would go up. The size of your home also impacts the rate and the location does as well. How’s your credit because your rating may impact your score as well. So will discounts and whether or not you plan to bundle your auto insurance with your home insurance. Be as communicative with your agent as possible to get the best rate.
Top 5 Disasters in the State of Missouri
Missouri federally declared Severe Storms as the most common disaster with 35 counts since 1953, followed by Flood, Severe Ice Storm, Tornado, and Biological disasters. Here are the top 5 federally declared disasters in the state of Missouri:
|Rank||Declaration Title||Disaster Number|
|3||Severe Ice Storms||6|
Source: Federal Emergency Management Agency (FEMA)
How much is homeowners insurance in Missouri?
The average home insurance rate in Missouri is $897 a year.
Source: The average cost of homeowners insurance by state, Business Insider.
Crime Rate: Is Missouri a safe state?
|2019 Crime in Missouri||Crime Number||Crime Rate*|
*Rate per 100,000 inhabitants
Safest Cities in Missouri by Property Crime*
- Kearney, MO has a population of 10,736 with a Property Crime rate of 10.2 per 1k. The city average home value is approximately $279,859.
- Smithville, MO has a population of 10,503 with a Property Crime rate of 10.4 per 1k. The average home value there is about $265,701.
- Wentzville, MO came in third as the safest city in the state of Missouri and has a population of 42,892 with a Property Crime rate of 10.5 per 1k. Its home value averaged at about $268,149.
- Maryville, MO has a population of 11,643 with a Property Crime rate of 11.2 per 1k. Its average home value is $150,914.
- O'Fallon, MO has a population of 89,611 with a Property Crime rate of 11.3 per 1k. The city home value averaged $244,706.
*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.
Compare Home Insurance Rates in Missouri
Top homeowners insurance companies in Missouri
Nationwide offers several homeowners insurance options based on budget and whether or not you qualify for the many discounts members are offered. Homeowners insurance options usually include replacement cost, which usually offers more than cash value.
The Hartford offers AARP homeowners insurance which comes with different packages, like Home Advantage Package and Home Advantage Plus. With high marks for customer service, AARP through The Hartford may be the right plan for you.
Allstate gets high ratings for financial strength and customer service. Allstate also offers deductible rewards, like $100 off your deductible when you renew each year that you don’t have a claim. Claim-free rewards are aplenty with this insurer and Allstate also offers claim rateguard which will help you keep your rates low.
Missouri Home Insurance FAQs
How much personal property coverage do I need?
This is a good question and depends entirely on how much you possess and how expensive it all is. Look at your limits and compare it with a home inventory. If your limits are too low, raise them or consider buying riders for the more expensive items. These can be added to your home insurance policy.
How much dwelling coverage do I need?
Always base your limits on what it would cost to rebuild your home, not the value of your home.
Does homeowners insurance cover foundation leaks?
Sudden and accidental damage is covered when it comes to foundation claims. Leaks and wear and tear may be considered negligence by the insurer. However it is covered if damaged by the weight of ice and snow.
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At the top of the list, is reviewing insurance policies. Are you getting the coverage you need at the price you want? If not, it may be time to change policies. Need a different price? Shop around for better offers.
Gutters and downspouts work to navigate water flow off the roof so that there is no standing water that can lead to complications such as rotting wood, rotting fascia and foundation cracks
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Do you hear gurgling or trickling noises from the toilet? Does water drain more slowly than usual? Do you have a sink hole in your yard suddenly? Is your grass suddenly vibrantly green in patches?
If you're a new homeowner or if you simply decided to look into what homeowners insurance covers, you probably have a few questions about your policy. We have answers.
Keep in mind that in order to get paid for the tree removal you will have to first pay your deductible. Your deductible costs anywhere between $250 and $1,000 so it may make sense for you to pay for the tree removal out-of-pocket. Also, your rate may go up if you file a claim. Is it worth it?
With all the benefits that come with owning a swimming pool there are also risks, which is why swimming pools are often called “an attractive nuisance.” According to the Centers for Disease Control and Prevention (CDC), approximately 10 people die from unintentional drowning.
Mortgage payments and possibly a homeowners warranty aren’t the only costs of owning a home. Nope, it doesn’t end with taxes and homeowners insurance either. Most people who set out to buy their first home are in for a surprise when the closing date approaches and they learn that they owe all sorts of money for the house they just bought.
Homeowners insurance was not designed to cover small or even big fixes, but to repair damage that is covered under the stipulations of your policy. In fact, you may end up paying more in monthly premiums if you file a claim that gets rejected. For this reason, we advise you to fully review your case and your policy to see if you’re covered before filing a claim.
Homeowners insurance is an important protection to have even when it’s not required for a primary home, a vacation home or condo.