The biggest asset most people own is their home.
Lose that, and you will likely lose a big part, if not most, of your net worth.
Even if you don’t own, but rent, you can still easily lose all your belongings in a sudden fire.
That’s where Missouri homeowners and renters insurance comes into play.
Homeowners insurance will not only cover your home, it will also cover the contents as well.
Of course, all of this depends on how much coverage you purchase
and whether you have any add-ons, known as endorsements,
attached to your Missouri home insurance policy.
Homeowners insurance also covers you for liability,
for example if someone is injured on your property.
It will also cover damage to some of your possessions that are not located at your home.
This includes damaged luggage on a trip or property stolen from your car.
One thing Missouri homeowners insurance doesn’t cover is damage from floods.
So if you have a home in an area that may be vulnerable to rising water,
you may need a specific policy which covers flooding.
The most important thing about homeowners insurance is to have adequate coverage.
If you do not purchase enough insurance, your home may not be totally covered.
For that reason, you may want to look into a policy that
increases your coverage limits at the rate of inflation.
Of course if you’re a renter in Missouri,
you will want renter's insurance to cover the value of your possessions.
(The landlord’s insurance only covers the structure— not your contents.)
You'll also need renters insurance for liability protection.
Because everyone’s needs are not the same,
it is important to assess your needs and find the insurance policy that is right for you.