Best Condo Insurance In Missouri 2024
The top choice for condo insurance in Missouri is Nationwide.
We’ve saved shoppers an average of $450 per year on their home insurance.
This guide aims to provide insights into finding the best condo insurance in Missouri. As a former insurance agent, I know how essential it is to have comprehensive coverage. It’s about more than avoiding financial loss—it’s about peace of mind, too.
Instead of forgoing coverage, select a condo insurance policy that offers extensive protection from all types of risks, such as theft and natural disasters. Continue reading to discover how to properly insure both you and your condo.
Best Condo Insurance Companies In Missouri, 2024
Compare The Best Condo Insurance Policies In Missouri
| Best For | Overall Rating | A.M Best Rating | J.D Power Rating | Get A Quote | |
|---|---|---|---|---|---|
| Nationwide |
Overall |
|
A+ |
816 |
Instant Quote |
| Amica |
Runner-Up |
|
A+ |
849 |
Instant Quote |
| Chubb |
High-Value Condos |
|
A++ |
809 |
Instant Quote |
| Travelers |
Discounts |
|
A |
794 |
Instant Quote |
Best Condo Insurance Companies In Missouri
Best Runner-Up
Key Statistics
Why We Like Them
⇅Amica stands out for its superior customer service and a range of coverage options, making it a top condo insurance provider. They offer comprehensive coverage and the option to save up to 20% when bundling with auto insurance, while the Platinum policy provides extra protection
Amica’s rates are competitive, frequently undercutting top competitors like Allstate. Their low number of complaints shows that they consistently deliver a positive customer experience..
Benefits & Drawbacks
⇅- Customer satisfaction is high
- Very solid financial backing
- Broad selection of coverage options ✓
- AM Best rating declined in 2017
- Missouri doesn't allow dividend policies
- Premiums tend to be above average ✘
Best Overall
Key Statistics
Why We Like Them
⇅If you’re a Missouri condo owner in need of insurance, Nationwide should be on your list for its comprehensive policies and helpful extras. You can even get coverage for fixtures, improvements, and alterations to your unit.
Besides offering coverage designed to protect your unit and personal belongings, Nationwide also reimburses you for any additional living expenses if damage prevents you from staying in your home.
The company’s claims process is known for being smooth and rapid. Their dedicated service team provides quick and fair resolutions, resulting in strong customer satisfaction.
Benefits & Drawbacks
⇅- Few complaints from users
- Best for ongoing coverage
- Low-cost rates ✓
- Not ideal for less expensive condos
- Discounts could be available for a limited time only
- Possibility of premium hikes ✘
Best For Discounts
Key Statistics
Why We Like Them
⇅Travelers Insurance is a solid option for those seeking to save, offering a wide array of discounts that lower premiums for condo owners without diminishing coverage.nce rates that are cheaper than most competitors, while offering similar levels of coverage.
Their multi-policy discount offers savings of up to 15% on condo insurance when bundled with car insurance or other policies from Travelers. This bundling also helps streamline your insurance management.
Installing safety devices in your home is a great way to save on condo insurance with Travelers. The company offers discounts to customers who actively work to manage risks, leading to reduced premiums.
Benefits & Drawbacks
⇅- Provides bundling discounts
- Reasonably priced rates
- Stable financial outlook ✓
- Could have a banned list for certain dog breeds
- More customer complaints than top insurers
- Limited access in certain locations ✘
Best For High-Value Condos
Key Statistics
Why We Like Them
⇅Chubb’s Masterpiece policy is a top choice for luxury condo coverage, offering extended replacement cost for additional protection. You can also customize your policy with options like identity theft and cyber coverage.
Chubb’s insurance solutions cater to the unique requirements of high-net-worth homeowners, making it the suitable provider for high-value condo insurance in Missouri.
Benefits & Drawbacks
⇅- Excellent customer care services
- Few customer issues reported
- Extended coverage options offered ✓
- Costly for lower-priced properties
- More expensive than leading competitors
- Does not have BBB accreditation ✘
How Much Condo Insurance Do I Need In Missouri?
The required amount of condo insurance in Missouri is based on factors such as your condo’s structure, the worth of your personal possessions, and the coverage provided by the condo association’s master policy. You may also want to include loss assessment coverage to cover any damages to common areas within the condo complex.
How Much Is Condo Insurance In Missouri?
Recognizing that condo insurance varies from person to person, I’ve put together these cost comparison tables to help you make an informed choice.
Average Cost Of Condo Insurance By Building Property Limits
Deciding on the right amount of condo insurance depends on how much your condo and personal items are worth. The first table compares average annual rates for various property limits in Missouri.
| Building Property Limit | Average Annual Rate |
| $40,000 | $440 |
| $60,000 | $490 |
| $80,000 | $537 |
| $100,000 | $580 |
Average Cost Of Condo Insurance By Company
This table compares the average annual condo insurance rates in Missouri offered by the the leading national insurance companies.
| Insurance Company | Average Annual Rate |
| State Farm | $360 |
| Allstate | $490 |
| AAA | $392 |
| USAA | $480 |
| Shelter | $290 |
| Nationwide | $660 |
| Farmers | $657 |
| American Family | $645 |
The Average Cost Of Condo Insurance By City
Here’s a table showing the average costs that residents in 10 of Missouri’s most populated cities incur for condo insurance, broken down by monthly and annual rates.
| City | Average Annual Rate | Average Monthly Rate |
| Kansas City | $480 | $40 |
| St. Louis | $496 | $41 |
| Springfield | $504 | $42 |
| Columbia | $480 | $40 |
| Independence | $477 | $39 |
| Lee’s Summit | $465 | $39 |
| O’Fallon | $460 | $38 |
| St. Joseph | $490 | $41 |
| St. Charles | $459 | $38 |
| Blue Springs | $469 | $39 |
Remember that the amounts listed in the tables are approximations and can vary due to several factors, including your coverage needs, your condo’s location, and its design elements.
When deciding on a policy, don’t get fixated on cost. Make sure to seek affordable insurance that also offers comprehensive coverage, as well as an insurer known for its solid financial strength and good customer service.
What Does Condo Insurance Cover In Missouri?
In Missouri, HO6 insurance generally covers all aspects within the condominium unit, such as walls, floors, fixtures, cabinets, and personal belongings, against damage and theft. Most policies also include loss assessment coverage for common areas within the complex, starting at $1,000 but typically adjustable.
How Much Condo Insurance Is Required In Missouri?
In Missouri, there is no legal requirement for condo owners to maintain insurance; however, it is often a requirement imposed by mortgage lenders or condo associations. Most insurance policies provide a minimum of $100,000 in liability coverage, going up to $500,000.
How To Find The Best Condo Insurance Company For You
Because your condo is likely your most prized possession, it’s essential to secure quality coverage to mitigate financial loss. However, finding the right policy that suits your needs can be time-consuming. To simplify this task, here are five steps you can take to protect yourself, your family, and your belongings:
- Determine the appropriate amount of insurance coverage for your condo.
- Browse online for condo insurance companies and pick three that you feel most secure with.
- Reach out to the three carriers and ask for a quote.
- Assess their coverage options, rates, financial stability, customer reviews, and discount opportunities.
- Select the top insurer and apply for coverage.
Factors That Impact The Cost Of Your Condo Insurance Policy
Condo insurance premiums in Missouri are heavily affected by these four factors:
Replacement Cost
Replacement cost represents the estimated cost to rebuild your condo if it sustains damage. The higher this amount, the more your insurance premiums will rise.
Claims History
Insurers might classify you as a high-risk customer if you have past insurance claims, causing your condo insurance premiums to rise. In contrast, a clean claims history may lower your rates.
Physical Address
If the condo you’re insuring is in a high-risk Missouri neighborhood, whether it has high crime or is vulnerable to extreme weather, you’ll probably pay higher premiums. Wildfires are a frequent occurrence in the state, making condo insurance more expensive.
Age and Construction Type of Your Condo
If your condo is older, higher premiums are likely due to increased risk from aging electrical, plumbing, and HVAC systems. The building materials used also affect premiums—condos in Missouri made from fire-resistant materials may be eligible for lower rates.
Our Methodology
To find the best condo insurance companies in Missouri, I reviewed J.D. Power’s customer satisfaction data, AM Best’s credit ratings, and feedback from consumer review sites, alongside my experience as a former licensed property and casualty agent in Missouri specializing in condo insurance.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
FAQs
How much is condo insurance in Missouri?
The average price of condo insurance in Missouri is roughly $490 per year or $41 per month. Nonetheless, these rates can differ significantly depending on factors such as the location of your condo, the level of coverage you opt for, and your insurance claims history.
How does condo insurance work?
This type of insurance pays for repairs or replacements of the interior of your condo and personal belongings if they’re stolen or damaged. It also provides liability coverage and supplements the master policy, ensuring you’re protected from financial loss.
Sources
⇅