Missouri Homeowners Insurance Guide
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Missouri Homeowners Insurance
Explore Missouri Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Show-Me State is nestled in the Midwest of the United States and provides visitors, as well as those Missourians that call it home, a great mix of nature, history and the buzz and bright lights of big cities. Between the Ozark Mountains and St. Louis, there’s quite a bit to do in Missouri. Although the state is completely landlocked, the Lake of the Ozarks also provides Missourians with miles of shoreline.
Due to its region and topography, the Show-Me State tends to experience natural disasters year-round. Property owners can be impacted by snowstorms in the winter, tornadoes in the spring summer and fall, and flooding at any given time.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Missourians homeowners and renters insurance costs are reasonable considering the risk associated with the region. Although the Show-Me State doesn’t experience an extraordinary amount of natural disasters, the state suffers tremendously in terms of property damage. In fact, even though a state such as California experiences significantly more natural disasters, Missouri suffers greater property losses in terms of sheer dollar amount. However, the state’s homeowners insurance rates don’t truly reflect this, with property owners in Missouri paying close to the country average for both homeowners and renters insurance.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Missouri | $1,285 | $173 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
Most of the damage caused by natural disasters in Missouri is from severe storms. Thankfully, the standard homeowners or renters insurance policy covers damage from wind, ice, and other perils associated with an intense storm. The standard policy also covers normal perils such as fire, theft, vandalism and host of others. The second most prevalent cause of property damage comes from flooding. Given this is typically excluded on the standard homeowners policy, property owners within the state should seek to augment their standard policy with a flood policy from the National Flood Insurance Program (NFIP).
Which Property Insurance Carrier Should I Choose?
The Missouri homeowners insurance market is highly concentrated, with the top two carriers controlling over 40% of the market, and twenty percentage points separating the top carrier from the fifth, in terms of market share. Given the risk of experiencing a costly property loss is relatively high for the region, reviewing the financial stability of a potential partner is of the utmost importance. Thus, when comparing insurance carriers and packages, for both national and regional carriers, make sure that they have a good reputation regarding paying claims, and are financially stable.
Top 5 Home Insurance Carriers in Missouri
| Company | Market Share |
| State Farm | 25.0% |
| American Family Insurance Group | 15.5% |
| Liberty Mutual | 8.0% |
| Farmers Insurance Group | 7.2% |
| Shelter Insurance | 5.0% |
Source: Insurance Information Institute (2019)
Whether it’s enjoying jazz in Kansas City, or relaxing at a resort on Lake of the Ozarks, Missouri is filled with great experiences for everyone. Although it has an unusual penchant for suffering outsized property losses given the small amount of natural disasters it sustains, the state’s homeowners and renters insurance rates are relatively modest when compared to the rest of the country.
Missouri Regulating Agencies And References
