Homeowners can endorse their policy to change their ACV to replacement cost coverage. ACV is the value of an item (including depreciation) at the time of the loss. Replacement cost equals a new item's cost without depreciation. Replacement cost value is not paid until the item is actually replaced. Can credit history be used as a reason to non-renew or refusal to insure my home or car? Yes. Current Missouri law does not prevent an insurer from doing so. Does Missouri control auto and homeowner premium rates? No. Missouri allows companies to set their premiums. Can an insurance company cancel my auto or homeowner's policy? Yes. If an auto policy is involved, they can cancel if the consumer fails to pay the premium or if the consumer's license has been suspended or revoked during the term of the policy. If a homeowner's policy is involved, they can cancel if the consumer fails to pay their premium, if there is a fraud or serious misrepresentation when completing the insurance application, if the consumer is convicted of a crime or if changes are made to the property that increase the risk of loss. An insurance company can cancel a new policy for almost any reason within 60 days of the issue date of the new policy. Does the company have to refund my premium on the auto/homeowner's policy if I cancel the contract? Yes. However you may receive less than the unearned premium because the company may charge the consumer for processing the cancellation or setting up the original policy. Do all auto and homeowners policies have a grace period? No, Missouri law does not require any auto policy to have a grace period.
Missouri Department of Commerce & Insurance
Insurance Divisions
Street Address:
Harry S Truman State Office Building
301 W. High St., Room 530, Jefferson City, MO 65101
Mailing Address:
PO Box 690
Jefferson City, MO 65102-0690
Correspondence with fees:
PO Box 4001
Jefferson City, MO 65102-4001
Main Office Phone Number: (573) 751-4126
