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Best Home Insurance Rates In Missouri

Missouri is famously the starting point for both the Pony Express and the Oregon Trail. The “Show Me” State is also the home state of a number of famous celebrities, including Chuck Berry, Tina Turner, Eminem, Mark Twain, and T.S. Eliot. But, this Midwestern state is also home to some homeowners insurance hazards that are not atypical of the region.

Average Missouri Homeowners Insurance Rates

Missouri has above average home insurance premiums compared to other US states. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of home insurance in the state of Missouri was $1,199, a bit higher than the national average of $1,132. There are 16 states with higher average homeowners insurance premiums than Missouri.

Missouri Average Annual Homeowners Insurance Rates
  2012 2013 2014
Missouri Annual Average $1,091 $1,143 $1,199
Missouri Price Per Month $91 $95 $100
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 15 18 18
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Missouri should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to get a homeowners insurance quotes comparison in Missouri from multiple companies.

Best Missouri Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Missouri. Out of the 17,358 Missouri homeowners that used QuoteWizard to request insurance quotes last year, 939 had no home insurance.

  1. American Family
  2. Farmers
  3. Allstate Insurance
  4. AAA Insurance Co.
  5. Progressive Casualty
  6. Liberty Mutual
  7. Geico
  8. Safeco
  9. Nationwide
  10. USAA
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Why contact every individual company in Missouri that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Missouri Home Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 American Family Insurance Co. $282,166 15.32%
2 Liberty Mutual $155,727 8.46%
3 Farmers Insurance Group of Cos $142,304 7.73%
4 Shelter Mutual Insurance Co. $99,713 5.41%
5 Auto Club Exchange Group $82,923 4.5%
6 Nationwide Mutual Group $78,507 4.26%
7 Allstate $72,304 3.93%
8 USAA Insurance Group $71,049 3.86%
9 Missouri Farm Bureau Group $60,628 3.27%

Financial Strength Ratings of Top Missouri Home Insurers

Source: A.M. Best (Ratings as of 8/24/2015)

  • American Family Insurance Co.: A+
  • Farmers Insurance Group of Cos.: A
  • Liberty Mutual: A
  • Shelter Mutual Insurance Co.: A
  • Auto Club Exchange Group: A-
  • Nationwide Mutual Group: A+
  • Allstate: A+
  • USAA Insurance Group: A++
  • Travelers Companies Inc.: A++
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Rating Guide

Missouri Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioner
Rank Company Direct Premiums Written (in thousands) Market Share
1 American Family Insurance Co. $863,510 8.8%
2 Liberty Mutual $541,733 5.5%
3 Travelers Companies Inc. $427,343 4.3%
4 Farmers Insurance Group of Cos. $385,473 3.9%
5 Shelter Mutual Insurance Co. $353,395 3.6%
6 Nationwide Mutual Group $331,264 3.4%
7 ACE Limited Group $286,703 2.9%
8 Progressive Group $267,130 2.7%
9 American International Group $251,966 2.6%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Missouri.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Missouri, the average listing price is $174,085, as of July 2015, which is significantly lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Missouri’s average burglary rate was 643.0 per 100,000 people, which is slightly higher than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Missouri, there are 42.3 law enforcement personnel per 100,000 total citizens, which is a bit higher than the national median of 32 per 100,000.

Home Insurance Hazards

The homeowners insurance hazards in Missouri are typical of the Midwest region. This includes cold and snowy winters, extremely hot summers, tornadoes and possible hurricanes.

Cold, snowy winters: While winters in Missouri are milder than in Midwestern states further north, they can still be cold and snowy. Missouri averages about 12 days of and 17 inches of snow per year. That said, Missouri is also known for its variable winters—some years it’s quite mild, other times it can be extremely cold. What’s more, snowfall varies greatly from north to south. In northern Missouri, they tend to have much more snow than in the southern part of the state. For example, in the northern city of Trenton, the average snowfall is 17 inches and about 11 days of snow per year. However, the southern city of Poplar Bluff averages only about 2 days and about 5 inches of snow per year. Temperatures are equally variable. In the north, winter lows are about 20 degrees, while they are closer to 30 degrees in the south. This trend continues throughout the year.

Hot summers: While summers in Missouri are very hot, they are also very wet. June is the peak month for rainfall, averaging about 10 days of rain. July is the second-rainiest, with about 8.5 days of rain on average. In some parts of Missouri, June can bring over six inches of rain. When not experiencing rain, Missouri summers are also quite humid. In July and August, average humidity levels exceed 85%. August is also the hottest month of the year. In southern Missouri, average highs in August are about 90 degrees, while in the north, they are closer to 85 degrees. Throughout the state, summers are hot, humid, and last through September.

Hot summers can be an insurance hazard for a number of reasons. During hot months and occasional heat waves, people turn the air conditioning up high, inflating energy bills and causing possible power outages. And, the combination of heat and humidity makes the heat feel even hotter because the body is unable to physically cool itself down as easily. This hazard is especially dangerous in young children and adults over 65.

Tornadoes:  According to the National Oceanic and Atmospheric Administration, Missouri averages 27 tornadoes per year, and in 2012, the National Weather Service ranked Missouri the #14 most tornado-prone state. Tornadoes can have winds over 200 MPH and do immense damage, but fortunately tornado damage is typically covered by standard homeowners insurance policies.

Hurricanes: While hurricanes are much less a threat to Missouri than other regions, they are still a significant home insurance hazard to keep in mind. Normally, by the time a hurricane hits Missouri, it has decreased in intensity and is merely a weak tropical storm. Between 2002 and 2011, Missouri was hit with a record 13 hurricanes, according to data from the University of Missouri. To put that into perspective, Missouri was hit by only 31 hurricanes in the 100 years prior. With hurricanes come heavy rains, strong winds, flash floods, and extensive damage, so they are certainly a home insurance risk. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program, as typical home insurance plans do not cover floods. Learn more about the NFIP here.

Missouri Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
John M. Huff
Insurance Hotline:
(800) 726 – 7390
Office Hours:
Monday - Friday
8:00 am to 4:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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