Cooperative living is an ideal housing alternative for many residents of Missouri. Condominium and townhome owners benefit by living in close proximity to shopping and dining, having hassle-free maintenance of common areas and having shared amenities such as fitness centers and swimming pools. Missouri residents need suitable condo insurance whether they own a condominium in downtown St. Louis for its convenient location near their jobs or a townhouse near one of Branson’s golf courses. By comparing condo insurance quotes from different insurance companies, you'll be able to find a good condo policy that is both inclusive and affordable.
Recent Disasters that Have Affected Condo Owners in Missouri
- In April 2013, a fire in a condo building in Osage Beach destroyed all units in the four-story building. The fire started in a fireplace in one of the units.
- In July 2012, a fire at a condominium complex in St. Charles County, MO, severely damaged 18 units and caused more than $500,000 in damage.
- In November 2013, a tornado struck a 108-unit condominium complex in Carteret County, MO, destroying two of the complex’s three buildings.
Condo owners have an increased risk of fire damage because of their close proximity to neighbors. Disasters at condominium complexes are not common occurrences, but when they happen, they typically include destruction to many units. When disaster strikes, the most important thing is to get yourself and your family to safety. Your condo insurance policy can help you replace your belongings, but it cannot replace a loved one.
Condo insurance will not cover you against flood damage. If your unit is on a ground or belowground floor, you may want to consider purchasing a flood insurance policy as well. Most Missouri residents qualify for flood insurance through the National Flood Insurance Program, or NFIP.
What Is Condo Insurance?
Your condo association will have a master policy that covers the physical structure of your building as well as the common areas. However, these policies do not provide coverage for damage inside the walls of your home. For this coverage, Missouri residents need to have a specialized form of homeowners insurance known as an H-06 policy or, more commonly, condo insurance.
These policies cover the unique needs of condominium and townhome owners. Condo insurance provides walls-in coverage for your personal belongings and protects you against many of the different kinds of liability charges you may face.
If you are renting your condo, you can achieve the same sort of insurance coverage through a renters insurance policy. If you own a condo in a resort area and rent it out to others, you will need to cover it with a specialized landlord insurance policy.
Condo Insurance in Missouri Covers Personal Property
Before you purchase your condominium, be sure to read the by-laws and trust agreements as declared by the condo administration. In most cases, condo owners are responsible for covering everything within their unit, including permanent fixtures and home improvements. Some master policies include interior walls, but most do not. The same is true for windows, plumbing and certain appliances such as hot water heaters. Knowing what your master policy does and does not already cover can help you ensure that your condo insurance policy is appropriate for your situation.
A condominium insurance policy can protect you from the financial burdens associated with replacing lost or damaged items due to disasters such as fire, severe weather and theft. You will need to be sure to purchase enough coverage to adequately cover all your personal belongings. Policies sometimes limit how much coverage can be included under certain categories, such as electronics, furniture and clothing. If the value of your property greatly exceeds these limits, you will need to purchase additional coverage, or riders, in order to be fully covered.
Missouri Inclement Weather Statistics
- On average, 27 tornadoes touch down in this state each year.
- That is an average of 3.92 tornadoes per every 10,000 sq. ft. of land.
- In 2012, residents of MO filed 91,981 hail claims, the second highest of any state.
Weather can play a significant role in causing damage to your property. As a condominium owner, you are not responsible for covering weather-related structural damage to your building; however, you must cover your personal property that sustains damage due to structural problems. This means that if a tornado blows the roof off your building, you will not need to cover repairs to the roof but you will need to cover the repairs and replacements of the property that the water or wind damaged.
MO Property Crime Statistics from Neighborhood Scout
- The per capita property crime rate in MO is slightly higher than the U.S. average.
- On average, 7.46 out of 1,000 Missouri residents are victims of burglary each year.
- By comparison, 7.02 out of 1,000 U.S. residents are victims of burglary each year.
- There are nearly 45,000 reported burglaries in this state each year.
Condo owners have a measure of security against burglary as most complexes have gates or include other secure entry systems. However, whenever you have a lot of people living in close proximity, burglars can find a way in.
If you are the victim of a burglary, you should first secure your own safety and then call the police to file a report. Once you file the report, contact your insurance company or agent with an inventory of any lost or damaged property. A burglary can be stressful, but knowing that your insurance company is there to back you up can provide some relief.
Condo Insurance Covers Many Liability Expenses
Regardless of how careful you are, accidents sometimes happen. Most of the time, these accidents are minor and insignificant. Unfortunately, they can sometimes prove quite costly. For example, if a visitor is injured while visiting in your home and it can be shown that the injury was due to negligence on your part, you can find yourself responsible for medical bills, lost wages and, sometimes, even punitive damages.
You may also find yourself held liable for injuries or property damage caused by your pets or by your children. Your condo insurance may provide coverage for these incidents. Additionally, your policy can protect you from charges of slander or libel. If a claim against you leads to your needing legal defense, your Missouri condo insurance will also cover any related court costs and legal fees.
Compare Quotes for Policies that Cover Your Missouri Condo
When shopping for the right condo insurance policy, an independent agent in the Trusted Choice® network can help you review your master policy to ensure that the condo policy you select is right for you. These agents can use their relationships with a variety of insurance providers to provide you with several competitively priced policies from which to choose.
Find an agent in Missouri with an office near you to start comparing condo insurance quotes when you're ready to find the best policy for your needs and budget.