Condo Insurance Missouri

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Getting a Condo Insurance Quote in Missouri

With more and more Missouri residents choosing to live in condos, finding condo insurance that’s both affordable and comprehensive can seem challenging. What’s more, the multitude of factors that can influence how much you pay for your condo insurance in Missouri doesn’t make things much clearer. So, we’re here to help make it easier for you to find the right coverage for the right cost by bringing to light a few important factors to remember while negotiating with prospective insurance companies. Our goal is to help you blaze through the insurance purchasing process and get back to enjoying the life you deserve.

Difference in Costs of Condo insurance in Kansas City, MO Compared to State Average

9 %

Difference in Costs of Condo insurance in St. Louis, MO Compared to State Average

3 %

Difference in Costs of Condo insurance in Springfield, MO Compared to State Average

6 %

Difference in Costs of Condo insurance in Columbia, MO Compared to State Average

2 %

Missouri Condo Insurance Statistics at a Glance

Considering the different factors that come into play when pricing condo insurance, along with rising property values, Missouri condo insurance plans tend to be on the more expensive side when compared to other states. To put this into perspective, Missouri is ranked as the 7th most expensive state in the country for condo insurance and residents spend an average of $139 a month or $1,671 annually on insurance premiums. But, despite Missourians paying more for their condo insurance, insurance plans are gradually becoming cheaper. As a whole, condo insurance plans in Missouri tend to be priced more or less the same, but Crestwood, MO, has consistently ranked as the cheapest place to insure a condo, with residents paying an average of $743.50 annually or $61.96 a month. On the other hand, residents in Neosho, MO, pay the most for their condo insurance, with the average rates being $938.50 annually or $78.21 per month. Regardless of where you live, however, one common factor is that different insurance companies will charge different rates, so it’s important that you shop around when looking for condo insurance in Missouri.

  • $641

    Average Annual Cost of Condo Insurance in Missouri

    The average cost of condo insurance in Missouri on an annual basis is $641.

  • $53

    Average Monthly Cost of Condo Insurance in Missouri

    The cost of condo insurance in Missouri is roughly $53 per month.

  • 24%

    Percentage of Income on Ownership for Condos in Missouri

    Residents of Missouri spend an average of 24% of their income on condo ownership.

  • 28 years

    Median Age of a Property Which Requires Missouri Condo Insurance

    The average age of a property requiring condo insurance in Missouri is roughly 28 years.

What Affects the Costs of Your Condo Insurance in Missouri

A number of variables can affect the cost of your condo insurance in Missouri, and these are used by insurance companies to calculate your risk and coverage requirements, as well as how much to quote you. These include factors beyond your control, such as the location of your condo, when it was built, and its construction quality, which could also make you eligible for certain discounts. What you can control, though, are factors like your own credit history, past insurance claims with other providers, your driver’s record, the value and quantity of personal belongings in your condo, the people that live with you, and whether you own or rent the unit. All of these, and more, are taken into account by insurance companies when providing quotes for condo insurance, so we’d recommend collecting and preparing as much information as possible before requesting a quote from a condo insurance company.
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Average Cost of Condo Insurance in Missouri by City

The most common type of condo insurance available to Missourians is HO6 condo insurance. No matter whether you’re living the city life in Kansas City or St. Louis, or kicking it back in Harrisonville, HO6 insurance is likely to be the only type of condo insurance you’ll need. To give you a better idea of what it will cost to insure your condo, we’ve included a list of estimated insurance prices for different cities in Missouri. Bear in mind that the below averages are based on the average prices by residents in the different cities and may differ from what you might be quoted.
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Choosing the Best Condo Insurance Company in Missouri for Your Needs

Putting in the time and effort to takes to pick the best condo insurance provider in Missouri will reward you with peace of mind for years to come. Remember that when taking out a condo insurance policy, you’re not only insuring yourself and your condo, but also your possessions, and your family. So, take as much time as you need and keep searching until you’ve found the right company. Whatever you do, do not try and cut corners by simply settling on the cheapest provider you can find. The best thing you can do is to shop around and compare quotes from several leading providers before deciding on what you think is the best plan for your needs. A dependable and professional insurance company will never try to force you into making a hurried decision or purchasing coverage that you don’t want, so take all the time you need and don’t be shy about asking questions. Look out for insurance companies that offer long-term client loyalty discounts or discounted rates on bundled insurance policies and always double-check to make sure that your chosen provider is accredited. Visit the Missouri Department of Insurance website to learn more about a potential insurance provider’s license status, financial stability, and whether they have a history of complaints.

The Top Rated Condo Insurance Companies in Missouri Based off Consumer Ratings

With a reputation spanning over five decades, State Farm is the biggest and one of the highest-rated condo insurance providers in the United States. A study conducted by JD Power in Missouri scored State Farm a 4 out of 5 (above average) based on their policy offerings, charging and payment methods, customer support, and claims. The NAIC also reported a complaint ratio of 0.2 for State Farm in Missouri. Furthermore, like many insurance companies in Missouri, State Farm offers insurance premium discounts for condo owners who’ve built or renovated their condos to withstand natural disasters in the Show Me State. From a pure metrics standpoint, out of all the condo insurance companies in Missouri, USAA received the highest JD Power score in the state, with a 5 out of 5, while Liberty Mutual scored the lowest with a 2. Additionally, Chubb was rated as having the lowest NAIC complaint ratio in Missouri with a 0.09, while Progressive was rated a 0.8, making it the insurance company with the highest NAIC complaint ratio in the state.

Missouri Condo Insurance Requirements

Under the Missouri Condominium Property Act, condo owners in Missouri are not legally required to insure their properties but are free to carry insurance at their own will. The law, however, does make it mandatory for condominium associations to purchase and maintain insurance for the entire building and, should a condo owner suffer a loss, the association’s insurance policy will take precedence and act as the main insurance policy regardless of whether the condo owner carries an additional policy. Even though condominium buildings have to maintain insurance to comply with state law, condo owners might still want to consider purchasing additional insurance to protect any renovations, their personal property, liability, or against any other loss or event not covered by the association’s policy.

What's Covered with Your Condo Insurance in Missouri

One thing you’ll notice when looking for condo insurance in Missouri is that most insurance providers will offer standard coverage that covers building property, personal property, loss of use, and liability. Building property coverage protects you financially from any damages to the interior structure of your condo (such as to the walls, ceilings, floors, and tiles) and any permanent fixtures in your unit caused by a covered event, such as a fire. Coverage for personal property covers any personal belongings, like clothes, furniture, and appliances, lost or damaged in a covered event. Loss of use coverage includes covering any additional living expenses you may face after an unforeseen event renders your unit uninhabitable and requires you to find alternate accommodation until it is fit to be inhabited again. Lastly, liability coverage protects you should you held liable for damage for personal injury or property damage occurring in or around your condo. Most condo insurance providers in Missouri will offer liability coverage covering up to $100,000 in damages.

How to Get Missouri Condo Insurance Discounts

Virtually all insurance providers in Missouri offer their own discounts or loyalty programs, so be sure to ask about any discounts you or your family members may be eligible for when comparing quotes for condo insurance. In addition to such discounts, insurance companies usually offer a few common discounts like new client discounts, multi-policy discounts, and paid-in-full discounts.

Getting the Best Missouri Condo Insurance Rates

The key to saving big on your condo insurance in Missouri is to simply shop around. If you’re having trouble with this or simply don’t know where to start, give us a call and we’ll help you find out if any other insurance companies can give you a better price than what you’re currently paying. You might be surprised by the amount of money you can save. Many insurance companies also offer referral discounts, so it’s worth asking your friends or family to find out whether their provider offers a similar deal. Paying a higher deductible is another way you could potentially save on premiums, but bear in mind that having a high deductible means you’ll need to be able to afford to pay for any damages or losses up to the deductible. Make sure to ask any companies you hold existing policies with whether they offer discounts for insurance packages, too. For example, you could check with your car insurance company to find out whether they could lower your premiums if you took out condo insurance with them as well. Such companies might even offer you a discount for being a long-term customer or add on a few extra perks free of charge. Actively looking for discounts can save you up to 10% on your premiums, so there’s no reason not to. Another way to benefit from better rates on your condo insurance is by maintaining a good credit rating. Insurance companies often consider this when pricing premiums and tend to offer lower rates to clients with better credit ratings.