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 home insurance in Missouri is on par with the national norm of $1,034 per year. That means Missouri ranks 16th in the U.S. when it comes to the cost of home insurance.
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.
Determining Home Insurance Premiums in Missouri
Insurance companies calculate the cost of your home 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 your home riskier to insure, 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.
Homeowners Insurance 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 amongMissouri 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 damage due to flooding but your policy does not cover flooding, 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 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.
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:
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 home insurance 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 oan insurance agent.