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Average Condo Insurance Rates

By Posted : August 18, 2020

How much does H06 insurance cost?

The average H06 insurance cost nationwide is $625, for $60,000 in personal property coverage, with a $1,000 deductible, and $300,000 in liability protection – the limits of a typical policy. But that’s based on just one of the eight coverage sets provided in the tool below. Your particular condo H06 insurance cost will depend on your coverage limits and deductible, the value of your possession, among other factors. To get your customized average condo insurance cost, enter your ZIP code, personal property coverage, deductible and liability amounts in the tool below.

AVERAGE CONDO INSURANCE RATES
in your neighborhood

Getting started with H06 insurance

If your heart is set on buying a condominium, know that your head might ache when you try to purchase insurance. Insuring a condo is often trickier than protecting a single-family home -- but don’t fret -- here we’ll explain the types of H06 insurance and what they cover, and provide tips for how much Ho6 insurance to buy. Plus, you can refer to Insurance.com’s condo insurance guide for more details.

"It can be quite confusing -- even to people in the industry," says Stuart Powell, a long-time insurance expert who teaches courses in insurance and risk management at the Walker College of Business at Appalachian State University in Boone, North Carolina. Despite the challenges, buying condo insurance can be simplified by using this check-list:

  • Check your master policy to see if it's all-in, bare walls or single entity.
  • Determine your liability coverage needed.
  • Calculate the value of your personal property and see if you need floaters to provide additional coverage for specific items.
  • Determine your dwelling coverage amount if master policy is not all-in.
  • Choose replacement value or actual cash value reimbursement.
  • Decide if you want flood, earthquake or sewer backup coverage.
  • Check your condo documents and add extra master policy deductible and special assessment coverage if needed.
  • Make a list of coverage you need and shop among competing providers.  Remember to ask about discounts.

What is condo insurance?

On the surface, condo insurance and traditional single-family homeowners insurance appear to be similar. As with traditional homeowners insurance, a condominium policy covers three main things.

  • Dwelling coverage. This protects the building itself, including structures.
  • Personal property coverage. This covers your possessions, including furniture, clothing, electronics and jewelry.
  • Personal liability coverage. This protects you if someone is hurt on your property, or if you damage someone else's property or injure them away from your home.

However, it's important to understand the key differences between a homeowners policy and condominium insurance.

3 types of condo insurance coverages

For starters, you probably won't need as much dwelling coverage as you would if you were buying a single-family home. Your condo association's master insurance policy likely will cover the exterior of your condo, as well as hallways, elevators, pools and other common elements.

In fact, figuring out just exactly what you need to insure – and how much condo insurance you need to buy – are the biggest challenges when buying condo insurance. 

There are three major types of arrangements that might apply to your condominium:

  • Bare-walls agreement. Typically, this means individual unit owners are responsible for insuring their unit from the sheetrock or wall studs in. That means covering things like walls, sinks, cabinets, appliances, flooring and wallpaper. Owners also must insure any renovations and improvements they make.
  • Single entity. In this type of coverage, the condo association master insurance policy provides protection for nearly everything in the complex, including your unit and the fixtures inside it. Condo owners are only responsible for insuring their personal possessions. However, any upgrades that you make to your unit are not covered in the event of a loss.
  • All-inclusive agreement. This is similar to a single entity plan, except that the condo association's master policy also covers any improvements, upgrades and additions you make in the unit. It is the most comprehensive form of coverage from the unit owner's perspective.

The condo association's rules and covenants dictate which of these arrangements applies in your condominium community. 

If you are subject to a bare-walls arrangement, you need to find the right documentation that explains what you are responsible for insuring. Powell says these documents should contain wording that "draws an imaginary line somewhere to separate the owner's unit from commonly held property," Powell says. 

The condo association's master policy will cover commonly held property, while you are responsible for insuring everything else. 

"Ask the condo association for a clear definition of where the unit line is," Powell says. "It they can't answer the question, you might have to go to an insurance agent. And if they can't answer, you might need to go to a lawyer."

How much insurance do you need for a condo?

If your condo is subject to bare-walls rules, assigning a replacement value to the interior can be challenging, because the value of your individual condo is partially based on the common features – such as the building exterior, as well as a swimming pool and other amenities. 

The exact dollar amount of coverage you need also depends on other factors, such as:

  • Construction costs in your area
  • The type of materials used in your condo
  • The value of your personal possessions

If you're struggling to put a dollar figure on the amount of coverage you need, talk to your insurance agent. Powell says it is always better to buy too much coverage rather than not enough.

Deductibles

Rather than cutting corners on coverage, consider taking a larger deductible, which can lower your premium costs. The deductible is what you pay toward damages when you file a claim.

Deductibles apply to the personal property coverage portion of your policy. You typically have a range of deductible amounts from which to choose.

Actual cash value versus replacement value

One typical mistake condo owners make is buying coverage that reimburses the actual cash value of their belongings instead of a policy that covers the replacement costs. Actual cash value typically means your belongings are covered for their replacement cost minus depreciation. Depreciation is the decrease in an item’s value due to its age, condition or other factors. Replacement value means your belongings are covered for the amount it would take to replace them at the time of the claim.

Loss assessment coverage

Powell's recommendation to avoid cutting corners on coverage extends to loss assessments coverage. This coverage reimburses you if the condo association charges a one-time special assessment fee to unit owners to cover costs that exceed the coverage limits of the association's master policy.

Loss assessment coverage is part of most condo policies, but typically provides just $1,000 in coverage. If this is the case with your policy, Powell urges you to purchase additional coverage. Special assessments sometimes can soar into the thousands of dollars. 

"Most people should buy $5,000 or $10,000 at a minimum," he says.

Don't skimp on liability coverage

Most people think of condo insurance as protecting their home and belongings. But condo policies also include liability coverage, which protects you if someone is injured inside your home.

Don't skimp on this coverage, because you'll be sorry you did if someone is hurt on your property, says Lori Conarton, spokesperson for the Insurance Alliance of Michigan.

"Many times it will be a minor injury," she says. "But other times, you may be sued, and liability insurance will provide coverage for you."

Typically, the minimum condo liability limit is $100,000, but that doesn't offer much protection should you end up on the wrong end of a lawsuit. Liability coverage can go as high as $500,000 – and in extreme cases, even that might not be enough.

Fortunately, there is an easy way to get even more protection. "Condo owners can also purchase an umbrella insurance policy that provides additional protection of $1 million or more for both their condo insurance and their auto insurance," Conarton says.

Buying a "bare bones" policy or even something with middling coverage to save money in the short term can be a risky move over the long haul.

"Lawsuits can be very expensive," Conarton says. She says the average judgment in slip-and-fall cases is $100,000, and the average cost to defend a liability lawsuit is $50,000. 

If somebody is severely injured or even killed, judgments could go much higher.

"Without liability insurance, the results of a lawsuit could be devastating financially to you," Conarton says.

Average Ho6 insurance rates by state

Below you'll see how condo insurance costs vary by state, for four coverage levels. The dwelling coverage amounts vary, but all rates have a $1,000 deductible with $300,000 in liability. The average rates are sorted least to most expensive for the common coverage of $60,000 dwelling, $1,000 deductible and $300,000 in liability. North Dakota is the cheapest state for condo insurance, while Florida is the most expensive, based on Insurance.com's rate analysis.

State $40,000 $60,000 $80,000 $100,000
North Dakota$292$326$361$396
Vermont$316$350$382$415
Wyoming$372$394$421$447
Iowa$364$412$455$499
Hawaii$358$413$464$517
West Virginia$355$413$471$531
Nebraska$375$432$482$539
South Dakota$383$442$498$553
Virginia$368$444$520$596
Maryland$382$449$511$573
Washington$429$485$537$591
Alaska$431$488$539$590
Montana$426$489$539$586
DC$420$491$566$643
Minnesota$432$492$548$607
Delaware$420$496$565$639
Maine$411$497$574$654
Ohio$433$497$556$619
Utah$456$498$537$577
New York$467$543$615$690
New Mexico$490$545$604$671
California$466$553$637$723
Missouri$517$573$625$681
Wisconsin$518$577$630$684
Oregon$532$600$661$722
Indiana$525$602$671$744
Rhode Island$503$603$696$788
Kentucky$533$614$687$761
Pennsylvania$540$614$676$742
Nevada$548$624$695$768
New Hampshire$565$626$684$745
Idaho$523$629$723$829
Kansas$557$634$709$786
South Carolina$552$645$733$827
New Jersey$553$650$726$814
Arizona$602$662$740$818
Illinois$590$669$739$804
Michigan$607$694$775$844
North Carolina$553$698$832$966
Massachusetts$577$710$836$963
Tennessee$642$749$835$936
Colorado$674$757$834$912
Connecticut$686$823$941$1,065
Arkansas$770$867$958$1,048
Louisiana$779$887$990$1,093
Alabama$784$900$1,016$1,124
Mississippi$802$960$1,133$1,288
Georgia$821$979$1,115$1,186
Texas$807$990$1,167$1,325
Oklahoma$1,025$1,121$1,220$1,339
Florida$1,051$1,293$1,486$1,555

Condo insurance quote: Average rates by company

Just like home and auto insurance, comparing condo insurance quotes from different companies can save you money on your coverage. Each insurance company is calculating the likelihood that you will file claims, or determining how much risk -- or cost -- you pose to them. They decide what you pay for coverage based on this assessment, which takes into account where you live, the materials your dwelling is made of, and other factors. That means the cost for the same policy will vary significantly among condo insurance companies. If you don't shop around, you won't know which is the most affordable. Below you'll see how major carriers compare for the cost of condo insurance for dwelling coverage of $60,000 with a $1,000 deductible and $300,000 in liability insurance. What you pay will depend on your condo-owner profile and where you live. Not all of these companies operate in all states.

Company Average Yearly Rate
West Bend$110
IMT Insurance$177
Vermont Mutual$187
Concord$203
Erie$224
Nodak$257
Farmers Union Mutual$273
Patrons Oxford$281
Co Operative Insurance$282
Cincinnati Insurance$303
Narragansett Bay$315
Country Mutual$328
High Point$341
Depositors$346
Amco$348
Acuity$350
Farm Bureau Property &   Casualty$361
Standard$370
Shelter$374
Umialik$381
Allied$398
Merrimack$411
Nationwide$413
Alfa Mutual$434
Safeco$438
MMG Insurance$440
American$472
Travelers$476
New York Central$479
Allstate$482
Pemco$484
New Jersey Manufacturers$493
Arbella$494
Crestbrook$508
State Farm$531
Metropolitan$542
Memberselect$550
Chubb$554
Phoenix$571
Citation$598
Charter Oak$611
United Farm Family$616
Amica$646
Liberty Mutual$649
Great Northern$695
Commerce Insurance$703
Homesite$723
First Floridian$749
First Liberty$765
USAA$768
Fidelity$814
Auto Owners$819
Property Owners$851
Castle Key$875
Garrison$908
Foremost$924
Hanover$1,034
Citizens$1,148
Heritage$1,196
Universal$1,755
CSAA$2,012