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CheapRenters InsuranceMissouriThe Best and Cheapest Renters Insurance Companies in Missouri for 2024: Rankings, Reviews and Rates
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Updated: 12/28/2023
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CheapRenters InsuranceMissouriThe Cheapest Renters Insurance in Missouri
Cheap Renters Insurance Companies in Missouri
Many people in Missouri consider cost as the most important factor when choosing a renters insurance policy. USAA is the cheapest insurance provider in this state, with an average rate of $84 per year. However, USAA policies are only available to military members and their families. Besides USAA, the next cheapest renters insurance company in Missouri is State Farm, with an average annual premium of $117.
These rates are averages of quotes sourced from various ZIP codes across Missouri for a policy with $20,000 of personal property coverage, $100,000 of liability insurance and a $500 deductible.
Personal Property Coverage:
$20,000
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MoneyGeek analyzed and ranked the top renters insurance companies in Missouri according to their affordability, customer service and financial strength. MoneyGeek aims to help you find the best policy for your needs.
Cheapest Renters Insurance Companies in Missouri by City
In Missouri, State Farm offers the cheapest and most widely available renters insurance, with policies that cost an average of $117 annually, or about $10 monthly. While USAA has more affordable policies, they are only available to veterans, active military members and their families.
Companies With the Cheapest Renters Insurance in Missouri by City
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Best Renters Insurance Companies in Missouri
The best renters insurance company in Missouri is USAA, scoring 100 out of 100. However, its policies are available only to persons with a military background. For the average Missourian, State Farm is MoneyGeek’s top pick. It scored 91 out of 100.
MoneyGeek ranked each company based on its J.D. Power customer service scores and AM Best affordability and financial stability scores. MoneyGeek’s top picks may not necessarily be the cheapest in Missouri, but they all provide a balance of affordability and quality service. You’ll want an insurer that offers a good deal for efficient service, especially when filing a claim.
1
USAA
Score:100
The best renters insurance provider in Missouri is USAA. With a perfect score of 100, it ranks the highest for financial stability, customer satisfaction and affordability. Keep in mind that USAA is available only to current and former military members and their families. It offers coverage for floods, certain water damage, smoke, fires and more.
More About USAA
While USAA is available in all 50 states, it only caters to veterans, active military members and their eligible family members. In most cases, USAA covers theft and vandalism, damage to frozen pipes, riot damage and building collapse. You can get an estimate and determine your eligibility for a policy by creating an online account. USAA also has a mobile app you can use to manage your insurance, banking or investments.
2
State Farm
Score:91
For the general public, State Farm is MoneyGeek’s top-ranking company. It boasts high scores in customer service and a perfect score for financial stability. Policyholders can get separate, unique coverage for general liability and property protection for their business.
More About State Farm
State Farm offers policies in all 50 states. State Farm’s renters insurance offers two discount options and five additional coverages, fewer than the industry average of five discounts and seven added coverages. You can utilize State Farm’s calculator to compute how much you need for life insurance, college or retirement savings. You can also get a personalized estimate online and manage your banking and insurance through the mobile app.
3
Allstate
Score:79
4
American Family Insurance
Score:78
5
Farmers
Score:71
MONEYGEEK EXPERT TIP
Choosing the cheapest policy is tempting, but it may not result in long-term money savings. More often than not, paying slightly more for your renters insurance ensures you get better service.
Largest Renters Insurance Companies in Missouri
It’s generally wise to buy renters insurance from larger providers, which tend to be financially stable and invest more to offer the best customer service. Filing claims can be stressful, so you want an efficient and customer service-oriented company.
Company | Market Share | |
|---|---|---|
1. | State Farm | 25.0% |
2. | American Family | 15.5% |
3. | Liberty Mutual | 8.0% |
4. | Farmers | 7.2% |
5. | Shelter | 5.0% |
6. | USAA | 5.0% |
7. | Allstate | 4.2% |
8. | Travelers | 4.0% |
9. | Nationwide | 3.9% |
10. | AAA | 3.6% |
Average Cost of Renters Insurance in Missouri
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renters insurance is equal to the average.
The average cost of renters insurance in Missouri is $150 annually, about $10 cheaper than the national average.
The amount of renters insurance you pay will depend on your personal property coverage. The more expensive your personal property, the more expensive your policy will be. To determine how much you need to insure your personal items, use the calculator below.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Clothes, shoes, bags, belts, hats, gloves, etc.
MONEYGEEK EXPERT TIP
If you compare quotes, you can save up to $60 per year on renters insurance in Missouri. State Farm offers the cheapest policies at an average of $117 annually, while Farmers has policies that cost up to $177 per year.
What Factors Impact Renters Insurance Cost in Missouri
What you pay for renters insurance depends on various factors like your coverage type, location and credit score. Have these factors in mind as you shop around to ensure that you land the best renters insurance in Missouri.
Renters Insurance in Missouri: What You Need to Know
Renters insurance is an affordable way of securing your property from damage caused by fires, theft, severe weather conditions and other covered perils.
29.5% of all Missouri residents are renters, and the average cost of rent per month is $834. Missouri renters pay about $12 per month on average for renters insurance for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible. This is approximately 1.50% of the state’s monthly rent.
What Renters Insurance Typically Covers in Missouri
Before buying renters insurance in Missouri, be sure that you know what your policy covers. Some insurers offer additional coverage for things like identity theft, while others only provide standard coverage that includes personal property, liability coverage, medical payments and additional living expenses.
Renters insurance companies in Missouri may also cover thunderstorms, wildfires and tornadoes.
What Renters Insurance Typically Does Not Cover in Missouri
Before paying for renters insurance, take the time to read and understand what the policy covers. If necessary, reach out to your agent for more information.
Although renters insurance companies in Missouri provide coverage for many emergencies, they do not cover all situations. Some of the incidents excluded from most policies are:
MONEYGEEK EXPERT TIP
If you’re not sure about what’s included in your renters insurance in Missouri, the Missouri Department of Insurance provides helpful information. You can get insurance tips, find an agent or file a complaint through them.
You can contact the Missouri Department of Insurance via:
- Office address: 301 W. High St., Room 530, Jefferson City, MO 65101
- Insurance consumer hotline: 800-726-7390
- Fax: 573-526-4898
- Email: consumeraffairs@insurance.mo.gov
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FAQs About Renters Insurance in Missouri
Figuring out renters insurance can be overwhelming. To guide you through the process of finding the best renters insurance in Missouri, MoneyGeek answered some frequently asked questions about the subject.
What is the cheapest renters insurance company in Missouri?
Generally, State Farm is the most affordable option in Missouri, with policies that cost around $117 per year. If you have a military background, however, USAA is the cheapest option, with policies averaging $84 annually.
What is the best renters insurance company in Missouri?
State Farm balances cost and service quality and is the best renters insurance company in Missouri. USAA is also a top contender, but its policies are available only to veterans, active military members and their families.
How much does renters insurance cost in Missouri?
The average annual cost of renters insurance in Missouri is $150, or about $12 per month.
Is renters insurance required in Missouri?
While renters are not mandated to get renters insurance in Missouri, insurance can offer helpful financial support if your property is damaged. Landlords may also require you to get renters insurance.
Renters Insurance in Missouri Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from five of the top insurance companies in Missouri provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Missouri. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- Missouri Department of Insurance. "Home." Accessed March 31, 2022.
- State Farm. "Do I Really Need Renters Insurance?." Accessed March 31, 2022.
- State Farm. "Renters Insurance Discounts." Accessed March 31, 2022.