Best condo insurance companies
Based on average annual rates and discount data, Insurance.com's annual best insurance companies survey, J.D. Power claims satisfaction rankings and AM Best financial ratings, here are the best condo insurance companies in each category:
- Auto-Owners: Best overall and cheapest
- State Farm: Best customer satisfaction
- Amica: Best for claims
- Farmers: Best for condo and auto bundling
Auto-Owners: Best overall and cheapest rates
Pros:
- Highest customer rating for the claims process
- Plenty of policy discounts and add-ons
- Cheapest rates among the top companies surveyed
- Your condo insurance policy is serviced by an independent agent
Cons:
- No online quote tool
- Not available in all states, only 26
Although condo insurance is something you hopefully never need to use, it’s important to choose a carrier that can handle your loss as quickly — and fairly — as possible. J.D. Power’s Property Claims Satisfaction Study is a good point of reference for how an insurance company is doing because it consists of policyholder reviews. Auto-Owners ranks second among the best condominium insurance companies when it comes to the claims process, with a score of 900 out of 1,000.
The carrier recommends you file a claim with your independent agent. If it’s after hours, you can call 1-888-252-4626. Unlike the majority of condominium association insurance companies, Auto-Owners is consistently expanding its presence, with 100 current claim offices in 26 states, to meet your needs more efficiently.
Condo insurance options/add-ons:
- Sump pump/water backup
- Condo-Owners Plus Endorsement bundles coverage including refrigerated products, appliance leaks and a glass deductible waiver
- Personal property endorsement for higher-value items
- Replacement cost
- Ordinance or law coverage
- Identity theft expense
Discounts:
- Multi-policy
- Paperless
- On-time payments
- Protective devices
- Advance quote
- Paid-in-full
- Favorable loss history
- Water shutoff
State Farm: Best customer satisfaction
Pros:
- Over 19,000 agents and offices
- Award-winning mobile app
- Largest variety of condo insurance options
- Free Ting device that monitors for electrical fires
Cons:
- Special policy limits for the property, including cash, firearms, and rugs
- Limited discounts
State Farm earned the best customer satisfaction score in our 2023 best insurance companies survey, with 93% of customers saying they're satisfied or very satisfied with the service they receive from the company. If you’d like a carrier with a local presence, State Farm has over 19,000 offices and agents available nationwide, although online quoting and buying are both available.
Although personal service from your neighborhood agent is a big selling point, State Farm’s website and mobile app are also pretty useful, making it easy to file and track a claim directly from your phone or through the State Farm website.
Condo insurance options/add-ons:
- Limited replacement cost
- Depreciated loss
- Refrigerated products
- Fire department service charge coverage up to $500
- Counterfeit money and forgery expenses
- First aid expenses
- Debris removal
- Tree/shrub protection
- Volcanic action
- Absentee ownership (for owners who rent their condo)
- Additional living expenses
- Inflation
- Fair rental value
- Damage from collapse
- Locksmith
- Temporary repairs
- Damage to other properties
Amica: Best for claims
Pros:
- Highest customer rating for the claims process
- Plenty of policy discounts and addons
- Claims offices in all 26 states Auto-Owners operates in
- Your condo insurance policy is serviced by an independent agent
Cons:
- No online quote tool
- Mobile apps could use improvement
Although condo insurance is something you hopefully never need to use, it’s important to choose a carrier that can handle your loss as quickly — and fairly — as possible. J.D. Power’s Property Claims Satisfaction Study is a good point of reference for how an insurance company is doing because it consists of policyholder reviews. Auto-Owners insurance ranks second in the best condominium insurance companies when it comes to the claims process, with a score of 900 out of 1,000.
The carrier recommends you file a claim with your independent agent. If it’s after hours, you can call 1-888-252-4626. Unlike the majority of condominium association insurance companies, Auto-Owners is consistently expanding its presence, with 100 current claim offices in 26 states, to meet your needs more efficiently.
Condo insurance options/add-ons:
- Sump pump/water backup
- Condo-Owners Plus Endorsement bundles coverage including refrigerated products, appliance leaks and a glass deductible waiver
- Personal property endorsement for higher value items
- Replacement cost
- Ordinance or law coverage
- Identity theft expense
Discounts:
- Multi-policy
- Paperless
- On-time payments
- Protective devices
- Advance quote
- Paid-in-full
- Favorable loss history
- Water shutoff
Farmers: Best for condo and auto bundling
Pros:
- High customer satisfaction ratings
- Agents in all 50 states
- Basic condo insurance includes extra coverages
- Additional multi-line discounts include life and umbrella
Cons:
- Higher average rates than competitors
Farmers offers the biggest auto and home bundling discount of the major home insurance companies surveyed, at an average of 17%. Although rates can be higher than average, especially for car insurance, they vary widely by location and the large discount, one of many available, can help bring rates down. Farmers is a top ten property and casualty insurance company and offer service through local agents as well as online.
Condo insurance options/add-ons:
- ID theft
- Floaters for jewelry, antiques and other high-value items
- Water and sewer backup
- Earthquake
Discounts:
- Multi-policy
- Protective device
- Claims-free
- Non-smoker
- Occupation
The best condo insurance companies overall
The top ten best condo insurance companies based on Insurance.com's 2024 ranking each have their strengths and weaknesses. Here is how they compare:
| Company | JD Power property claim satisfaction claim survey | Insurance.com's survey ratings | Average annual rate | Overall Rating | Average discount |
|---|---|---|---|---|---|
| State Farm | 829 | 4.37 | 441 | 4.7 | 15.47% |
| Erie Insurance | 856 | 4.66 | 554 | 4.55 | 10.47% |
| Auto-Owners | 834 | 4.06 | 493 | 4.54 | 8.59% |
| Amica Mutual | 844 | 4.22 | 663 | 4.19 | 7.75% |
| Allstate | 809 | 4.25 | 553 | 4.16 | 8.73% |
| Nationwide | 812 | 4.33 | 669 | 4.14 | 11.88% |
| American Family | 813 | 4.25 | 578 | 4.07 | 8.46% |
| Travelers | 790 | 4.18 | 776 | 4 | 12.38% |
| USAA | 881 | 4.23 | 854 | 3.97 | 10.48% |
| Farmers | 800 | 4.1 | 733 | 3.86 | 8.85% |
| Progressive | 791 | 4.33 | 833 | 3.14 | 11.15% |
*USAA ranks in the third spot but is not included due to the eligibility requirements for coverage.
**$60,000 personal property, $300,000 liability, $1,000 deductible
***Average total discount percentage.
Condo Insurance Rates by State
Select your state below to see the average annual rate.
| Company Name | Average Condo Insurance Rates |
|---|---|
| Farmers | $804 |
| State Farm | $834 |
| Allstate | $928 |
| Progressive | $1,015 |
| USAA | $1,079 |
| Nationwide | $1,241 |
*For coverage levels: $60,000 personal property, $1,000 Deductible and $300,000 Liability
How much does condo insurance cost?
Insurance.com found that the average cost of condo insurance is $656 per year and $55 per month for $60,000 with a $1,000 deductible and $300,000 in liability protection. However, rates can be higher or lower, based on the carrier you choose and the state you live in.
What you should consider before buying condo insurance
Mortgage lenders will typically require you to have condo insurance coverage as long as you’re paying off the loan. However, you don’t want to end up paying for more coverage than you need.
Start by reviewing what’s covered in your homeowners association's master policy. Your HOA insurance policy likely caps out at a certain amount and you’ll be responsible for any loss over the limit. In addition, master policies only cover a condo’s exterior areas. If you want financial protection for overages not covered by a master policy, or to cover theft or loss from covered perils such as a fire, you’ll need your own condo insurance policy.
Knowing how much condo insurance you’ll need depends on the value of your items. Do a rough tally of your personal property, as well as the cost of the materials and improvements. For example, take into account the quality and cost of your kitchen cabinets, type of flooring and any upgrades to your bathrooms. In addition, most policies set limits for items valuable personal property, such as high-value jewelry, electronics and firearms. You may want to add a scheduled personal property endorsement to cover special items worth over $1,000.
As with all types of insurance, shop around for the best value. You may find that the same limit, or the identical amount of coverage, could vary in price significantly from one carrier to another. Get insurance quotes from at least three insurance providers. When shopping for a condo insurance policy, don’t forget to take advantage of carrier discounts such as bundling condo and auto insurance, or adding a home security system for extra savings.
Methodology
Insurance.com’s sister site, Insure.com, in the fall of 2022, surveyed more than 1,500 insurance consumers (805 people with home insurance). The survey was conducted by online market research company Slice MR.
Respondents were asked to name their home insurer and then grade it in the following categories: customer satisfaction, ease of service, claims satisfaction and policy offerings. The percentage of respondents who said they were satisfied or very satisfied with their insurer is presented in the results.
Rate data was fielded in 2022 through Quadrant Data Services, and is based on a condo (HO-6) policy with coverage of $60,000 in personal property, $300,000 in liability and a $1,000 deductible.
Other ratings were gathered through third-party sources J.D. Power and AM Best.
Home insurance FAQs
What is covered under condominium insurance?
Similar to a homeowners insurance policy, standard condo insurance coverage provides you with several types of coverage:
- Personal belongings or personal property coverage: Your condo’s contents, so coverage for your personal belongings
- Interior damage: Damages to systems and building materials such as plumbing, electrical and walls
- Homeowners association's master policy coverage limits: Pays for damages over the HOA’s master policy limit
- Loss of use coverage or additional living expenses: Covers housing and living expenses if you’re forced to temporarily move out
- Personal liability: Liability coverage provides financial protection in case a guest is injured on your property
Do I need homeowners insurance for a condo?
Home lenders will typically require you to have insurance coverage for your condo. While a homeowners insurance policy is similar, condo insurance is designed specifically for condo owners. Nearly all homeowners insurance companies also offer condo insurance policies.
How much condominium insurance coverage do I need?
How much condo coverage you need depends on the type of policy your HOA has as well as how much coverage you need for personal property. Take the time to understand what your HOA covers and make a full inventory of your belongings.
Add earthquake or flood insurance if you live in an area prone to either natural disaster. You can also add sewer backup coverage if you don't want to assume the risk yourself.
