Whether you a renting a small apartment in a St. Louis high-rise or a house out in the Ozarks, it is a good idea to shield yourself from financial losses with a good renters insurance policy. Sadly, too many renters in Missouri do not realize the importance of having this insurance until it is too late.
If you are among Missouri’s many tenants, you may want to discuss your insurance options with a local independent agent. These agents are free to shop around to find the renters coverage you want at the most competitive price. Contact an insurance agent near you to learn more.
Missouri Rental Statistics
- Missouri residents pay an average of $830 per month in rent.
- Around 33.2% of all homes in Missouri are occupied by renters.
- An estimated 40.7% of Missouri renters spend more than 30% of their income on rent and utilities.
How Much Does Renters Insurance Cost in Missouri?
If this is your first time buying renters insurance, you may be surprised to learn that it costs lot less than you thought. Once you see how affordable it actually is, you will likely agree that it is well worth the money.
On average, renters in Missouri spend $173 a year for their coverage. That’s less than $15 a month. You can spend nearly that much on a toasted ravioli appetizer.
Here are some of the factors that can influence your renters insurance rates.
- The estimated value of your personal property
- The crime rate and weather risks where you live
- Your claims history and credit score
- The size of your deductible
Additionally, you can often get even lower rates through discounts such as a discount for paying electronically or a discount for bundling your renters insurance with another policy, like car insurance.
By taking the time to compare quotes from a few different insurance companies, you can be sure that you are getting your policy at a good price. Independent agents make comparison shopping easy.
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What Does Missouri Renters Insurance Cover?
Renters insurance is designed to protect your finances in a few different ways. A typical policy will provide you with the following.
- Personal property coverage: This is called contents insurance. It can cover repair or replacement costs if your personal belongings are lost or damaged by a covered event such as:
- A fire, whether it started in your home or a neighboring unit
- A property crime, like a burglary or act of vandalism
- Severe weather, like thunderstorms, windstorms, snowstorms, and tornadoes
- Liability coverage: This is called renters liability insurance. It can cover associated legal bills and financial obligations if you or someone in your household accidentally cause injuries, property damage, or financial harm to others.
- Displacement coverage: This is called loss of use insurance. It can cover your additional living expenses if you are forced to evacuate or if a covered event like tornado leaves your home unsuitable for occupation until repairs are made.
If you will be staying in your rental home for a long time, you may want to revisit your coverage limits every two or three years to ensure that they are still suitable.
What about Coverage against Floods in Missouri?
Many people are surprised to learn that renters insurance does not cover against flood damage. Unfortunately, when heavy rains fall, flash flooding can occur just about anywhere in this state.
Renters in upper-floor apartments probably do not need to worry about flood damage to their homes, but if you rent a house or first-floor apartments, your property could be at risk.
Your landlord will be responsible for covering any flood damage to the structure of your building, but not to your belongings. For this property to be covered, you will need to supplement your renters insurance policy with flood insurance.
Affordable policies are available through the National Flood Insurance Program (NFIP), a program run by FEMA. Renters can purchase a basic contents-only flood policy for less than $10 a month.
How Can an Independent Insurance Agent in Missouri Help?
When you are looking for a good renters insurance policy, local independent agents can help. These agents can explain your options in detail, help you decide on sufficient coverage limits, and find you a suitable policy at a competitive price. Best of all, consulting an independent insurance agent is absolutely free.
There are nearly 600 independent agents in Missouri who are ready to assist you with all of your insurance coverage needs. Arrange an obligation-free consultation with an insurance agent near you to get started.
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