(800) 253-1482Affordable Landlord Insurance in Missouri
Summary: Landlord insurance in Missouri helps protect your rental property. You can even find protection for loss of income, liability, and more. Staying covered for less is possible by comparing rates among multiple carriers. There are multiple types of coverage available. Getting landlord insurance quotes is easy and allows you to find affordable coverage in just a few clicks. Estimated Read Time: 5 mins
Protecting your investment shouldn’t be a hassle. Landlord insurance in Missouri should provide affordable protection and peace of mind for your property. Compare your options below with our free, no-obligation landlord quote tool to find the best protection at the lowest price in just a few clicks.
How Much Does Landlord Insurance in Missouri Cost?
The cost of landlord insurance in Missouri varies considerably for a number of reasons, including the type of property you need to insure. However, most landlords pay an average of between $900 and $2400 per year.
Just like you’ll pay more for a larger home that requires more coverage than you would a smaller apartment, other factors also come into play, including:
- Where your rental is located.
- The amount of coverage you need.
- Whether or not your rental is occupied most of the time or not.
- The cost of the rental price for tenants.
- The age and building materials of your home.
There are more factors at play, however, these are several common factors that will affect how much you pay for protection.
How Landlords in Missouri Are Covered
The best landlord insurance companies in Missouri are going to offer appropriate coverage no matter your property type. This includes:
- Single-family homes
- Multifamily properties
- Apartments
- Condos/townhomes
- Short-term rentals (for example: an Airbnb)
Regardless of your coverage, landlord insurance protects against perils that might damage your home, reduces risk, provides peace of mind, and can even help you retain rental income if there is a major loss.
Landlord Coverage Options
How you protect your investment is up to you. While mortgage companies may require minimum coverages, protecting your rental home can come down to personal risk tolerance:
Dwelling Coverage
When you think of Missouri landlord coverage, dwelling coverage is likely at the heart of what you expect from a policy. Your rental’s dwelling structure, including attached garages is protected from a variety of perils.
Other Structures Coverage
Some properties have other structures, such as fences, detached garages, or sheds. This coverage protects them similarly to dwelling coverage for a more complete form of rental property protection.
Personal Property Coverage
For the most part, your personal property isn’t covered by landlord coverage, but there is an important exception.
Sometimes, you’ll need to keep personal property, like a lawnmower, that is used and essential for maintaining your rental. In this case, you can find coverage for these personal belongings.
It’s also important to note that personal property coverage for landlord insurance won’t cover anything for your renters. They’ll need a separate renter’s insurance policy for protection.
Loss-of-Income Coverage
If your rental suffers a large enough loss, your tenants may have to move out while repairs are being made.
To protect your revenue stream, loss-of-income coverage is available for these situations, though not all carriers offer this product.
Liability Coverage
Being held liable for the injuries of visitors or tenants can be an expensive situation.
Having liability coverage reduces your risk of legal action or paying for medical bills.
If you do have to face a lawsuit, your coverage is there to help you cover the cost of your legal expenses.
Types of Missouri Landlord Insurance Policies
Depending on your risks and the type of property you need to insure, different landlord insurance policies are available in Missouri. Here’s what each one looks like and how they protect your rental:
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Insurance Policy |
Description |
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Basic dwelling fire coverage that only protects against named perils specifically listed on your policy. Your cheapest option but also the one that comes with the most risk. |
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DP-2 is another coverage operating as a named peril policy but offers more protection than DP-1 coverage. How you are protected changes depending on your carrier but can include things like damage from burglaries, frozen pipes, electrical damage, the loss of rent, etc. |
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DP-3 is the most popular dwelling fire coverage available, offering an open peril-based form of protection and the closest coverage to a home insurance policy. This is the recommended landlord insurance policy by experts including Freedom Insurance Group. |
Even though the perils you’re protected from will vary by policy, there are several common ways your landlord insurance coverage can protect you, including:
- Damage caused by riots/civil commotions
- Damage from aircraft and vehicles
- Damage from explosions, fire, lightning, and smoke
- Sudden and accidental water damage (flood is excluded)
- Vandalism (select policies)
- Volcanic eruptions
- Wind/hail damage
What Is Not Covered by Missouri Landlord Insurance?
Remember, landlord policies are not blanket coverage. There are plenty of exclusions most landlords will need additional protection from in Missouri because they are not covered by the policies listed above:
- Earth movement (landslides, earthquakes, etc.)
- Floods
- Government action, local ordinances, and laws
- Intentional damage caused by tenants
- Mold damage
- Nuclear hazards
- Personal property belonging to tenants
- Shared property (landlord insurance is reserved for a non-owner-occupied property)
- War
If you are worried about not being covered against these perils, speaking with your insurance agent can help you find additional, affordable protection options for greater peace of mind.
One common option for landlords in Missouri, due to the state’s multiple flooding threats, is to add a flood insurance policy to supplement their rental property coverage.
Is Landlord Insurance in Missouri Required?
You aren’t required to have landlord insurance in Missouri by state law but you might need to maintain coverage as a condition of your mortgage.
However, landlords are bound by Missouri law to maintain the following standards:
- Your property must be habitable and made this way before tenants can move in.
- Repairs due to ordinary wear and tear are paid for by landlords.
- Landlords cannot turn off electricity, gas, or water to their property while it’s occupied.
- Discrimination is not allowed.
- If you sell the property to a new landlord, you are required to provide a written notice to the tenants.
Although there are no mandatory requirements to have landlord insurance in Missouri, maintaining coverage is an affordable way to avoid major losses and protect your assets.
Freedom Insurance Group helps property owners compare their options, mitigate their risks, and save with top-rated providers.
Use the tool above or click the link for affordable landlord insurance quotes in Missouri.
