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Apartment And Condo Insurance For The Midwest

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  • Apartment And Condo Insurance For The Midwest
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    If you have a home, you need homeowners insurance. If you live in a condo, apartment, townhouse or duplex, you still need insurance protection for what happens inside your unit. David Pope Insurance Services, LLC recommends that apartment and condo owners get a homeowners insurance policy instead of condo insurance for the best protection in Missouri.

    Why Condo Insurance Is No Longer Enough

    Changes in master association policies with homeowner’s associations (HOAs) mean that liability is often placed with unit owners like yourself instead of the HOA. The Midwest has frequent storms, often with hail and wind that can damage properties. In response, many HOAs have massive storm deductibles that unit owners must pay out of pocket if their specific unit is damaged. While the deductible varies by HOA, it can be as high as $10,000 or more per occurrence or per building. If your unit is the only one damaged, not the whole building, the master policy often provides no coverage.

    Because of these changes, David Pope Insurance recommends bundling insurance policies for custom coverage, since relying solely on condo insurance is risky in the current market.

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    Why Do I Need Apartment Insurance In Missouri?

    Even though you don’t own the entire property as an apartment or condo owner, you still need insurance to protect yourself. While your HOA should have insurance that covers the condo, that insurance generally only covers the exterior of any buildings and the land. What happens inside your unit is your responsibility. If your pipes burst and damage your floors or your valuables are stolen, the HOA policy will not protect you.

    Apartment, condo, townhome and duplex owners in Missouri should consider a full homeowners insurance policy because it provides more comprehensive coverage compared to limited condo (HO-6) policies. Since homeowners insurance policies cover the entire structure — like the roof, siding and exterior — it can cover gaps between your policy and HOA insurance.

    Liability is another reason why it is important to have your own insurance. If someone is injured in your unit or you damage another person’s property, you may be held liable, and the HOA’s coverage will probably not kick in. When calculating how much liability coverage you need, consider that injury to people or damage to property in common areas will probably be covered by the homeowner’s association insurance.

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    Contact David Pope For Apartment Insurance In The Midwest

    Finding the right policy and the right coverage for your apartment or condo in Union, St. Clair or other parts of Missouri can be a lot to sort out. That’s why it helps to have an insurance agent in your corner who can bundle policies from multiple carriers to create a perfect fit for you.

    With over 20 years of experience finding great policies for residents in the Midwest, David Pope Insurance is the agent you can trust for condo and apartment insurance services.

    We have helped hundreds of apartment and condo owners find the right insurance policy at the best possible rate from carriers like Farmers and Progressive. With fast quotes, we can get you a quote and answer your questions in one day. You will get reliable insurance protection at the best rate as soon as possible.

    If you currently own an apartment, townhouse, duplex or condo and need help finding the right insurance, or you’re ready for us to get you a great quote on a solid policy right now, give us a call at 636-264-9449 or contact us online today.

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