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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

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Reviewed by Joshua Adamson

UPDATED: Jul 20, 2021

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There are few things more important to you and your family than your home, so protecting it with a comprehensive insurance policy should be your number one priority. Obrella makes the home insurance policy shopping experience easier than ever before. Use Obrella for reliable insight and information. Or, get help from friendly insurance experts who can walk you through your options from several providers and answer any questions you might have in one simple call. They can show you the best available Missouri home insurance policies and can even bind your policy over the phone.

Missouri Home Insurance Costs

At an annual rate of $1,091, the average cost of homeowners insurance in Missouri is on par with the national average premium of $1,034 per year. That means Missouri ranks 16th in the U.S. when it comes to the cost of homeowners insurance.

What percentage of income is spent on homeownership?

Median Home Value: 147,400

Household Income: 56,630

% of Income on Home Ownership: 26.40%

On average, Missouri residents earn less than residents of most states, but their housing is more affordable. Specifically, the median household income in Missouri is $46,931, which is just over $5,300 less than the national median of $52,250. And the median house value in the Show Me State is $137,000, which works out to be $39,700 less than the typical U.S. home. Missouri residents spend 26.4% of their household income on home ownership expenses, whereas the typical American spends 31.6%. A greater percentage of Missouri homes are occupied by their owners than they are nationally as well 67% of Missouri homes are owner occupied. Nationally, that number is 63.5%. Knowing that, we can see that Missouri has the 18th highest owner occupancy rate across the country.

It’s important that your homeowners insurance adequately protects your Missouri home. To find out if you have sufficient coverage, or to look for a more competitive rate, call an insurance expert at [mapi-phone-link /]. Ask them to review the insurance you have for your home and run a policy comparison.

How are homeowners insurance premiums determined in Missouri?

Homeowners insurance companies calculate the cost of your insurance policy by considering various factors. They start with information about your home and your area, including local building costs, crime rates, the size of your home, and the year it was built. Premiums can also be affected by environmental factors, such as the likelihood of floods, tornadoes, or earthquakes in your region. Even things like your credit score and whether or not you have a swimming pool or a guest house on your property may affect the cost of your insurance premiums.

Why do these aspects matter? They all relate to risk. If your insurance provider determines that these factors make you more likely to file insurance claims, you’ll probably end up spending more for your homeowners insurance policy. You do have some control over these risks, however. For instance, installing extra security measures like motion-sensor lights, security systems, or surveillance cameras can result in a lower premium because there is less of a chance that your insurance company will have to pay for stolen property.

What kind of homeowners insurance is available in Missouri?

The majority of Missouri home insurance companies have multiple coverage options to pick between; here are a couple of those options:

  • HO-1: Limited Coverage
    • No longer available in most states, this basic policy offers coverage against the first 10 classified disasters. These include fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption.
  • HO-2: Basic Policy
    • If any of the 16 classified disasters causes damage to your home, an HO-2 policy will give you basic protection.
  • HO-3: Standard, most popular
    • With very few exceptions, this policy offers comprehensive coverage, making it pretty much standard among Missouri customers.
  • HO-8: Older Home
    • As your home ages, its market value may be less than the cost of major repairs. With an HO-8 policy, you’ll receive reimbursements for damage on an actual cash value basis, rather than the full cost of the repairs. Older homes may not qualify for policies that cover the full replacement cost of the home in the event of a total loss.

What is covered by standard Missouri homeowners insurance?

If you don’t know the details of your insurance coverage, you could be more at risk than you think. Typically, home insurance policies specify certain situations in which the insurance company will reimburse you for damage. This means that your home insurance coverage does not extend to situations outside those explicitly stated in your policy. So for example, if your home sustains flood damage but your policy does not include flood insurance, your home insurance will not pay for the damage. Check out the definitions of some of the most common home insurance coverages below:

  • Coverage A – Dwelling
    • Coverage A deals with damage to the home itself, to any structures attached to the home, and to the home’s plumbing, heating, permanent air-conditioning system, or wiring.
  • Coverage B – Other Structures
    • Any structures that are not attached to the home, such as tool sheds, free-standing garages, fences, or guest homes, are covered under Other Structures.
  • Coverage C – Personal Property
    • Personal Property coverage reimburses homeowners for the value of possessions, like electronics, furniture, and clothing items that are lost or damaged, even if the damage did not occur on the homeowner’s property such as items in a storage unit.
  • Coverage D – Loss of Use
    • While a home is being repaired, Loss of Use coverage will pay for living expenses.
  • Coverage E – Personal Liability
    • Personal Liability insurance covers the homeowner’s financial loss in the event of a lawsuit in which the homeowner is found legally liable for another’s injuries or damages.
  • Coverage F – Medical Payments to Others
    • Covers medical bills for individuals hurt on a homeowner’s property or by the homeowner’s pet.

If you live in an area prone to severe storms or natural disasters, your homeowners insurance company may require you to buy a separate policy for flood insurance or earthquake insurance, for instance. The standard home insurance policy is unlikely to cover damage from these events for people living in high-risk areas.

Where can you find additional Missouri insurance resources?

Misouri Department of Insurance: The consumer agency not only offers several informative videos to help you, they also maintain a consumer complaint index that ranks insurance agencies with the most, and the least, number of complaints. You can speak with a Department representative about these things, or any other concerns you may have, in person at:

301 W. High Street, Room 530
Jefferson City, Missouri 65101
1 (573) 751-4126

Shopping for home insurance can be frustrating but there’s a way to make the process less strenuous. That’s why Obrella makes it easy to find the perfect homeowners policy. You can call an experienced insurance professional, talk about your situation, and go over your options to determine exactly what coverage you need. Finding quality home insurance is only a phone call away.

Are you ready to find a comprehensive home insurance policy for your Missouri home? Call [mapi-phone-link /] today to speak to an insurance agent and find the right homeowners insurance coverage for your needs at an affordable price.

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