What is the average cost of condo insurance?

The average condo insurance rate is $759 yearly, or $63 monthly. That rate is based on our most recent data for $60,000 in personal property coverage, with a $1,000 deductible and $300,000 in personal liability protection.

Condo insurance is cheaper than homeowners insurance because of one key difference between a homeowners policy (HO-3) and a condominium insurance (HO-6) insurance policy" a condo policy doesn't cover the building. In contrast, a homeowners policy does, increasing the cost of coverage.

The condo insurance calculator below offers more coverage options for you to compare. Your H0-6 insurance cost will depend on your coverage limits and deductible and where you live.

Average condo insurance cost by state

Condo insurance costs vary by state; below, we have provided averages for four coverage levels. The property coverage amounts vary, but all rates have a $1,000 deductible with $300,000 in liability.

North Dakota is the cheapest state for condo insurance, with an average cost of $299 per year, while Florida is the most expensive state for condo insurance, with an average cost of $1,393 per year.

Average condo insurance rates by state
State $40,000 $60,000 $80,000 $100,000
North Dakota$299$345$391$439
West Virginia$335$395$445$496
South Dakota$374$424$486$540
New Mexico$411$460$498$534
Washington D.C$446$535$628$720
Rhode Island$487$576$655$736
New Hampshire$507$564$619$672
New Jersey$510$594$675$750
New York$635$739$836$942
South Carolina$636$722$799$884
North Carolina$744$938$1,122$1,289

Which company has the cheapest condo insurance?

Comparing condo insurance quotes from different companies can save you a lot of money. Each insurance company calculates rates in its own way, which means a lot of price variation.

Here are the average condo insurance rates from the ten largest home insurance companies in the U.S. by market share. Allstate is the cheapest, with State Farm a close second.

CompanyAverage annual rate
State Farm$580
American Family$570

Below is a full list of all insurance companies for which rates were fielded. These condo insurance rates include personal property coverage of $60,000 with a $1,000 deductible and $300,000 in liability insurance.

Not companies operate in all states. While West Bend Mutual has the cheapest condo insurance rates at $134 a year on average (about $11/month), coverage is only offered in 14 states. The cheapest condo insurance company that offers coverage in every state is Allstate, with rates of $544/year or $45/month.

Average condo insurance cost by company

Below, you'll see average condo insurance rates by company, including many smaller companies with a more limited coverage area; you can save quite a bit if one of these companies operates in your state.

Average condo insurance rates by company
Company Average annual rate
West Bend$134
IMT Insurance$177
Sentry Insurance$177
Frankenmuth Insurance$210
Kemper Insurance$240
Franklin Mutual$244
Union Mutual$246
Nodak Insurance$251
Vermont Mutual$260
Cumberland Insurance$269
Agraria Mutual$276
Kansas Insurance$289
Co-operative Insurance$295
Universal Insurance Co$310
Tennessee Farmers$322
Secura Insurance$328
Quincy Mutual$330
Andover Insurance$334
MMG Insurance$339
North Star Mutual$354
Western National Mutual$367
Automobile Club MI$371
Indiana Farmers$371
North Carolina Farm Bureau$380
Kentucky Farm Bureau$400
Oklahoma Farm Bureau$400
Island Insurance$407
NYCM Insurance$427
Shelter Insurance$439
Alfa Corporation$462
Ocean Harbor$469
Farm Bureau$474
Arbella Insurance$494
Cincinnati Insurance$511
RLI Insurance$512
New London County Insurance$514
Georgia Farm Bureau$520
Auto Club$522
New Jersey Manufacturers$528
Mapfre Insurance$540
Country Financial$547
American Family$570
Amica $570
Tokio Marine Holdings$577
State Farm$580
South Carolina Farm Bureau$620
Farm Bureau Ins Co of AR$636
Marysville Mutual$656
Erie Mutual$657
IAT Insurance$657
Indiana Farm Bureau group$662
National General Insurance$664
Providence Mutual$694
United Insurance$742
Southern Farm Bureau$906
Heritage Insurance Holdings$917
State Auto$979
Farm Bureau$1,042
The Hanover$1,260
Michigan Farm Bureau$1,288
CSAA Insurance$1,317
Security First Insurance$1,629
FedNat Holding$1,951
HCI Group$1,972
St Johns Insurance$2,434
Citizens Property Insurance$2,951

How much is condo insurance per month?

The average cost of condo insurance per month ranges from $29 to $134, depending on many factors. The average monthly condo insurance cost, based on the median of that range, is $82.

Here is the average monthly cost of condo insurance at several coverage levels, all with a $1,000 deductible and $300,000 in liability.

  • $40,000 in personal property: $56 a month
  • $60,000 in personal property: $63 a month
  • $80,000 in personal property: $70 a month
  • $100,000 in personal property: $77 a month

You can see monthly H0-6 insurance costs in each state in the chart below.

Average monthly cost of condo insurance by state and coverage level
State $40,000 $60,000 $80,000 $100,000
North Carolina$62$78$94$107
North Dakota$25$29$33$37
New Hampshire$42$47$52$56
New Jersey$43$49$56$63
New Mexico$34$38$41$44
New York$53$62$70$79
Rhode Island$41$48$55$61
South Carolina$53$60$67$74
South Dakota$31$35$41$45
West Virginia$28$33$37$41
National average$56$63$70$77

How much is condo insurance near me?

To find the average condo insurance cost in your area, enter your ZIP code, personal property coverage, deductible and liability amounts in the condo insurance calculator below. You'll get condo insurance estimates to see what you can expect to pay.

Condo insurance calculator

Average condo insurance rates in Texas
$40,000 $60,000 $80,000 $100,000
$100,000 $300,000

Most & least expensive ZIP codes for condo insurance in Texas

Most expensive

ZIP CodeCityHighest Rate
78597South Padre Island$2,219

Least expensive

ZIP CodeCityLowest Rate
78840Cienegas Terrace$671
79908Biggs Field$689
79918Biggs Field$689
79910El Paso$690
Data refreshed as of Apr 2024
Read our full methodology

The three types of condo insurance coverage

There are three different types of condo insurance; the main difference comes down to how much of the structure you need to insure. Your condo association's master insurance policy covers the exterior of your condo, as well as hallways, elevators, pools, and other common areas.

Figuring out exactly what you need to insure and how much condo insurance you need to buy are the biggest challenges when buying condo insurance.

A condominium policy includes:

  • Building property: Covers any portion of the building for which you are responsible and is similar to dwelling coverage. However, you don't need as much dwelling coverage for a condo.
  • Personal property: Covers your possessions, from the towels to the TV.
  • Personal liability: Pays for injuries or damage to others for which you are responsible.

Three major types of arrangements 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. With 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 to 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. 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, 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. "If 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.

Condo insurance deductibles

Rather than cutting corners on coverage, consider choosing a higher deductible, which can lower your premium. 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 cost. 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

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 thousands of dollars.

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

Liability coverage

Most people think of condo insurance as protection for their homes 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 risky 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.

Judgments could go much higher if somebody is severely injured or even killed.

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

How to get a condo insurance estimate

To get an idea of what you can expect to pay, figure out how much condo coverage you need. Here are the steps to take to get an H0-6 insurance cost estimate.

Review your condo association’s master policy. This will influence how much building property coverage you need. You can get details on your master policy from the condo association. There are three types of master policies, as explained earlier.

  • All-in and all-inclusive
  • Special entity
  • Bare walls in and wall studs in

If you have all-inclusive coverage on your master policy, you don't need building property coverage.

  • You need to get personal property and liability coverage.
  • Estimate the total cost of all your belongings and choose a personal property amount that matches it at replacement value so you’d get reimbursed for your items without depreciation.
  • Liability coverage, which helps pay for legal costs if you’re sued and pays for medical bills of guests injured in your home, should have limits of at least $100,000, but $300,000 is recommended. You want enough liability coverage to ensure all of your savings and assets are protected.

If you have a bare-walls or special entity policy, you must add building property coverage in addition to the above. This covers your cabinets, lighting, bathroom and kitchen features, rugs, laundry facilities, etc. Here are common scenarios that will help you figure out your building coverage amount:

  • It’s common for mortgage lenders to require a percentage of your loan as the building property coverage amount. So, for instance, if your condo loan is $300,000 and the lender requires building property coverage of 20%, it would be $60,000.
  • You can also try multiplying the square footage of your unit by the cost to rebuild it. This can be done by researching the cost per square foot in your area or of similar units and asking appraisers or contractors. A rough calculation as an example: If your condo is 1,200 square feet and the national average construction cost of $125 per square foot is applied, you’d get 150,000, so you’d get $150,000 in building property coverage.

Review rate tables and condo insurance cost estimator calculator. Now that you have an idea of how much coverage you need, review the various rate tables on this page, which show the average cost of condo insurance by month, state, and coverage level. You can also enter your ZIP code into our condo insurance cost estimator tool, which shows average rates as well as the highest and lowest from up to six major insurance companies. These rates assume all-in master policies.

Things to consider before buying H0-6 insurance

Insuring a condo is often trickier than protecting a single-family home. Knowing the types of HO-6 insurance and what they cover can help you figure out how much HO-6 insurance to buy. For more details, refer to Insurance.com’s condo insurance guide.

"It can be quite confusing -- even to people in the industry," says Powell. “Despite the challenges, buying condo insurance can be simplified by using this checklist”:

  • 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 building property coverage amount if the 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.


Condo insurance rate data was provided in 2022 to Insurance.com by Quadrant Data Services based on four possible levels of coverage for personal property: $40,000, $60,000, $80,000, and $100,000. All estimates use a $1,000 deductible and include $300,000 in liability coverage. Rates by state and for insurance companies are averages. National averages are based on all available ZIP codes and coverage levels. Content is updated for 2024.

Home insurance FAQs

Is condo insurance cheaper than home insurance?

Yes, condo insurance is cheaper than homeowners insurance. The average annual cost of home insurance is $2,777, well above the $759 average condo insurance rate. The main reason for the lower cost is that condo owners are not generally responsible for insuring the entire structure.

How much is condo insurance in California?

The average condo insurance cost in California is a little less than the national average, with an average rate of $705 for $60,000 in coverage.

Of course, rates vary by company. Take a look at rates by personal property coverage amount ($300,000 liability, $1,000 deductible) for some of the biggest insurance companies in California. USAA comes in the cheapest, with Travelers the cheapest option if you’re not a military family.

Average condo insurance cost in California
State Farm$502$576$632$696
Auto Club$583$699$813$927

How much is condo insurance in Florida?

Condo insurance in Florida is the most expensive in the country. Here are the average condo insurance costs in Florida by company with various personal property coverage limits ($300,000 liability, $1,000 deductible). The cheapest condo insurance companies in Florida among those surveyed are First Floridian, Castle Key and Heritage.

Average condo insurance cost in Florida
Company $40,000 $60,000 $80,000 $100,000
Heritage Insurance Holdings$929$1,360$1,704$1,795
Security First$1,238$1,629$1,817$1,881
State Farm$1,520$1,738$1,782$1,830
HCI Group$1,645$1,972$2,207$2,389
St. John Insurance$2,279$2,434$2,675$2,968
Citizens Property$2,534$2,951$3,194$3,425