Best Homeowners Insurance Companies In Missouri

Your home is your safe place – where you go to rest from the cares of the world, relax and protect those all-important personal possessions. Unfortunately, your sanctuary isn’t invulnerable; fire, theft, water damage and devastating storms can turn things upside down in short order.

That’s where homeowners insurance has your back.

Although it’s not necessarily required in order to purchase a house, property insurance is a smart strategy, whose proceeds can compensate for losses you may experience. And there are plenty of homeowners insurance companies in Missouri to select from.

How To Find The Best Homeowners Insurance In Missouri

When deciding on the best homeowners insurance company in Missouri, policyholders use a variety of factors, such as customer satisfaction, policy offerings, speed of filing claims and the billing process.

Another key component is price point – meaning the cost of premiums. Overall, homeowners insurance companies in Missouri charge approximately $1,280 for the typical owner-occupied residence, according to calculations from the Insurance Information Institute. That’s fairly affordable in comparison to other states – such as Louisiana, where the average is $1,967 – but still higher than the national norm of approximately $1,192.

How Much Will You Pay for Homeowners Insurance In Missouri?

Many factors influence the amount that insurers charge, such as natural disaster risk (e.g. hurricanes, tornadoes, floods), a home’s age, the types of materials used in construction and proximity to fire departments, according to the Missouri Department of Insurance.

Insurance is a highly customized product, so you may wind up spending more or less than the statewide average.

Premiums may also depend on the insurer you select. As America’s most trusted source for life’s most important decisions, ConsumersAdvocate has evaluated over 50 homeowners insurance companies, basing our judgments on various considerations such as the claims process, customer satisfaction, reputation and costs of coverage.

These five are some of the best and most widely used in the Show Me State.

5 Best Homeowners Insurance Companies in Missouri

Here is our list of the 5 best homeowners insurance providers in Missouri:

  1. State Farm
  2. American Family Insurance Group
  3. Liberty Mutual
  4. Travelers 
  5. Chubb

State Farm

statefarm insurance logoFounded in 1922 in Missouri’s neighbor to the east – Illinois – State Farm is one of the nation’s longest-running and largest insurers in America. Underwriting its own policies, the company is far and away Missouri’s most widely used insurer, accounting for roughly 14% of the market share, according to the most recent data available from the National Association of Insurance Commissioners.

State Farm Homeowners Insurance

State Farm provides an impressive array of homeowners insurance protections within a basic policy, such as dwelling, other structures, personal property, guest medical and liability.

There are a number of ways to save money on premiums as well, as discounts include home security systems, smoke detectors, and impact-resistant roofing. These types of installations can reduce the risk – or extent – of damage, so insurers pass on these cost-savings to insurers by virtue of lower premiums.

State Farm Company Ratings

As far as financial stability goes, State Farm is ranked highly, having earned a rating of AA from Standard & Poor’s, Aa1 from Moody’s and an A++ from AM Best.

Customers generally have good things to say about this insurer as well, as it has an A- rating from the Better Business Bureau and an NAIC-complaint ratio of just 0.76, well below the roughly 1.00 national median.

American Family Insurance Group

american family insurance logoHeadquartered in Madison, Wisconsin,  where it was founded 92 years ago, American Family Insurance is Missouri’s second-largest in terms of market share, accounting for 8.3%, according to NAIC estimates.

American Family Homeowners Insurance

As its own underwriter, AmFam is a direct insurer and includes a plethora of standard coverages within a basic homeowners insurance policy, like dwelling, personal and itemized property (e.g. wedding rings, antiques, family heirlooms), as well as loss of use.

The company also has several optional protections, like sewer backup and sump pump overflow. Flooding is the No. 1 natural disaster in the U.S., according to the Federal Emergency Management Agency, which can supplement flood insurance, a product that is separate from homeowners insurance.

In addition to numerous basic and optional coverages, AmFam offers many ways to save, whether by bundling, or installing surveillance equipment or smoke detectors.

American Family Company Ratings

This company has long maintained a stellar assessment from AM Best (an A rating, third from the top score possible) and the Better Business Bureau (A). Customer complaints are relatively few compared to its contemporaries, earning an NAIC ratio below the median.

Liberty Mutual

liberty mutual insurance logoStationed in Massachusetts’ capital city, Liberty Mutual is the nation’s fourth-largest property and casualty insurer and the third-biggest in all of Missouri, owning 5.9% market share.

Liberty Mutual Homeowners Insurance

Similar to its contemporaries, the self-insured company launched in the early 1900s and has grown exponentially ever since, offering several different insurance products aside from homeowners. Standards protections within a basic home insurance plan are guest medical, other structures, dwelling and personal possessions.

Premium discounts are also fairly wide-ranging, as those who have remodeled their home or recently purchased may be eligible for savings. Installing safety measures can yield lower premiums as well.

Liberty Mutual Company Ratings

While Liberty Mutual is highly rated by the major financial assessment firms, customers aren’t as inclined to offer high praise, earning a B+ rating from the BBB and an NAIC complaint ratio of 13.77.

However, given Liberty Mutual is one of the nation’s largest insurers, it opens the door to more criticism compared to companies with fewer policyholders.

Travelers

travelers insurance logoBased in New York City, Travelers is among the top three underwriters of personal insurance in America and within the top five in the Show Me State (4.3% market share).

Travelers Homeowners Insurance

A multi-line insurer, the company’s basic homeowners coverages are fairly typical, such as dwelling, other structures, personal liability and property, as well as loss of use.

Given that it offers auto insurance and other products in addition to homeowners, one of its most popular discounts is bundling, but policyholders can also yield savings by remaining claims-free for a certain period of time.

As far as reviews go, Travelers has a sterling reputation with Standard & Poor’s, Moody’s and AM Best. Impressively, given its size, the company is also well received by customers, with an A+ rating from BBB and an NAIC complaint ratio below the national median (0.5).

Chubb

Chubb Insurance LogoThe largest publicly traded insurance firm in the world, Chubb is native to Bermuda but has expanded to 54 countries in its nearly 140 years of existence. It’s gained a foothold in the Show Me State as well with a market share of 3.8%, the equivalent of approximately 449,900 in direct premiums.

Chubb Homeowners Insurance

Dwelling, other structures, personal property and additional living expenses are a few of the basic protections found within a standard homeowners insurance policy, which Chubb underwrites, and discounts include home safety installations, storm shutters and non-smoker.

You won’t find many other insurers as favorably positioned financially, evidenced by sterling reviews from the likes of AM Best and Moody’s, and customers are loath to criticize; Chubb’s complaint ratio is just 0.33.

Additional Homeowners Insurance in Missouri

As noted by the Missouri Department of Insurance, vandalism, theft, fire, smoke, hail and wind-related effects are all covered through homeowners insurance. But there are some perils that aren’t included, such as flooding and earthquakes.

While major earthquakes are extraordinarily rare in the Show Me State, the same can’t be said for flooding, as hardly a year goes by without some form of it. Most property insurers participate in the National Flood Insurance Program, which is government-run but available for purchase through many private entities.

Only a few inches of water entering your home due to overland flooding can cost tens of thousands to fix. And if you live in a floodplain, you may be required to purchase a policy to supplement your homeowners insurance.

Tips for Buying Homeowners Insurance in Missouri

You may know exactly the type and amount of insurance you need. But what you wind up paying in premiums can vary considerably depending on the insurer. That’s why it’s important to do your homework by comparing and contrasting homeowners insurance quotes. Devoting time to this process can help you keep your costs lower.

Consider these suggestions before buying homeowners insurance:

  1. Understand the difference between actual cash value and replacement cost.
  2. Conduct a home inventory annually to help expedite the claims process should you need to file one.
  3. Inquire about all the discounts available with insurer to maximize savings.

*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.