Missouri Homeowners See Insurance Rates RIse 76% In A Decade

 Friday, May 29, 2020

 Live Insurance News

Missouri homeowners insurance rates have been climbing at a faster rate than most other US states over the last ten years due to the severe weather affecting the region.

A new analysis has measured the growth in rates Missourians are paying as 7th fastest in the country.

The QuoteWizard analysis measured the Missouri homeowners insurance rate growth at 76 percent across the last decade.

“When insurance companies take a loss, they compensate for that loss by increasing rates,” said a research analyst for the company, Adam Johnson. “So when we look at states that are increasing premiums, that’s likely where more severe weather has struck in recent years.”

Residents of Missouri’s Buchanan County pay an average of $1,490 per year for their standard coverage, according to the analysis. That said, this figure represents only the home policies. It doesn’t include the flood which is also carried by many residents of Northwest Missouri.