Missouri DCI highlights cost and lack of coverage for earthquakes in high-risk areas

The Missouri Department of Commerce and Insurance (DCI) released an earthquake survey in December 2023 showing that a lack of understanding of risks and insurance coverage is a problem, while cost and lack of available earthquake insurance coverage in at-risk areas of the state remains the primary issue.

The Earthquake Insurance Market Report provides annual insight into the state of earthquake insurance coverage in Missouri. DCI continues to work to educate Missourians about earthquake risks and their insurance coverage options in preparation for recovery following a large-scale earthquake in the New Madrid Seismic Zone (NMSZ).

Survey data showed that homes located in the high seismic risk zone of the NMSZ in the southeastern part of Missouri have significantly higher costs and fewer insurance options than in the rest of the state:

For a $200,000 ranch-style home, a 2,500-square-foot home with a composite shingle roof, the average insurance premium in Caruthersville is much greater than the rest of the state, with an average premium of $2,134 versus St. Louis at $398 and the city KS $398. $206. In 2024, the average insurance premium for a $200,000 ranch-style, 2,500-square-foot home with a composite shingle roof in Caruthersville rose nearly 7% from 2023. Caruthersville had fewer options, as companies that Insurance is offered to new customers by nearly 20% since 2022. The number of companies writing coverage for brick homes remains low, with only 45% of carriers covering them. Average premiums ($200,000 for a ranch style, 2,500 square foot home with a composite shingle roof) for masonry and stone veneer homes are approximately 45% higher in Caruthersville than for frame-only homes.

The New Madrid Seismic Zone is one of the most active seismic zones in the United States with an average of 200 earthquakes per year.

Seismic absorption in Missouri has been declining for some time. DCI's 2021 Earthquake Insurance Market Report showed coverage in the state's six-county New Madrid region, and the percentage of residences covered by earthquakes declined 47% between 2000 and 2020, from 60.2% to 12.7%.

Related stories:

Disaster Topics Natural Disasters Missouri Earthquake

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