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Homeowners Insurance in Springfield, MO

Buying a home is a big decision, and nearly all mortgage lenders require you to carry homeowners insurance for the full or fair value of your residence. Protecting one of life’s largest investments only makes sense. Homes are susceptible to all sorts of natural and man-made disasters that can wreak havoc on your real estate. From hail to hurricanes and burglaries to burst pipes, you need assurances your property is protected by your homeowners policy.

Nixon & Lindstrom works with top-rated national insurance companies like Travelers, Progressive, SafeCo and Electric Insurance Co. to help you find the right homeowners insurance at the right price. For those in Springfield and Southwest Missouri, request a quote online today to start the hunt for affordable home insurance.

What does a homeowners insurance policy cover?

Taking efforts to keep your home and belongings safe is wise, but there are no guarantees. Homeowners insurance coverage is there to soften the blow if your home is destroyed or valuables stolen. In some cases, you’ll be able to replace what you’ve lost. And if that’s not possible, you’ll receive the cash value of irreplaceable items.

Most insurance providers offer policies that cover damage and destruction to your home’s interior and exterior, the loss or theft of possessions on your property and personal liability if someone sues you for accidental injury or property damage. Many of the policies you can buy also cover temporary living expenses if you or your family are displaced while your home is repaired or rebuilt.

Below are the three different levels of homeowners coverage. Connect with a Nixon & Lindstrom agent to determine which is right for you.

Actual cash value

A homeowners insurance policy with actual cash value covers the cost of the house itself plus the value of your belongings after depreciation. That means you’ll be reimbursed for the current value of your belongings, not the price at which they were purchased. These homeowners policies are typically the least expensive and claim payments are generally lower, when compared to other types of policies.

Replacement cost

Replacement cost value, or RCV, is the most popular type of homeowners insurance coverage. These policies cover the cost of replacing your exact home or a similar home in today’s market without deducting depreciation. Replacement cost value is typically determined by a contractor or appraiser based on home size, construction materials and finishes.

Guaranteed (or extended) replacement cost/value

These policies are the most extensive—and more costly to purchase—form of homeowners insurance. They’re essentially an expanded version of RCV that helps you guard against inflation and steep increases in the cost of construction materials. This insurance pays for whatever it costs to repair or rebuild your home—even if it exceeds your policy limit.

How much does homeowners insurance cost?

Homeowners insurance is incredibly affordable in comparison to your home’s value, but it pays to review rates from top-rated insurance companies to find the best solution for you. The average annual cost of homeowners insurance in 2021 was slightly more than $1,600, or about $133 a month, according to NerdWallet. That same analysis found that average rates for several national insurance providers Nixon & Lindstrom regularly works with—including Travelers, Chubb and Auto-Owners—were among the lowest in the marketplace.

If you live in Southwest Missouri and you’re looking for a great deal on homeowners insurance, Nixon & Lindstrom offers options from multiple carriers so you can easily do a side-by-side comparison. Don’t go it alone. Expand your choices by working with an independent, local insurance broker whose experienced agents can help you read between the lines when assessing policies. We’re also familiar with special discounts and money-saving practices you can employ to bring down your homeowners insurance rates. Get started today by requesting a free online quote!

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