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CheapRenters InsuranceMissouriThe Best and Cheapest Renters Insurance Companies in Missouri for 2023: Rankings, Reviews and Rates
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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.
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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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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- CityCheapest CompanyAverage Annual Premium
- State Farm$118
- State Farm$115
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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.
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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.
Read MoneyGeek's USAA renters Insurance Review2
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.
Read MoneyGeek's State Farm renters Insurance Review3
Allstate
Score:79
Ranking as our third-best renters insurance company, Allstate has high scores in customer service and financial stability and an overall score of 79 out of 100. Allstate has a unique coverage that protects you in case a personal liability judgment exceeds your current liability limits.
More About Allstate
Allstate is available in all 50 states. Policyholders have the option to add four extra coverages and are offered five potential discounts. You can access your account and file and track claims through the mobile app. You can also get a customized quote on the website. If you’re looking to get more out of your policy, Allstate provides advice for your unique financial needs, including retirement planning.
Read MoneyGeek's Allstate renters Insurance Review4
American Family
Score:78
American Family earns a high score in customer service and a 78 out of 100 overall. With American Family, you can get coverage in case your pets hurt another person while on your property.
More About American Family
Serving 19 states, American Family covers your personal property and up to $1,500 for jewelry. With American Family’s mobile app, policyholders can file and track claims, pay bills or view documents. You can also get a personalized quote on the company’s website. American Family has a personal property calculator that helps you estimate how much it will cost to replace your personal items.
Read MoneyGeek's American Family renters Insurance Review5
Farmers
Score:71
With a score of 71 out of 100, Farmers scored high in customer service and is the fifth-best renters insurance company in Missouri. Farmers offers additional coverage in the case of identity theft. The company can also help notify credit bureaus of possible fraud.
More About Farmers
Farmers is available in 42 states and has three additional coverage options and seven kinds of discounts. You can use the Farmers mobile app to view policy documents, file claims, manage your insurance and communicate with your agent.
Read MoneyGeek's Farmers renters Insurance ReviewMONEYGEEK 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% |
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.
clothing
Total:
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.
Location
Your renters insurance cost may increase or decrease based on your ZIP code. If your home is located in a neighborhood where crime and natural disasters are common, you will likely pay more for renters insurance.
Coverage Amount
The higher the coverage, the more you will pay as a renters insurance premium. You can take inventory of your possessions before purchasing renters insurance to make sure you purchase the appropriate amount of coverage.
Deductible
This is the amount you will be required to pay after the insurer agrees to pay your claim. The higher your deductible, the lower your premiums and vice versa.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
The insurance company reimburses you based on either ACV or RCV policies. ACV policies pay you less because they consider the depreciation of your property over time. RCV-based policies reimburse you an amount equal to the cost of a new item of a similar style and quality. ACV policies are cheaper because they pay out less.
Credit Score
Insurance companies in Missouri are allowed to use a renter's credit score when determining how likely they are to file a claim. In most cases, renters with bad credit tend to file claims more frequently than those with good scores. Many insurance companies offer discounts based on the renter’s credit score.
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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:
- EventDescription
Floods
Insurance takes care of water damage caused by broken pipes and water mains but excludes any damage caused by flooding. If you want to get flood insurance, you can do so through the National Flood Insurance Program (NFIP).
Earthquakes
Earthquakes are rare in Missouri, and most renters insurance companies do not provide coverage for them.
Structural Damage
Renters insurance does not cover damage to the structure or frame of your building. Your landlord is responsible for acquiring insurance to protect the building itself.
Roommate Property
Your renters insurance policy does not cover any damage to your roommate’s property unless you include them in the policy document.
Expensive Items
Valuables like jewelry and gaming computers are often excluded from your renters insurance, and you may need to purchase additional coverage if you wish to protect them from damage.
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.
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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
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.