More on Home Insurance
More on Home Insurance
The cost of homeowners insurance in Missouri is $1,965 a year for the average amount of coverage. Missouri residents can compare rates from multiple companies with Policygenius.
Published August 27, 2020|7 min read
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Homeowners insurance is financial protection for your home, personal property, and assets in the event of severe storm damage, burglary, or an expensive lawsuit. If you’re one of the 67% of Missouri residents who owns their home rather than rents, you’ll want to make sure your house is properly insured against the state’s frequent tornadoes, ice storms, severe storms, and flooding.
The statewide average cost of homeowners insurance in Missouri is $1,965 per year, but the cost of your own policy will be determined by several factors, particularly the age of your roof, the home’s construction type, the city it’s located in, your policy deductible, claims history, and credit score. Different Missouri insurance companies may also charge different rates for the same house, which is why it’s so important to compare insurance options from multiple companies — that’s where Policygenius comes in.
To help simplify and better inform your shopping experience, we reviewed the five best homeowners insurance companies in Missouri offered through our website and calculated the state’s cheapest and most expensive cities for home insurance based on hundreds of submitted quotes.
The most affordable home insurance company in Missouri is Hippo, according to Policygenius quote data
The average annual cost of homeowners insurance in Missouri is $1,965 for $100,000–500,000 in coverage
When deciding on policy coverage, Missouri residents should consider the state’s high risk of tornadoes, thunderstorms, and hailstorms
Before deciding on a homeowners insurance policy, consider researching the company that will be insuring one of your biggest financial assets. An exceptional homeowners insurance company is financially stable, offers competitive rates, dependable customer service, flexible policy options, and has several available discounts.
Hippo, a managing general agent (MGA) with flexible underwriting capabilities, provides the cheapest Missouri home insurance quote of any Policygenius partnering insurer. The average quote with Hippo is $1,685 per year, around $300 cheaper than the average Missouri home insurance quote. If you're a Missouri resident looking for industry-best coverage at a low rate, then Hippo is the company that you want insuring your home.
Missouri residents with high-value homes should consider a homeowners insurance policy with AIG. This luxury insurance company provides comprehensive replacement cost coverage options, flexible loss settlement options like cash claims, and additional services like appraisals and risk protection consultations. AIG homeowners insurance policies are primarily intended for Missouri homes with a replacement cost of more than $750k.
Read our full review of AIG here
Missouri residents looking for home insurance savings should look no further than State Auto, a company that offers a total of nine available discounts for everything from bundling your home and auto insurance to fitting your house with smart home devices to fortified home discounts. Missouri residents who build their homes to withstand the state’s high risk of tornadoes and hailstorms should take advantage of these valuable rate-saving opportunities.
One important indicator of an insurance company’s ability to pay out claims in an effective and timely manner is its financial stability, and Encompass is among the highest-rated insurers in that area. Encompass has the second highest credit rating a company can receive, with an A+ rating from A.M. Best. Encompass also has high marks with Standard & Poors, which measures long-term financial stability, as well as Moody’s, which measures what the expected losses would be if a company were to go into default.
Read our full review of Encompass here
Missouri residents looking to maximize coverage on their homes should consider MetLife for its replacement cost coverage options. MetLife has three comprehensive levels of coverage, including MetLife GrandProtect — the most robust coverage tier with MetLife. The GrandProtect plan includes guaranteed replacement cost, a policy enhancement that guarantees you’ll be reimbursed the full replacement value of the home in the event of a total loss, regardless of the cost.
Read our full review of MetLife here
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When comparing insurance companies, Missouri residents may find that rates differ greatly from company to company for the same level of coverage. Certain companies may offer more coverage add-ons in a basic plan than competitors, or some may simply have higher rates in certain areas than others.
After reviewing hundreds of quotes submitted with Policygenius, we found that Hippo is the cheapest insurance company in Missouri with a $1,685 average annual premium for $100,000–500,000 in coverage. MetLife is the most expensive provider in that range with an average annual premium of $2,220 for the same amount of coverage.
The average cost of homeowners insurance in Missouri will also vary considerably based on how much dwelling coverage you have on your home. The amount of insurance you want on your home should be based on how much it would cost to rebuild your home from the ground up, not its market value.
Below is the average homeowners insurance quote for five different coverage ranges.
|Coverage Amount||Average Cost|
|Greater than $500,000||$ 3,182|
Insurance companies also price policies differently based on where in Missouri your home is located. We found that Cape Girardeau, a city of 41,000 on the Mississippi River, has the highest rates in the state with a $2,488 average annual premium for $100,000-500,000 in coverage. The St. Louis suburb of St. Peters is the cheapest city for home insurance, on average, with an annual premium of $1,306.
|Blue Springs||$ 2,210|
|Cape Girardeau||$ 2,488|
|Kansas City||$ 2,024|
|Lee's Summit||$ 2,242|
|St. Charles||$ 1,411|
|St. Joseph||$ 2,215|
|St. Louis||$ 1,852|
|St. Peters||$ 1,306|
We selected the 20 largest cities in Missouri by population where customers have submitted quotes with Policygenius. Quotes are based on a coverage amount between $100,000 and 500,000.
Missouri isn’t quite in the middle of Tornado Alley, but the state still experiences some of the most tornadoes per year of any U.S. state. In fact, Missouri saw 98 tornadoes in 2019, the 5th most in the country, and more than other tornado-prone states like Louisiana, Alabama, and Ohio. Missouri residents, especially those in the Kansas City region and other cities in the western half of the state, will want to make sure their homes are insured with a comprehensive homeowners insurance policy through a company with a reliable and trustworthy record of handling claims.
Missouri is also prone to routine thunderstorms and lightning, as well as winter storms and extreme cold during the winter months. In fact, according to the U.S. Department of Energy, thunderstorms and lightning caused the most property damage of any natural hazard in the state from 1996–2014, with about $59 million in annualized property loss during that span. Flood damage was second highest at around $49 million in annualized property loss.
No, homeowners insurance does not cover flood damage in Missouri or any of the other 49 states. Missouri residents can supplement that gap in coverage by purchasing a flood insurance policy. Flood insurance can typically be purchased through the same insurance company that insures your home.
Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,00 for the structure of your home and up to $100,000 for personal belongings.
Of the 40 federal major disaster declarations in Missouri since 1990, 34 have involved flooding. Flooding also happens to be the deadliest severe weather hazard in Missouri, and caused 50 deaths from 2015–2019. Due to the high risk of flash flooding in areas off of the Missouri and Mississippi Rivers, Missouri homeowners in those high-risk areas should consider supplemental flood insurance for their homes.
The Missouri Department of Insurance is a helpful resource both for Missouri homeowners purchasing coverage for the first time or those who are already insured. The department website has helpful information about everything from home insurance basics to disaster preparedness, as well as complaint forms if your insurance company doesn’t respond to your claim, and National Association of Insurance Commissioners (NAIC) complaint index information — a resource that helps you gauge companies’ customer service.
Homeowners insurance companies can cancel your insurance for a number of reasons — maybe you filed too many claims in a short period of time, maybe the insurance company no longer offers coverage where you live, or maybe they determined your home was too risky to insure after a recent inspection.
If you’re struggling to find coverage, you can get last-resort coverage via a Missouri Fair Access to Insurance Requirements (FAIR) Plan, a not-for-profit insurance association that provides basic coverage for Missouri residents who are unable to get home insurance on the open market. To qualify for a FAIR Plan, you need to demonstrate that you’ve had at least three unsuccessful attempts to buy insurance from other companies.
Not where you live? We've got you covered, check out our guide to homeowners insurance in your state