Insurance companies calculate home insurance costs based on the value of your property and by asking, "How likely is it that something bad will happen?" The more likely it is that a damaging event can happen to your house, the more expensive your home insurance policy will be.
These potential disasters are called "risks” or “exposures.” Let’s take a look at how risky Missouri is compared to the rest of the country.
The burglary rate in Missouri is higher than the national average. Be sure to protect your property by keeping doors and windows securely locked, keeping all entryways unobstructed and well-lit, and putting lights on timers when you are out of town. Frequently, installing a burglar alarm in your home can earn you discounts on your home insurance costs.
- Average number of burglaries per 1,000 homes in MO: 4.45
- Average number of burglaries per 1,000 homes in the US: 3.76
Severe weather, including hailstorms and tornadoes, can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need before disaster strikes.
- Number of federally declared disasters since 1953: 74
- Most common cause of disasters in the state: Severe storms, floods, and ice accumulation
- Average number of tornadoes per year in the state: 46.7
- Amount paid in home insurance claims in 2016: $1,060,782,000
The estimated cost to rebuild your home will play a large role in how much your home insurance costs. In Missouri, the average home value is lower than the national average. This helps to keep insurance rates affordable despite this state’s many weather-related risks.
- Average home value in MO: $156,700
- Average home value in the US: $188,900