Missouri homeowners insurance rates rise 76 percent in ten years

Missouri homeowners insurance - coins and house

A new analysis has revealed that residents are watching premiums rise faster than most other states.

Missouri homeowners insurance rates have been climbing at a faster rate than most other US states over the last ten years due to the severe weather affecting the region.

A new analysis has measured the growth in rates Missourians are paying as 7th fastest in the country.

The QuoteWizard analysis measured the Missouri homeowners insurance rate growth at 76 percent across the last decade.

“When insurance companies take a loss, they compensate for that loss by increasing rates,” said a research analyst for the company, Adam Johnson. “So when we look at states that are increasing premiums, that’s likely where more severe weather has struck in recent years.”

Residents of Missouri’s Buchanan County pay an average of $1,490 per year for their standard coverage, according to the analysis. That said, this figure represents only the home policies. It doesn’t include the flood which is also carried by many residents of Northwest Missouri. Those who have both home and flood coverage are paying an average of about $2,400 per year in premiums.

Over the last ten years, the Missouri homeowners insurance and flood rates have risen substantially.

“And to look at it over a decade to see it go from an average of 700-some dollars all the way up to $1,200 (in Missouri), we could likely see that same pace and that same rate of increase over the next decade, so it is only getting more expensive,” explained Johnson. ““It’s just kind of a reality living in that part of the country that has severe weather that’s likely to get worse, insurance rates are likely to get more expensive.”

The recent analysis was conducted using data from seven leading insurers. Quotes were based on a $174,348 home owned by a person aged 57 years. Both the home value and owner age are average in the state.

The Missouri homeowners insurance analysis showed that State Farm covers more than one quart of the homes in the state. American family has a share of almost 16 Missouri homeowners insurance - coins and housepercent. Among the other insurers, none has more than 10 percent of the state’s total market.

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