Homeowners in Missouri have to plan for tornadoes, floods and earthquakes. Since a typical homeowners insurance policy won’t be sufficient to cover these disasters, homeowners need to be aware of the insurance options.
How do I get insurance for earthquakes in Missouri?
Missouri is the third-largest market for earthquake insurance, after California and Washington, according to the Missouri Department of Insurance. Missouri was home to the largest earthquake in the continental U.S. in 1812, along the New Madrid Fault line. The area has the potential to experience devastating quakes again.
Earthquake insurance is available as an add-on, or endorsement, from many home insurance companies. The Missouri Department of Insurance has a comprehensive list of home insurers offering earthquake insurance.
Cost of earthquake insurance in Missouri
| Area in Missouri | Average annual cost of earthquake insurance |
|---|---|
| New Madrid counties | $405 |
| Other high-risk counties | $192 |
| Medium-risk counties | $122 |
| Low-risk counties | $92 |
| Missouri average | $149 |
| Source: Missouri Department of Insurance, Financial Institutions & Professional Registration, “2017 Residential Earthquake Coverage” report, April 2018 | |
What does Missouri home insurance cover?
A typical home insurance policy in Missouri will have six main coverage types:
- Dwelling: For house damage caused by fire, tornado, wind, falling objects, vandalism and more.
- Other structures: For structures that aren’t attached to your house, such as a garage, storage shed or fence.
- Personal property: For belongings that are stolen or damaged, including clothes, TVs and furniture.
- Loss of use: For additional living expenses if you can’t live at home due to damage covered by the policy.
- Personal liability: For cases where you’re legally responsible for someone else’s injury or property damage.
- Medical payments to others: For medical bills for people injured on your property, typically in small coverage amounts such as $1,000.
How much is Missouri home insurance?
The average Missouri homeowners insurance premium is $1,280 a year for a typical policy, called an HO-3, according to the National Association of Insurance Commissioners. That’s slightly higher than the nationwide average of $1,192 a year.
20 largest Missouri homeowners insurance companies
| Rank in Missouri | Company | Market share % in the state |
|---|---|---|
| 1 | State Farm | 25.29 |
| 2 | American Family Insurance | 15.28 |
| 3 | Liberty Mutual | 8.64 |
| 4 | Farmers Insurance | 7.59 |
| 5 | Shelter Insurance | 5.05 |
| 6 | USAA | 4.67 |
| 7 | Allstate Corp. | 4.02 |
| 8 | Nationwide | 3.93 |
| 9 | Auto Club Exchange | 3.89 |
| 10 | Travelers | 3.73 |
| 11 | Missouri Farm Bureau Insurance | 3.44 |
| 12 | Progressive | 1.65 |
| 13 | Auto-Owners Insurance | 1.63 |
| 14 | Chubb | 1.5 |
| 15 | The Hartford | 1.08 |
| 16 | COUNTRY Financial | 1.01 |
| 17 | State Auto | 0.7 |
| 18 | The Cincinnati Insurance Cos. | 0.68 |
| 19 | Munich Re | 0.67 |
| 20 | American National | 0.66 |
| Source: S&P Global Market Intelligence, based on homeowners multiple peril insurance market share in 2018. | ||
What if I can’t find Missouri home insurance?
The Missouri Fair Plan may be able to provide basic home insurance if you’re unable to find it on the private market. Any licensed Missouri property/casualty insurance agent can help you apply to the Fair Plan if you’ve been turned down by other companies.