Homes in Missouri are vulnerable to many types of natural disasters, including floods, earthquakes and tornadoes. Yet, the state doesn’t require homeowners insurance, so understanding the types of risks your home faces can help you protect it for years to come.
For example, you should look for strong wind damage protection if your part of the state is prone to tornadoes. Similarly, you need good personal property protection if you live in a high crime neighborhood. It's also a good idea to install carbon monoxide detectors, as many insurers in the state offer a discount for doing so.
Government insurance programs include the Missouri FAIR Plan and the National Flood Insurance Program (NFIP). The Missouri FAIR Plan offers basic homeowners insurance to people that can't buy private insurance because their property is high risk. For example, a home with many recent claims is high risk. The NFIP is a federal program that offers flood insurance, which is especially important if you live in an area prone to flooding.
Comparing Missouri Home Insurance Rates
The price of homeowners insurance varies greatly in Missouri. Your insurance might cost more if you live in an area prone to tornadoes or high crime. Insurers identify these risks because they influence how likely you are to file an insurance claim. You need to compare rates and policies to make sure you get the best deal.
There are many things you need to think about when you're looking for home insurance, including:
- Home location (high crime neighborhoods and homes in tornado prone areas are more expensive to insure)
- Home age (older homes are more easily damaged and more expensive to repair than newer homes)
- Building type (multi-family homes are more prone to fires and theft than single-family homes)
- Distance from the fire department (homes that are far away from the fire department will suffer more damage if a fire occurs)
- Deductible cost (high deductibles mean owners pay lower premiums, but more out of pocket in the event of a claim)
Private homeowners insurance plans in Missouri don't usually cover earthquakes or sewer and drain backup. They also don't cover normal wear and tear or damage to cars parked on your property. Check with a few insurance companies to see if they offer additional coverage for those problems. As stated above, if you want flood insurance, you must buy it through a federal program.
Missouri Makes it Easy to Get Homeowners Insurance
It's relatively easy to buy homeowners insurance in Missouri compared to other states. You don't need to install special equipment like carbon monoxide detectors to buy coverage, although doing so often yields a policy discount. You can even buy homeowners insurance if you don't have good credit. Insurers can't deny you coverage based on your credit score thanks to a 2003 law.
Frequently Asked Questions About Missouri Home Insurance
1. How does medical insurance payments coverage work?
Medical insurance payments coverage pays reasonable injury expenses for people injured on your property or connecting walkways. This coverage doesn't apply to injuries incurred by you or family members that live in your house.
2. What is personal private property coverage?
Personal private property coverage protects the belongings of you and any family members that live with you. This protection is limited to half the carried value of your home.
3. What is a notice of nonrenewal?
Your insurer will send you a notice of nonrenewal if it chooses not to continue your homeowners insurance policy after it expires. This could be because of a perceived risk increases or nonpayment of premiums.
4. What is an underwriter?
Underwriters are insurance company employees that evaluate and choose appropriate insurance applicants. They also price coverage and create policy terms and conditions.
How to Get Great Rates on Missouri Home Insurance
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Missouri Home Insurance Resources
Missouri Department of Insurance
A wealth of resources and information on the laws governing insurance in Missouri