Missouri Condo Insurance
Get a complete analysis of Missouri condo insurance costs, coverages & companies.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Condo Insurance Rates & Companies in Missouri
Cooperative living is an ideal housing alternative for many Missouri residents. Condominium owners benefit by living close to shopping and dining outlets and enjoying shared amenities like gyms and pools. However, Missouri residents need condo insurance to protect their personal property and liability.
Luckily, a local independent insurance agent in Missouri can help you get set up with condo insurance today. Your agent will get you matched to a policy that includes all the protection you need. But up first, here's a breakdown of Missouri condo insurance requirements, coverage options, and more.
Best Condo Insurance Companies in Missouri
Many different carriers offer condominium insurance in Missouri. However, if you're looking for the best coverage, you don't want to waste time browsing options from subpar insurance companies. That's why we've included just a few of our top recommendations for the best condo insurance companies in Missouri to start you off.
- Stillwater: This insurance company sells condo insurance and many other types of personal and business insurance. Stillwater has outstanding ratings from both AM Best and the Better Business Bureau (BBB), provides nationwide coverage, and allows 24/7 claims reporting.
- Foremost: This insurance company sells condo insurance and many other types of personal insurance. Foremost has great ratings from AM Best and the BBB alike, offers a long list of discounts, and provides 24/7 claims reporting services.
- Travelers: This insurance company sells condo insurance and many other types of personal and business insurance. Travelers is a longstanding carrier in the industry, has superb ratings from the BBB and AM Best, and provides many discount options.
A Missouri independent insurance agent can help you compare quotes and coverage options from each of these outstanding carriers and others in your town.
What's the Difference Between HO3 and HO6 Insurance?
Condo insurance is considered another type of homeowners insurance and is also referred to as HO6 insurance. Condo insurance or HO6 insurance provides coverage for your personal property, including clothing, furniture, electronics, etc., but not the structure or dwelling of the home itself.
In contrast, HO3 policies provide coverage for personal property and the home's structure and foundation. Occupants of condos don't need this much coverage since the homeowners association covers each condominium's structure under its master policy.
Is Condo Insurance Required in Missouri?
There's no state law in Missouri that requires condo insurance. However, many mortgage lenders require condo insurance as part of their contracts.
You may also be required to have coverage by your condo association. Regardless, having condo insurance can provide you with critical reimbursement after an expensive disaster such as a lawsuit or a fire occurs.
What Does Condo Insurance Cover in Missouri?
Condo insurance provides a few important types of protection. In Missouri, condo insurance policies typically include the following:
- Loss of use coverage: This can cover additional living expenses (e.g., hotel rooms, takeout meals, laundry services, and extra gas mileage) if you're forced to live somewhere else while your condo undergoes repairs after a covered disaster like a fire.
- Contents coverage: This can cover repairs or replacements of your personal property if it gets stolen, vandalized, lost, damaged, or destroyed by a covered peril like hail.
- Liability coverage: This can cover lawsuit-related expenses if a third party sues you for bodily injury or personal property damage.
Your Missouri independent insurance agent can help you review your condo insurance policy to ensure it includes all the protection you need.
What's Not Covered by Missouri Condo Insurance?
Condo insurance comes with a certain set of exclusions you need to review, but these exclusions may vary by policy. In Missouri, most condo insurance policies won't cover:
- Flood or earthquake damage
- Routine maintenance expenses
- Intentional or malicious acts against third parties
- Water or sewer backup damage
- Insect damage or infestation
Ask your agent about purchasing additional coverage, such as additional policies or endorsements, for incidents of water or sewer backups or natural flood damage. If your condo is located in an area prone to flooding, you may want to get flood insurance.
How Much Does Condo Insurance Cost in Missouri?
The U.S. average cost of condo insurance is $455 per year. Missouri is just a bit below this, with the average cost of condo insurance in the state being $445 annually. Keep in mind, though, that the cost of your policy can vary based on:
- Your deductible
- Your condo's exact location
- Your claims history
- The type and amount of coverage you choose
- The total value of your personal property
Your agent can also help you find condo insurance discounts in Missouri to help reduce your policy's costs.
Save on Condo Insurance
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Popular Questions about Missouri Condo Insurance
Condo insurance isn't required by law in Missouri. However, you may still be required to get a policy by a mortgage lender or your condo association.
The current average cost of condo insurance in Missouri is about $445 per year. This translates to about $37 per month.
We found that Stillwater is the best condo insurance company in Missouri. Stillwater provides excellent customer service, has competitive rates, and offers great coverage options.
Missouri independent insurance agents can help you find the condo insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare condo insurance quotes from several carriers for you.
And down the road, they can help you file condo insurance claims or update your coverage as needed. Your agent can help you find condo insurance in Jefferson City or wherever you reside.
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