Renters insurance can protect your property from damage and theft at an affordable cost. MoneyGeek’s scoring system utilizes factors like financial strength, affordability and customer service to rank renters insurance providers across Missouri. If you are looking for quality insurance at affordable costs, these ratings can help you find the best choice that suits your needs and fits your budget.
The Best and Cheapest Renters Insurance in Missouri for 2022: Rankings, Reviews and Rates
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:
Scroll for more
Best Renters Insurance Companies in Missouri
When looking for cheap renters insurance in Missouri, cost is not the only consideration to make. Renters want to know that if an unexpected event occurs, their insurer will offer timely support and effective service.
To find the best renters insurance providers in Missouri, MoneyGeek ranked companies based on unique pricing data, J.D. Power’s customer service scores and AM Best’s financial stability ratings. According to these criteria, the best renters insurance company for non-military personnel in this state is State Farm, with a rating of 86.8 out of 100.
USAA is the cheapest renters insurance provider in Missouri. The company offers comprehensive policies for retired and current military members and their families. If you are eligible for a USAA policy, you can get coverage for various incidents that other companies typically exclude. For instance, you can get coverage for repairing your damaged furniture, replacement of stolen property and moving and storage costs.
State Farm offers customization options for renters who want more coverage than the standard plan. Available options cover things like water damage, earthquakes and theft protection. This insurer provides several discounts for individuals who combine renters insurance with other insurance types. Policyholders who have security devices such as alarms installed in their homes also receive discounts on their policies.
Allstate provides insurance policies that allow renters in Missouri to add identity theft protection and flood coverage. Several generous discounts are available for senior renters and those with a history of not filing claims. Renters who have a security system in their homes also get a discount of up to 15%. Allstate features a mobile app that enables renters to do a quick inventory of their property to determine their coverage needs and conveniently file claims.
American Family offers full replacement for each policyholder’s belongings as part of its standard policy. Additionally, renters can pay about $1 each month to get additional coverage for expensive jewelry. American Family’s services are not available through their website. To get a quote from them, you will need to contact one of their agents.
Renters with a Farmers Insurance policy can get additional coverage for identity theft. The insurer also provides replacement coverage for high-cost items like electronics and jewelry, although these are not listed on its website. It only takes a few minutes to request and receive an online quote from the company.
Largest Renters Insurance Companies in Missouri
According to market share, the five largest renters insurance providers in Missouri are State Farm (25%), American Family (16%), Liberty Mutual (8%), Farmers (7%) and Shelter (5%).
These five companies contribute over 60% of Missouri’s renters insurance policies. If you decide to get your policy from a large insurer, you can be confident that the company is financially stable enough to pay your claims.
- CompanyMarket Share
Average Cost of Renters Insurance in Missouri
renters insurance is equal to the average.
On average, the cost of renters insurance in Missouri is $150 per year, which is about $10 less than the national average for a policy with personal property coverage of $20,000, liability insurance of $100,000 and a $500 deductible.
By comparing renters insurance quotes from various insurers, you can save a significant amount each year. For example, our sample renter saves $60 each year just by choosing a State Farm policy instead of a similar policy from Farmers.
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.
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
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:
- 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.
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.
FAQs About Renters Insurance in Missouri
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 the Author