How much is homeowners insurance in Missouri?
Homeowners insurance in Missouri costs an average of $256 a month, which is $3,072 a year. But every homeowner needs different coverages for their homes. Several factors affect your home insurance rates in Missouri, including:
Home location: One of the most significant factors that insurance companies use to determine home insurance premiums is location. If you live in an area that’s susceptible to natural disasters, like earthquakes and floods, you’ll pay more than a homeowner in a city with mild weather conditions. Also, premiums tend to be higher in cities than in rural areas.
Home’s replacement cost: Replacement cost is the amount it would cost to rebuild your home with similar materials. It’s based on factors like the age of your home, square footage, architectural style, and local rebuild costs in your area.
Coverages: The amount of coverage you choose plays an important role in your home insurance costs. Adding extra coverage for sewer lines, natural disasters, high-value possessions, and more will increase your insurance rates.
How your policy choices affect home insurance rates in Missouri
How much you pay for home insurance depends on what choices you make when choosing a policy. Here are how different parts of a policy can affect your home insurance costs:
Your policy form
The most common home insurance form for a standard home is an HO-3, also called a special form policy. It will help pay for repairs if your home sustains damage from a peril or event, such as fire and smoke, lightning, windstorms and hail, explosion, vandalism, vehicle damage, theft, falling objects, weight of ice, snow, or sleet, and water damage.
Other home insurance forms are HO-1, which covers 10 perils, but nothing else, and HO-2, which only covers the specific perils listed on the policy. Before you move forward with a home insurance policy, you should check which perils the policy covers.
Your coverage level
The more home insurance coverage you have, the higher your premiums will be. On the other hand, lower coverage will lead to cheaper rates. If you’d like to minimize your out-of-pocket costs after a home insurance claim, the greater expense of higher coverage might be worth it.
Your home insurance deductible is the out-of-pocket cost you have to pay before your home insurance company kicks in and covers the rest. It’s separate from your premium, which you’re responsible for paying regardless of whether or not you file a claim. A higher deductible leads to lower premiums and vice versa.
Keep Reading: Why Do Home Insurance Companies Deny Claims?
How location affects home insurance rates in Missouri
Different ZIP codes within a state can result in different home insurance quotes. Areas in Missouri that are prone to extreme weather events, such as flooding and earthquakes, often have higher home insurance rates. Cities with higher vandalism rates — as well as areas with more people — may have higher home insurance premiums than rural areas with fewer people.
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Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.