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.
