Summary
- • The average annual home insurance cost in Missouri is $1,062.
- • Missouri ranks 26th in the nation for the average cost of home insurance.
- • The average cost of home insurance in Kansas City, Missouri is $1,256 per year.
- • In St. Louis, Missouri, the average annual home insurance cost is $1,065.
- • The statewide average rate of home insurance in Missouri has increased by 40% over the past decade.
- • The average deductible for home insurance in Missouri is $1,000.
- • Missouri homeowners spend an average of 0.78% of their home's value on insurance.
- • One in three homes in Missouri is uninsured, leaving many at risk.
- • In 2020, Missouri had a $449 million property damage claim from severe weather events.
- • The average rate of homeowner insurance claims in Missouri is 10 per 100 homes.
- • The average premium for flood insurance in Missouri is $550 per year.
- • Missouri is among the top 20 states with the most thunderstorm days, affecting insurance rates.
- • Property crime rates in Missouri influence home insurance costs statewide.
- • Only 60% of Missouri homeowners have a comprehensive understanding of their insurance coverage.
- • The average home insurance premium in rural Missouri is $1,012 per year.
Missouri may be known as the Show-Me State, but when it comes to home insurance, the numbers speak for themselves. With an average annual cost of $1,062, homeowners in the 26th-ranked state for insurance expenses are navigating a fluctuating landscape of premiums and perils. From the bustling streets of Kansas City at $1,256 per year to the historic neighborhoods of St. Louis at $1,065 annually, Missourians are facing a sharp 40% increase in rates over the past decade. With a state average deductible of $1,000 and 30% of homes uninsured, its a financial storm waiting to happen. So buckle up, Missourians, as we unravel the twists and turns of home insurance in the Gateway to the West.
Factors impacting home insurance rates in Missouri
- Missouri is among the top 20 states with the most thunderstorm days, affecting insurance rates.
- Property crime rates in Missouri influence home insurance costs statewide.
- Home insurance rates in Missouri can vary significantly based on location, with rural areas often cheaper.
- Missouri ranks in the top 15 states for tornado activity, impacting home insurance rates.
- Missouri homes that are over 30 years old generally have higher insurance rates due to aging infrastructure.
- Heavy snowfall in Missouri can lead to roof damage and increased insurance claims.
- Missouri homeowners with swimming pools may see increased insurance rates due to liability risks.
- Missouri homeowners who have made previous claims often face higher insurance premiums.
- Sinkhole damage is a concern for some Missouri homeowners and affects insurance rates in certain regions.
Interpretation
In the ever-changing world of insurance costs, Missouri seems to be keeping things electrifying with its thunderstorm days and tornado activity, which pack a real punch to homeowners' wallets. From property crime rates to aging infrastructure, and even the daring inclusion of swimming pools for added drama, Missouri homeowners are truly navigating a wild ride of insurance costs. So whether you're living on the edge in the path of a twister or enjoying the tranquility of rural life, one thing is certain - in the Show-Me State, insurance rates are always ready for their close-up.
Home insurance cost and premiums
- The average annual home insurance cost in Missouri is $1,062.
- Missouri ranks 26th in the nation for the average cost of home insurance.
- The average cost of home insurance in Kansas City, Missouri is $1,256 per year.
- In St. Louis, Missouri, the average annual home insurance cost is $1,065.
- The statewide average rate of home insurance in Missouri has increased by 40% over the past decade.
- The average deductible for home insurance in Missouri is $1,000.
- Missouri homeowners spend an average of 0.78% of their home's value on insurance.
- The average premium for flood insurance in Missouri is $550 per year.
- The average home insurance premium in rural Missouri is $1,012 per year.
- Missouri's average home insurance premium is 5% lower than the national average.
- The average cost of homeowners insurance in Springfield, Missouri is $1,038 per year.
- The most expensive homeowners insurance in Missouri is in Columbia, with an average premium of $1,280 per year.
- Jefferson City, Missouri, has an average home insurance cost of $1,153 per year.
- The average premium for condo insurance in Missouri is $577 per year.
- Independence, Missouri, has an average home insurance cost of $1,122 annually.
- The average policy premium for renters insurance in Missouri is $182 per year.
- Springfield, Missouri, has an average condo insurance cost of $440 per year.
- The average cost of mobile home insurance in Missouri is $1,325 per year.
- Columbia, Missouri, has an average condo insurance premium of $512 annually.
- Joplin, Missouri, has an average home insurance cost of $1,237 per year.
- The average premium for earthquake insurance in Missouri is $286 per year.
- Ballwin, Missouri, has an average condo insurance cost of $472 annually.
- O'Fallon, Missouri, has an average home insurance cost of $1,023 per year.
Interpretation
Ah, the average home insurance cost in Missouri – a rollercoaster of numbers and premiums that could make even the most stoic homeowner break a sweat. From Kansas City to St. Louis, Springfield to Columbia, it's a whirlwind of figures and statistics that paint a picture of financial protection. With a statewide average rate that has seemingly decided to take a 40% hike over the past decade, Missourians are left grappling with deductibles, flood insurance, and condo premiums that range from reasonable to eye-watering. But fear not, for amidst this chaos, Missouri manages to stand proud as its average home insurance premium remains 5% lower than the national average – a beacon of hope in a sea of cost analysis. So, as Jefferson City or Independence residents ponder their annual premiums, let us remember that while insurance may be a financial necessity, a little wit and humor can go a long way in tackling those insurance conundrums.
Home insurance coverage and claims
- One in three homes in Missouri is uninsured, leaving many at risk.
- In 2020, Missouri had a $449 million property damage claim from severe weather events.
- The average rate of homeowner insurance claims in Missouri is 10 per 100 homes.
- Only 60% of Missouri homeowners have a comprehensive understanding of their insurance coverage.
- Missouri had 66,778 home insurance claims in 2019, with an average claim amount of $17,072.
- Fire damage accounts for 25% of home insurance claims in Missouri.
- In 2018, Missouri had $40 million in insured property losses from hail damage.
- Lighting strikes accounted for 13% of home insurance claims in Missouri in 2020.
Interpretation
Missouri homeowners are playing a dangerous game of chance with their properties as statistics reveal a cocktail of risk and unpreparedness. With one in three homes flying solo without insurance, it's like walking a tightrope with no safety net. The $449 million property damage claim from severe weather events in 2020 serves as a stark wake-up call to the unpredictability of Mother Nature. Add in the fact that only 60% of homeowners truly grasp their coverage, and you've got a recipe for potential disaster. Missouri may be the Show-Me State, but when it comes to home insurance, it's time for residents to show themselves some much-needed protection.
