Kansas Homeowners Insurance Guide
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The Sunflower State is perhaps best known for its connection to the famous Wizard of Oz. Although a great film, the real place is far better. With a combination of historical significance and unique beauty, Kansas provides visitors and those that are lucky enough to call lit home, with a lot to enjoy. The state blends these two qualities by paying homage to its Wild West history and through its strong connection to Native Americans. This is exemplified by areas such as Boot Hill and the Keeper of the Plains Plaza.
Located nearly dead center within the U.S., the Sunflower State lives up to its name with acres of sunflowers, wheat and corn scattered throughout its prairie land. Given the state’s landlocked nature and the fact that its located in tornado valley, property owners within Kansas are often confronted with tornadoes and severe storms.
Kansas ranks third in the number of tornadoes it experiences annually, and second in major hail events, when compared to the rest of the country. These characteristics drive Kansans to pay the fifth most in the country for homeowners insurance. That said, renters in Kansas pay slightly less than the country average for renters insurance.
Average Homeowners and Renters Insurance Premium
Source: Insurance Information Institute (2017)
Common natural disasters such as floods and earthquakes are explicitly excluded from the standard homeowners policy. Fortunately, damage from hail or tornadoes, as well as more normal perils such as fire, theft and vandalism are covered under the typical homeowners insurance policy. However, given the catastrophic nature of tornadoes, it is recommended that property owners ensure they have proper coverage limits, and if necessary, request higher limits from their current carrier or seek separate, additional coverage.
The homeowners insurance market in Kansas is fairly competitive, with point five percentage points separating the third and fifth largest carriers, as measured by market share. Both national and regional carriers are represented within the market, providing Kansans with a great spectrum of carriers in which to compare coverage packages from. Given the competitive nature of the market, property owners in the Sunflower State should compare several carriers’ packages when looking for the right property insurance partner. Note that although national carriers tend to be financially sound, regional carriers are often able to provide customizable coverage tailored to specific risks.
Top 5 Home Insurance Carriers in Kansas
|American Family Insurance Group||15.3%|
|Farm Bureau Financial Services||7.7%|
|Farmers Insurance Group||7.2%|
|Travelers Companies Inc.||7.2%|
Source: Insurance Information Institute (2019)
Nestled in the middle of the country, the Sunflower State is a staple to American history. Its pride is shown through its museums and sacred lands. Situated in tornado alley, Kansans suffer their fair share of property damage. Fortunately, those damages are often covered by the standard homeowners insurance policy.
Kansas Department of Insurance
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