Continuing my state-by-state review of mandatory condominium insurance requirements, this post will look at Missouri—The Show Me State.

Chapter 448, Section 448.3-113 of the Missouri Revised Statutes discusses condominium property insurance requirements for the state of Missouri.

The statute states that once the first unit is conveyed, the association must maintain the following:

  • Property insurance on the common elements, insuring against all risks of direct physical loss commonly insured against or, in the case of a conversion building, against fire and extended coverage perils. The total amount of insurance after application of any deductibles shall not be less than eighty percent of the actual cask value of the insured property at the time the insurance is purchased and at each renewal date, exclusive of land, excavations, foundations, and other items normally excluded from property policies; and
  • Liability insurance, including medical payments insurance, in an amount determined by the executive board but not less than any amount specified in the declaration, covering all occurrences commonly insured against for death, bodily injury, and property damage arising out of or in connection with the use, ownership, or maintenance of the common elements.

The statute also requires:

  • In the case of buildings containing units having horizontal boundaries described in the declaration, the insurance maintained under subdivision (1) of subsection 1 of this section, to the extent reasonably available, shall include the units, but need not include improvements and betterments installed by unit owners.

In Missouri, there is no right to subrogation under the association’s insurance policy against any unit owner or members of his household. Missouri also does not prohibit unit owners from obtaining their own individual policies. As stated above, in condominiums with horizontal boundaries, even though the association’s insurance policy is required to cover the units, the policy need not insure improvements to the units. Unit owners should consider purchasing additional insurance to make sure all of their property and belongings are covered.