Missouri Homeowners Insurance
Missouri homeowners insurance is one of the best ways to protect a residence and the personal belongings inside in case of a disaster. Most Missouri lenders also require that the residence be covered if it is under a mortgage. Missouri is prone to tornados each year during tornado season. If the house you live in were to be damaged by a tornado, Missouri homeowners insurance would cover the house and the belongings in it. If you consider what the loss would be without insurance, you can see why it is a prudent decision to protect your residence.
Basic Missouri Policies
Most basic homeowners policies will provide coverage for fire, windstorm, explosions, smoke, vandalism, theft, cave ins due to ice, snow or sleet, freezing, and personal liability. Some items not covered by a basic policy would include earthquake, hurricanes and floods. If you have a Missouri home that is located in a flood prone area, you will need to purchase additional homeowners insurance for this peril. You can cover this type of peril using a hazard policy that is written by the provider to cover specific perils not covered in the basic homeowners policy.
A homeowners insurance policy will generally cover the replacement cost of the house up to a certain amount. The replacement cost is not the market value of the house. It is the cost of labor and materials to repair or rebuild the home. You can ensure that the home is covered at a 100% replacement cost if you prefer. This type of homeowners coverage will increase as inflation increases. It is important to understand that the premiums will increase with the coverage.
If you own particularly valuable personal items such as antiques, coins, stamps, or jewelry, you may also want to add a personal article floater to the policy to provide coverage for items that exceed the limits of what the basic homeowners policy will cover. In order to take advantage of this coverage, you must itemize the items that fall under that category. You may also want to take photos and have the items appraised. Keep the list, photos, and the appraisals in an alternate location such as a safe deposit box.
Before shopping for Missouri homeowners insurance it is wise to make a list of all personal belongings in the residence. This would include everything you own such as furniture, clothing, appliances, tools, electronics, etc... You should list the approximate price of the items when you purchased them and the date of purchase. Keep a copy of the list with your other items in a safe deposit box so it may be retrieved in the event of a catastrophe. You should update the list yearly or more often if needed.
Missouri homeowners insurance covers personal liability up to certain limits in the event someone not living with you were injured on the property or if their property were damaged while at your residence. Some policies will not cover for specific hazards such as a bite from a vicious breed of dog, or swimming pool and trampoline accidents. Be sure to review the policy to determine what may not be covered.
Costs of Missouri Insurance
The premiums of Missouri homeowners insurance will vary based on several key factors. Location of home, distance to closest fire hydrant and fire department, building materials, and the age of the house are some of the most important. If the home is located in town near a fire department, the premiums may be lower than a home that was located in a remote area. The reason for this is that if the remote home were to catch on fire, the likelihood of the fire department being able to minimize the damage is not as good as it is for the home in town.
You can lower the premiums on Missouri homeowners insurance by making changes to the home. If the home is older and has damaged materials such as a roof, or other structural item, you may be able to decrease the premiums if you renovate the home with newer materials. You can also save by increasing the deductibles or by grouping all of your insurance needs under one provider. This is one of the best ways to save because it not only saves you money on the Missouri homeowners insurance policy, but also on your other policies such as car insurance, as well.
Missouri homeowners insurance is an important step to protecting your residence and valuables in case of an accident or disaster. You have worked hard to own your own home, now it is time to ensure it is protected. You can easily purchase a Missouri homeowners insurance policy online today. Request quotes, compare rates, and purchase the policy you need to start covering your Missouri home tomorrow.