Homeowner & Renters Insurance for Springfield, MO
Insuring wherever you call “home”
Fast Insurance Quotes for Missouri Homeowners & Renters
When it comes to choosing the best homeowners insurance or renters insurance plan, The Resource Center in Springfield will be there with you every step of the way.
We are not only contracted with many insurance carriers to make sure you are getting the best coverage at the best price, but we will personally help you save big on your home insurance or renters insurance policy.
Homeowners Insurance
Protecting your home with the best Missouri home insurance policy for you and your family is crucial. Our local insurance agents will walk you through all of your home insurance options and help you decide. Click below to learn more details about finding the right Missouri homeowners insurance option.
Renters Insurance Details
If you are looking to rent a house or apartment, your landlord’s insurance will only cover the costs of repairing the building if there is a fire or covered peril on their policy.
Having your own property and liability coverage through renters insurance helps financially protect yourself and your belongings. Renters insurance typically includes coverage for personal possessions, liability protection and additional living expenses.
It’s important to have enough renters insurance to replace all of your personal possessions in the event of a burglary, fire or other covered peril. The easiest way to determine the value of all your personal possessions—including furniture, clothing, electronics, appliances, kitchen utensils and even linens—is to create a home inventory.
This inventory is a detailed list of all of your personal possessions along with their estimated value. An up-to-date home inventory will also make filing an insurance claim faster and easier. Make sure to store your inventory list off-site or digitally.
Renters insurance provides liability protection that covers you against lawsuits for bodily injury or property damage done by you, your family members and even your pets. This coverage pays for both the cost of defending you in court and court awards—up to the limit of your policy.
Most standard renters insurance coverage policies will generally provide at least $100,000 of liability coverage, but additional amounts are available. Our insurance professionals will help you decide whether the amount of liability coverage provided by your renters insurance policy is sufficient to protect your assets.
If your home is destroyed by a peril that your policy covers and you need to move elsewhere, renters insurance provides additional living expenses (ALE) coverage. ALE pays for hotel bills, temporary rentals, restaurant meals and other expenses you incur while your home is being repaired or rebuilt.
It is important to know how much coverage you have and what the limits are. Some companies provide coverage for a set amount of time, while others have a financial cap.
Landlord Insurance Details
Spend more time finding and serving quality renters and less time worrying about your rental or investment property insurance protection.
While renters insurance protects your tenants and their belongings, landlord insurance covers the cost of building repairs in the case of fire or other covered peril. Landlord insurance coverage typically includes property damage, liability, loss of income and other additional coverage options.
Property insurance protects your buildings and personal property (such as appliances and carpeting) against damage caused by fire, storms, theft, vandalism or tenants. Landlord policies will also cover the replacement cost of your entire property in case of a total loss.
Landlord liability insurance protects you against liability claims and lawsuits. If a tenant, visitor or trespasser is injured on your rental property, you may be liable for the costs of bodily injury claims.
These may include: medical bills, funeral expenses, legal fees and judgment or settlement costs. In other cases, you may be held responsible for another person’s property damage.
This insurance policy pays “rental reimbursement” to prevent you from losing income if you are unable to collect rent. This protects you if your rental property becomes uninhabitable due to a covered loss, including fire or storm damage.
In addition, you can buy additional coverage for your landlord insurance policy. This may include rent guarantee insurance, employer liability insurance or earthquake insurance. Extended liability coverage is available to protect LLC’s, LLP’s or property management companies.
Condo Insurance Policies
Your bank will require insurance to protect its investment in your condo or co-op. You may, however, need more insurance to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building, like the lobby.
You will likely need two policies–an individual one (such as an HO6 insurance policy) and a “master policy” provided by the condo/co-op board. The insurance professionals at The Resource Center can help you find the best condo insurance quote for your unique living situation.
This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other covered peril listed in your policy. You can also get liability protection with an individual insurance policy.
This condo insurance policy will be provided by the condo/co-op board. This covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.
The Resource Center can help you navigate through additional coverages that may be available to you. These additional coverages include unit assessment, water back-up, umbrella or “excess” liability coverage, flood or earthquake coverage, and floater or endorsement coverage.
Umbrella Insurance Details
Umbrella policies, also known as “excess liability” policies, provide broader coverage than most insurance policies. These policies allow for more liability coverage for your household. If someone gets hurt on your property or house, or if you’re in a car accident and the damages/injuries are over the coverage on your policy, umbrella policies can keep you covered. Excess liability coverage policies are typically an extra $10/month.
Home and Property Insurance FAQ
What are the three main types of homeowners insurance?
The three main types of homeowners insurance are HO-1, HO-2, and HO-3 policies. HO-1 provides basic coverage, HO-2 is more comprehensive, covering a wider range of perils, and HO-3 is the most common, offering broad coverage for your home and personal belongings.
What is the 80% rule in homeowners insurance?
The 80% rule means that your homeowners insurance policy should cover at least 80% of your home’s replacement cost. If your policy covers less than 80%, your insurance company may not fully cover the cost of repairs or replacement in case of damage.
Is a $2,500 deductible good for home insurance?
A $2,500 deductible can be a good choice if you want to lower your monthly premiums, but it means you’ll pay more out of pocket when filing a claim. Choose a deductible that balances affordability with coverage needs.
What is the first step to consider when buying homeowners insurance?
The first step is to evaluate how much coverage you need based on your home’s value, replacement cost, and belongings. Then, compare different insurance providers and policies to find the best fit for your situation.
What does renters insurance cover?
Renters insurance typically covers personal property, liability, and additional living expenses. This means it protects your belongings if they are damaged or stolen due to covered events like fire, theft, or vandalism. Liability coverage protects you if someone is injured in your rental, and additional living expenses cover the cost of temporary housing if your rental becomes uninhabitable due to a covered event.
Is renters insurance required in Missouri?
Renters insurance is not legally required in Missouri. However, landlords may require tenants to have renters insurance as part of the lease agreement to protect their property and reduce liability risks. Even when not required, it’s still a good idea for tenants to have renters insurance to protect their belongings and cover potential liability.
Why is it important to have landlord insurance?
Landlord insurance is important because it provides coverage specifically designed for rental properties. It protects the building, landlord’s personal property (like appliances), and offers liability coverage if a tenant or visitor is injured on the property. It also typically covers loss of rental income if the property becomes uninhabitable due to a covered event, such as fire or storm damage. Without it, landlords might face significant out-of-pocket expenses for repairs or lawsuits.
Is landlord insurance the same as homeowners insurance?
No, landlord insurance is not the same as homeowners insurance. Homeowners insurance is designed to cover owner-occupied properties, while landlord insurance covers properties that are rented to tenants. Landlord insurance provides coverage for rental property damages, liability related to tenants, and lost rental income, whereas homeowners insurance does not cover these risks in rental situations.
Why do landlords need liability insurance?
Landlords need liability insurance to protect themselves from lawsuits that may arise if a tenant or visitor is injured on their rental property. Liability insurance can cover legal fees, medical expenses, and any settlements or judgments against the landlord if they are found liable for the injury. Without liability coverage, landlords could face significant financial burdens if sued by a tenant or visitor.
How is condo insurance different from homeowners insurance?
Condo insurance, also known as an HO6 policy, primarily covers the interior of your condo unit, including personal belongings, interior walls, and liability. The condo association’s master insurance policy generally covers the building’s exterior and common areas. In contrast, homeowners insurance (HO3 policy) covers the entire structure of a standalone home, including both the interior and exterior, along with the land it sits on. Essentially, condo insurance focuses on protecting the inside of your unit, while homeowners insurance covers the entire property.
Will umbrella insurance cover a lawsuit?
Yes, umbrella insurance will cover lawsuits for personal liability claims that exceed the limits of your standard insurance policies. This can include lawsuits related to injuries on your property, auto accidents where you are at fault, or personal injury claims such as defamation. It covers legal defense costs, settlement fees, and court-ordered judgments up to the policy limit.
What assets does an umbrella policy cover?
An umbrella policy protects your personal assets, including savings, investments, retirement funds, and property, from being seized to satisfy a large liability claim. It doesn’t specifically cover physical assets like your home or car, but it provides financial protection against lawsuits that could jeopardize your personal wealth.
What is the rule of thumb for umbrella insurance?
A common rule of thumb is to have enough umbrella insurance to cover your total net worth. If your assets exceed the liability limits of your standard insurance policies, you should consider umbrella insurance to fill that gap. Many financial advisors recommend starting with a $1 million policy and increasing it based on your personal risk factors and asset value.
Find the right protection for your home
