Missouri insurance group foresees premium increases

Mar 6, 2012

Recent natural disasters will affect more than just those Missourians living in disaster areas.

The Missouri Insurance Coalition says all Missourians can expect a rise in their insurance premiums to help compensate for insurance payouts due to the tornadoes in places like Joplin and Branson.

According to the Coalition’s Government Affairs Director Brent Butler, insurance companies will be filing with the state soon to increase more premiums.

“Rates are filed to try to anticipate losses and we’re in one of those bad weather patterns that happen from time to time. Witnessed last year with all the tornadoes and the like in Missouri. Companies try to assess what they think their losses are going to be next year and you have to set your rates accordingly,” Butler said.

Butler says premium rates are not expected to increase dramatically but says it depends on the insurance company as some companies experienced more losses than others.

He says for those Missourians currently searching for homeowners insurance shopping around and comparing rates can help.