State Farm insurance agent James Carlton predicts Missouri homeowners will continue to pay hiked homeowners insurance rates this year, the Webster-Kirkwood Times reported. Homeowners — if they haven’t been dropped by insurance companies yet — would then be forced to choose between paying these higher premiums or risk living without homeowners insurance.
What’s happening?
In the last three years, Missouri experienced an average of nine weather or climate disaster events per year, according to data from the National Centers for Environmental Information.
The Show-Me State endured 20 severe storms , one tropical cyclone event, two winter storm events, and drought conditions throughout the state over the last three years alone. These weather events have accumulated between $5 billion to $10 billion in losses, representing 15% of the total cost of losses caused by climate events between 1980 and 2024, per the NCEI.
In addition to the increased frequency of natural disaster events in Missouri, homeowners insurance rates are also influenced by rising construction costs , which makes it more expensive to rebuild and recover building structures after damage…