Key Takeaways
| Key Point | Details |
|---|---|
| Average Annual Cost | $400 – $700 |
| Average Monthly Cost | $35 – $60 |
| National Average Cost | $590 |
| Minimum Cost | $244 |
| Maximum Cost | $3,288 |
Condo insurance, also known as HO-6 insurance, is essential for protecting your condo unit and personal belongings. Understanding the costs involved can help you budget and select the right coverage for your needs.
Average Condo Insurance Cost
The cost of condo insurance can vary significantly based on factors such as location, coverage amount, and insurance provider. Below is a breakdown of average costs:
| Statistic | Cost |
|---|---|
| National Average Cost | $592 |
| Minimum Cost | $245 |
| Maximum Cost | $3,300 |
| Average Range | $390 – $710 |
Condo Insurance Rates by State
The cost of condo insurance can vary widely by state. Below is a table summarizing average annual and monthly costs by state:
| State | Average Annual Rate | Average Monthly Cost |
|---|---|---|
| Alabama | $700 – $720 | $58 – $60 |
| Alaska | $450 – $470 | $38 – $39 |
| Arizona | $600 – $625 | $50 – $52 |
| Arkansas | $715 – $730 | $60 – $61 |
| California | $700 – $725 | $58 – $60 |
| Colorado | $595 – $615 | $50 – $51 |
| Connecticut | $445 – $465 | $37 – $39 |
| Delaware | $500 – $525 | $42 – $44 |
| District of Columbia | $390 – $420 | $33 – $35 |
| Florida | $1,200 – $1,300 | $100 – $108 |
| Georgia | $625 – $650 | $52 – $54 |
| Hawaii | $385 – $410 | $32 – $34 |
| Idaho | $530 – $550 | $44 – $46 |
| Illinois | $520 – $545 | $43 – $45 |
| Indiana | $425 – $450 | $35 – $38 |
| Iowa | $350 – $370 | $29 – $31 |
| Kansas | $430 – $455 | $36 – $38 |
| Kentucky | $460 – $480 | $38 – $40 |
| Louisiana | $980 – $1,000 | $82 – $83 |
| Maine | $400 – $425 | $33 – $35 |
| Maryland | $365 – $385 | $30 – $32 |
| Massachusetts | $500 – $525 | $42 – $44 |
| Michigan | $415 – $435 | $35 – $36 |
| Minnesota | $425 – $445 | $35 – $37 |
| Mississippi | $700 – $730 | $58 – $61 |
| Missouri | $450 – $475 | $38 – $40 |
| Montana | $575 – $600 | $48 – $50 |
| Nebraska | $450 – $475 | $38 – $40 |
| Nevada | $495 – $520 | $41 – $43 |
| New Hampshire | $400 – $425 | $33 – $35 |
| New Jersey | $475 – $500 | $40 – $42 |
| New Mexico | $525 – $550 | $44 – $46 |
| New York | $530 – $545 | $44 – $45 |
| North Carolina | $615 – $645 | $51 – $54 |
| North Dakota | $315 – $340 | $26 – $28 |
| Ohio | $360 – $385 | $30 – $32 |
| Oklahoma | $835 – $860 | $70 – $72 |
| Oregon | $480 – $510 | $40 – $43 |
| Pennsylvania | $440 – $465 | $37 – $39 |
| Rhode Island | $650 – $675 | $54 – $56 |
| South Carolina | $560 – $575 | $47 – $48 |
| South Dakota | $375 – $400 | $31 – $33 |
| Tennessee | $570 – $590 | $48 – $49 |
| Texas | $1,150 – $1,250 | $96 – $104 |
| Utah | $365 – $385 | $30 – $32 |
| Vermont | $360 – $390 | $30 – $33 |
| Virginia | $430 – $450 | $36 – $38 |
| Washington | $475 – $500 | $40 – $42 |
| West Virginia | $575 – $600 | $48 – $50 |
| Wisconsin | $310 – $330 | $26 – $28 |
| Wyoming | $480 – $500 | $40 – $42 |
States with the Cheapest and Most Expensive Condo Insurance
| Cheapest Condo Insurance | Average Cost Per Year | Most Expensive Condo Insurance | Average Cost Per Year |
|---|---|---|---|
| North Dakota | $325 | Florida | $1,206 |
| Wisconsin | $326 | Texas | $1,168 |
| Iowa | $360 | Louisiana | $991 |
| Maryland | $373 | Oklahoma | $842 |
| Vermont | $375 | Arkansas | $724 |
| Utah | $377 | Mississippi | $715 |
| Ohio | $378 | California | $711 |
| South Dakota | $383 | Alabama | $710 |
| Hawaii | $402 | Rhode Island | $661 |
| District of Columbia | $403 | Georgia | $634 |
Condo Insurance Prices by Coverage Limit
The cost of condo insurance can vary based on the coverage limit. Below is a table summarizing average costs by coverage amount:
| Coverage Amount | Average Annual Cost |
|---|---|
| $13,999 and under | $450 – $470 |
| $14,000 to $19,999 | $455 – $475 |
| $20,000 to $25,999 | $465 – $485 |
| $26,000 to $31,999 | $500 – $525 |
| $32,000 to $37,999 | $525 – $540 |
| $38,000 to $43,999 | $530 – $550 |
| $44,000 to $49,999 | $535 – $565 |
| $50,000 to $74,999 | $600 – $620 |
| $75,000 to $99,999 | $650 – $680 |
| $100,000 and over | $1,000 – $1,100 |
Condo Insurance Cost by Company
The cost of condo insurance can also vary by insurance provider. Below is a table summarizing average costs by company:
| Company | Average Annual Rate |
|---|---|
| Allstate | $375 – $425 |
| American Family | $520 – $550 |
| Auto-owners | $370 – $400 |
| Erie | $645 – $670 |
| Farmers | $530 – $560 |
| Nationwide | $525 – $575 |
| State Farm | $300 – $350 |
| Travelers | $475 – $525 |
| USAA (only for military, veterans, and their families) | $650 – $700 |
What Does Condo Insurance Cover?
Condo insurance provides coverage for various aspects of your condo unit and personal property. Below is a table summarizing the typical coverage types and limits:
| Coverage Type | Typical Limit | What It Covers |
|---|---|---|
| Dwelling / Building Property | 20% of unit’s value or $50 – $100 per square foot (for standard finishes) | Condo unit interior (walls, cabinets, built-in appliances, flooring, etc.) |
| Personal Property | 20% – 75% of dwelling limit | Your personal belongings |
| Loss of Use / Additional Living Expenses | 20% of combined dwelling & personal property limit | Costs to live elsewhere if condo is uninhabitable after a covered event |
| Personal Liability | $100,000 – $500,000 | Legal and medical expenses if someone is hurt or their property is damaged in your condo, and they sue you |
| Medical Payments | $1,000 – $5,000 | Medical bills for guests injured on your property, regardless of who is liable |
| Loss Assessment (optional) | $5,000 – $10,000 minimum | Optional coverage to help pay for the shared expense of common area damages after a covered event |
Condo Association Insurance
Condo association insurance typically covers common areas and the exterior of the building. However, it does not cover the interior of individual units or personal property.
What is Not Covered by Condo Insurance?
Condo insurance generally does not cover:
- Flood damage
- Earthquake damage
- Routine maintenance and wear and tear
- Intentional damage
- Some high-value items unless additional coverage is purchased
Condo Insurance Cost Calculator
Use a condo insurance cost calculator to estimate your insurance costs based on factors such as location, coverage amount, and deductibles.
How to Lower the Cost of Condo Insurance
To lower the cost of condo insurance, consider the following tips:
- Increase Your Deductible: Raising your deductible can lower your premium.
- Bundle Policies: Purchase multiple insurance policies (e.g., auto and condo) from the same provider to receive a discount.
- Improve Security: Installing security features such as smoke detectors and burglar alarms can reduce your insurance cost.
- Shop Around: Compare quotes from different insurance providers to find the best rate.
- Ask About Discounts: Inquire about any available discounts, such as for senior citizens or claim-free history
.
Condo Insurance FAQs
Do You Need Homeowners Insurance for a Condo?
Yes, homeowners insurance for a condo, also known as condo insurance, is necessary to protect your unit and personal property.
How Much Condo Insurance Do I Need?
The amount of condo insurance you need depends on factors such as the value of your personal property, the interior of your unit, and your liability coverage needs.
Why is Condo Insurance So Expensive?
Condo insurance can be expensive due to factors such as location, coverage amount, and the risk of natural disasters or other perils.
Does Condo Insurance Cover Water Damage to Other Units?
Condo insurance may cover water damage to other units if you are found liable for the damage. However, it typically does not cover damage caused by floods or sewer backups without additional coverage.
Getting Quotes from Condo Insurance Companies
When seeking quotes for condo insurance, consider the following tips:
- Get Multiple Quotes: Compare prices and coverage options from different insurance companies.
- Check References: Look for reviews and testimonials from other condo owners.
- Verify Credentials: Ensure the insurance company is reputable and has good customer service.
- Ask About Customization: See if the company offers custom policies to meet your specific needs.
Questions to Ask a Condo Insurance Agent
- What does the policy cover and exclude?
- How much coverage do I need for my personal property and liability?
- Are there any available discounts?
- What is the process for filing a claim?
- Can I customize my policy to include additional coverage?
Condo Insurance Cost Summary
Condo insurance is essential for protecting your unit and personal belongings. By understanding the costs, coverage options, and ways to lower your premium, you can make an informed decision that meets your needs and budget.
For more information on condo insurance and to explore other cost-related guides, visit our detailed articles on homeowners insurance costs and renters insurance costs.
