Missouri Landlord Insurance

Find the Best Landlord Insurance Rates & Companies in Missouri 

If you rent out property to tenants, you want to be sure to have the unique protection offered by a landlord insurance policy. Without this coverage, you could have to pay the costs of lawsuits and other expenses out of your own pocket. The good news is that whether you own a luxury apartment complex in St. Charles or rent out your two-story home in St. Louis, finding landlord insurance in Missouri can be a simple and quick process.

An independent insurance agent in Missouri can easily help you find the right landlord insurance. They'll make sure you get set up with the ideal policy for your unique rental situation. But first, here's a closer look at Missouri landlord insurance requirements and more.

Best Landlord Insurance Companies in Missouri

You could get landlord insurance from several different carriers in Missouri. However, not all insurers are equal in terms of coverage quality and cost. That's why we've included some of our top picks for the best landlord insurance companies in Missouri for you.

1. Stillwater Insurance Group: This insurance company sells landlord insurance and many other types of personal and business insurance. Stillwater has excellent ratings from AM Best and the Better Business Bureau (BBB), offers 24/7 claims reporting, and offers coverage nationwide.
2. Progressive: This insurance company sells landlord insurance and many other types of personal and business insurance. Progressive has excellent financial strength, many discount options, and offers 24/7/365 customer service.
3. REinsure Pro: This insurance company sells landlord insurance and many other forms of property insurance. REInsure Pro is highly rated by the BBB and offers a fast claims response time.

A Missouri independent insurance agent can shop and compare landlord insurance quotes for you to find the best possible coverage.

What Is Landlord Insurance?

Landlord insurance is similar to homeowners insurance and other types of property insurance. It's designed to protect the dwelling or structure of a unit as well as its contents and provides liability protection for the owner. 

In case of a covered incident like a fire, vandalism, or tenant damage, you can file a landlord insurance claim. Your landlord insurance company can then compensate you for covered damage or destruction up to your policy's limits if the claim is approved.

How Is Landlord Insurance Different from Home Insurance?

Landlord insurance is partially comprised of certain business insurance elements, which makes it different from home insurance. Since landlords generate a profit from the rent they charge, this factor is taken into consideration, and landlord insurance provides protection for temporary losses of income due to covered perils. 

Landlord insurance also considers the unique increased risks landlords face due to tenant damage, etc. However, while home insurance is designed to cover your personal property, landlord insurance often won't cover your personal property if it gets damaged by tenants.

Is Landlord Insurance Required in Missouri?

Missouri state law doesn't require landlords to have insurance. But many landlords still choose to get coverage to protect themselves in case of possible financial losses. Just one tenant or guest lawsuit can lead to extreme expenses if you lack coverage. That's why, for many landlords, having a policy is well worth the cost of the premiums.

What Landlord Insurance in Missouri Can Cover

Missouri landlord insurance policies can vary depending on the carrier you go through and the types of coverage you specifically need. Typically, you'll be able to design your policy by choosing from the following options:

• Loss of income coverage: This can reimburse you for lost income in case a rental property becomes temporarily uninhabitable due to a covered loss, such as a storm or apartment fire. 
• Liability insurance: This can reimburse you for expenses related to tenant or other third-party lawsuits for claims of bodily injury or personal property damage.
• Dwelling coverage: This can help pay for repairs to your rental property's dwelling and attached structures like decks and garages in case of damage or destruction by fire, smoke, vandalism, windstorms, hail, falling objects, or your tenants.  
• Other structures coverage: This covers detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
• Premises medical protection coverage: This covers medical treatment expenses if one of your tenants gets injured in a covered event, such as an accident, while staying at your rental property. 
• Optional coverage: Additional coverages are also available for landlords, such as rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.

A Missouri independent insurance agent can recommend the exact coverages that would benefit you the most when assembling your landlord insurance policy.

What Landlord Insurance in Missouri Will Not Cover

Don't expect landlord insurance to be without its exclusions. In Missouri, landlord insurance often won't cover any of the following threats:

• Rental property wear and tear
• Routine maintenance costs
• Flood damage
• Theft of, or loss or damage to your personal property at the premises
• Earthquake damage
• Water or sewer backups

Keep in mind that coverage endorsements can often be added to your landlord insurance policy to increase your protection, such as for the incidents listed above.

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Average Cost of Landlord Insurance in Missouri

Missouri landlord insurance costs an average of $1,729 annually. But the cost of your policy might vary based on the following factors:

• How many rental units you own: The more rental properties you own, the more expensive your rates are likely to be.
• Risk factors on the property: If you allow smoking in your units or your complex has a fitness center or swimming pool, you're likely to have higher landlord insurance rates.
• Security measures on the property: If your rental property has a gated entry, anti-burglary systems, and smoke alarms, your coverage rates are likely to be lower than those without these security measures.
• Age and condition of the property: Older buildings with outdated electrical systems often face higher coverage rates than new units with up-to-code heating and energy systems.
• Your location: Rental properties in high-crime areas often face higher coverage rates than those in neighborhoods with fewer property crimes.
• Size and value of the structure: Larger, more expensive buildings often face higher coverage rates than smaller, less valuable homes or complexes.

A Missouri independent insurance agent can get you set up with the most affordable landlord insurance in your city.

Popular Questions about Missouri Landlord Insurance