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condo insurance rates

Condo insurance, known as an HO-6 policy in the insurance industry, is home insurance that is designed specifically for condominiums. It provides protection for your unit and your belongings against theft, vandalism, water damage, fire damage, and many other risks.

On the surface, condo insurance and traditional single-family homeowners insurance are similar. As with traditional homeowners insurance, a condominium policy covers:

  • Building property: This covers any portion of the building itself for which you are responsible.
  • Personal property: This covers your possessions, including furniture, clothing, electronics, and jewelry.
  • Personal liability: This protects you from lawsuits that may result from things like injuries on your property or other negligence claims.

However, there are key differences between a homeowners policy and condominium insurance.

In this guide, we'll provide average condo insurance costs by ZIP code, coverage level, and state, explain how H0-6 insurance works, as well as provide tips on how much coverage to buy.

KEY TAKEAWAYS
  • Average condo insurance cost nationwide is $759 a year for $60,000 in personal property coverage and a $1,000 deductible.
  • The average cost of condo insurance per month ranges from $29 to $134.
  • Condominium insurance covers three main things: dwelling coverage, personal property and personal liability.
  • Just like home and auto insurance, you can save money on condo insurance when you compare condo insurance quotes from different companies.

How much is condo insurance (HO-6)?

The average condo insurance cost is $759 nationwide, based on Insurance.com’s most recent data, for $60,000 in personal property coverage, with a $1,000 deductible, and $300,000 in liability protection.

But that’s based on just one of the eight coverage sets provided in the condo insurance calculator below. Your particular condo H0-6 insurance cost will depend on your coverage limits and deductible, and the value of your possessions, among other factors.

Is condo insurance cheaper than home insurance?

Condo insurance is cheaper than homeowners insurance. The average annual cost of home insurance is $2,779, well above the $759 average for condos. Homes are generally larger than condo units and owners are responsible for the entire structure.

Average condo insurance costs by state

Below you'll see how condo insurance costs vary by state, 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 with an average cost of $1,393 per year, based on Insurance.com's 2022 rate analysis.

Average Condo Insurance Rates by State
State$40,000$60,000$80,000$100,000
North Dakota$299$345$391$439
Vermont$311$354$393$412
Hawaii$327$394$452$510
West Virginia$335$395$445$496
Maine$348$423$490$553
South Dakota$374$424$486$540
Minnesota$385$449$513$577
Wyoming$396$420$449$476
Delaware$398$486$568$652
New Mexico$411$460$498$534
Iowa$429$481$526$567
Missouri$443$499$550$597
Washington D.C$446$535$628$720
Rhode Island$487$576$655$736
Kansas$490$557$624$686
Montana$495$567$628$689
Maryland$504$580$646$710
New Hampshire$507$564$619$672
Massachusetts$509$596$674$751
New Jersey$510$594$675$750
Idaho$512$573$631$684
Nebraska$545$612$673$737
Washington$546$607$666$728
Wisconsin$572$623$668$708
Virginia$579$684$778$869
Utah$590$658$720$774
Kentucky$595$692$775$782
Ohio$618$667$732$795
Indiana$620$682$757$830
California$620$705$776$848
Illinois$632$693$761$815
Oregon$634$711$781$846
New York$635$739$836$942
South Carolina$636$722$799$884
Nevada$658$750$838$926
Pennsylvania$663$742$811$877
Alaska$685$772$849$919
Connecticut$688$797$904$1,002
Alabama$717$843$968$1,088
Tennessee$727$820$915$1,006
North Carolina$744$938$1,122$1,289
Arizona$758$838$904$948
Colorado$791$883$966$1,041
Michigan$792$899$965$1,038
Georgia$829$972$1,103$1,233
Mississippi$845$997$1,148$1,294
Arkansas$870$998$1,110$1,229
Louisiana$902$1,016$1,132$1,239
Texas$960$1,120$1,265$1,407
Okalahoma$983$1,118$1,243$1,360
Florida$1,393$1,610$1,789$1,890

Average condo insurance costs 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 takes into account where you live, your claims history, and facts about the building itself to calculate rates. Shopping around is the best way to save.

First, let’s look at the average rates in 2022 from the ten largest home insurance companies by market share.

Company nameAverage annual rates
State Farm$580
Allstate$544
USAA$996
Travelers$934
Nationwide$730
American Family$570
Progressive$1,054
Erie$657
Auto-Owners$783

Below you’ll find a full list of all insurance companies surveyed by Insurance.com in 2022. These condo insurance rates include property coverage of $60,000 with a $1,000 deductible and $300,000 in liability insurance.

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

Take a look at our full list below.

Average Condo Insurance Rates by Company
CompanyAverage yearly 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
Palisades$341
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
PEMCO$480
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
Allstate$544
Country Financial$547
American Family$570
Amica Mutual$570
Tokio Marine Holdings$577
State Farm$580
Westfield$588
Chubb$606
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
Nationwide$730
United Insurance$742
Auto-Owners$785
Farmers$807
Mercury$831
Southern Farm Bureau$906
Heritage Insurance Holdings$917
Travelers$934
State Auto$979
USAA$996
Universal$997
Farm Bureau$1,042
Progressive$1,054
AIG$1,184
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 can be as low as $29 or as high as $134, depending on what state you live in, among other factors. The average monthly condo insurance cost, based on the median of that range, is $82. You can see H0-6 insurance costs per month in each state in the chart below.

Here is the average cost of condo insurance per month for common 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
Average Monthly Cost of Condo Insurance by State
State$40,000$60,000$80,000$100,000
Alaska$57$64$71$77
Alabama$60$70$81$91
Arkansas$72$83$93$102
Arizona$63$70$75$79
California$52$59$65$71
Colorado$66$74$80$87
Connecticut$57$66$75$83
DC$37$45$52$60
Delaware$33$41$47$54
Florida$116$134$149$157
Georgia$69$81$92$103
Hawaii$27$33$38$42
Iowa$36$40$44$47
Idaho$43$48$53$57
Illinois$53$58$63$68
Indiana$52$57$63$69
Kansas$41$46$52$57
Kentucky$50$58$65$65
Louisiana$75$85$94$103
Massachusetts$42$50$56$63
Maryland$42$48$54$59
Maine$29$35$41$46
Michigan$66$75$80$86
Minnesota$32$37$43$48
Missouri$37$42$46$50
Mississippi$70$83$96$108
Montana$41$47$52$57
North Carolina$62$78$94$107
North Dakota$25$29$33$37
Nebraska$45$51$56$61
New Hampshire$42$47$52$56
New Jersey$43$49$56$63
New Mexico$34$38$41$44
Nevada$55$62$70$77
New York$53$62$70$79
Ohio$51$56$61$66
Oklahoma$82$93$104$113
Oregon$53$59$65$70
Pennsylvania$55$62$68$73
Rhode Island$41$48$55$61
South Carolina$53$60$67$74
South Dakota$31$35$41$45
Tennessee$61$68$76$84
Texas$80$93$105$117
Utah$49$55$60$65
Virginia$48$57$65$72
Vermont$26$29$33$34
Washington$46$51$55$61
Wisconsin$48$52$56$59
West Virginia$28$33$37$41
Wyoming$33$35$37$40
National average$56$63$70$77

What does condo insurance near me cost?

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

HOME INSURANCE CALCULATOR

Average home insurance rates in CALIFORNIA

$200,000
$1,000
$100,000
94404 - Foster City
Dwelling $200,000, Deductible $1,000 and Liability $100,000.

AVERAGE RATE: $669

HIGHEST RATE: $1,029 LOWEST RATE: $443

Most & least expensive zip codes for homeowners insurance in California

Most Expensive

Zip CodeCityHighest Rate
92561Mountain Center$1,031
90210Beverly Hills$1,029
90069Los Angeles$1,020
90046Los Angeles$1,011

Least Expensive

Zip CodeCityLowest Rate
93445Oceano$606
93117Goleta$607
93111Goleta$610
93433Grover Beach$615

How much is condo insurance in California?

The average condo insurance cost in California is a little under 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 coverage amount 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.

Rates below are quoted with a $1,000 deductible and $300,000 in liability.

Average Condo Insurance Cost in California
Company$40,000$60,000$80,000$100,000
Travelers$336$404$441$492
State Farm$502$576$632$696
Allstate$561$647$723$792
Auto Club$583$699$813$927
Farmers$649$681$701$744
Mercury$666$831$921$1,036
USAA$675$741$798$846
Nationwide$752$859$971$1,083

How much is condo insurance in Florida?

Condo insurance in Florida is the most expensive in the country, based on Insurance.com’s rate analysis. But you can still save by doing a condo insurance quote comparison. You’ll see below that condo homeowners insurance costs vary significantly among carriers.

Here are the average condo insurance costs in Florida by company. The cheapest condo insurance companies in Florida among those surveyed are First Floridian, Castle Key and Heritage.

The property coverage amounts vary, but all rates have a $1,000 deductible with $300,000 in liability.

Average Condo Insurance in Florida
Company$40,000$60,000$80,000$100,000
Travelers$428$525$609$652
Heritage Insurance Holdings$929$1,360$1,704$1,795
Nationwide$1,081$1,267$1,464$1,649
Security First$1,238$1,629$1,817$1,881
Allstate$1,263$1,548$1,707$1,811
State Farm$1,520$1,738$1,782$1,830
Progressive$1,620$1,812$1,907$2,008
HCI Group$1,645$1,972$2,207$2,389
FedNat$1,798$2,137$2,594$2,789
Universal$1,875$1,872$2,122$2,287
St. John Insurance$2,279$2,434$2,675$2,968
Citizens Property$2,534$2,951$3,194$3,425

The three types of condo insurance coverage

There are three different types of condo insurance, and the main difference comes down to how much of the structure you need to insure. 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.

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. 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.

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

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.

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.

How to get a condo insurance estimate

To get an idea of what you can expect to pay, first 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 just 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, in addition to the above, you need to also add building property coverage. This covers your cabinets, lighting, bathroom and kitchen features, rugs, laundry facilities, and so on. 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 you’re 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 for more details.

"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.

Methodology

Condo insurance rate data was provided in 2022 to Insurance.com by Quadrant Data Solutions 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.

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