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, two companies led the pack in every category.
- State Farm: Best overall, cheapest and best for average discount
- Erie: Best for customer satisfaction and claims
State Farm: Best overall, cheapest and best for average discount
Pros:
- 19,000 agents
- Award-winning mobile app
- Largest variety of condo insurance options
- Free Ting device that monitors for electrical fires
- Financially stable, with a top rating from AM Best
Cons:
- Limited discounts
- Currently does not write policies in California
- Requires working with an agent
State Farm earned the top slot as the best overall insurance company, with a score of 4.7. It also grabbed top honors as the cheapest insurer, with an average annual premium of $441, while also ranking No. 1 among all insurers for its average discount of over 15%.
If you would like a carrier with a large presence, State Farm has 19,000 agents available nationwide.
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.
Available condo insurance coverages:
- 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 the property of others
Erie: Best for customer satisfaction and claims
Pros:
- High customer satisfaction ratings
- Robust policy offerings
- Highly regarded claims process
Cons:
- Less affordable than competitors
- Available in just 12 states
Erie Insurance places second in our Best Condo Insurance ranking, with an overall rating of 4.55. It ranked in the No. 1 spot for claims and customer satisfaction, with 89% of policyholders surveyed saying they were satisfied with the insurer in this category. It also received the top J.D. Power score of 856.
In our survey, Erie also took the top spot for claims — receiving a score of 92%.
While Erie is best for customer satisfaction and claims, it’s less affordable than its competitors. However, it offers over a 10% home and auto bundling discount that can bring down your overall costs. The insurer also gets a high A+ rating for financial stability from AM Best.
Available condo insurance coverages:
- Water-backup coverage
- Endorsements for valuable items, such as jewelry, collectibles and art
Discounts:
- Multi-policy
- Fire, burglary alarm, sprinkler system credit
- Advanced quote discount
The best condo insurance companies overall
The top 10 best condo insurance companies based on Insurance.com's 2024 ranking each have their strengths and weaknesses. Here is how they compare:
| Company | NAIC Complaint Ratio | AM best | Insurance.com's survey ratings | Annual Premium for high risk drivers | Overall rating |
|---|---|---|---|---|---|
| State Farm | 0.95 | A++ | 4.37 | $441 | 4.22 |
| Amica Mutual | 0.23 | A+ | 4.22 | $663 | 4.16 |
| Allstate | 0.9 | A+ | 4.25 | $553 | 3.91 |
| Travelers | 0.54 | A++ | 4.18 | $776 | 3.75 |
| Farmers | 0.54 | A | 4.1 | $733 | 3.68 |
| Nationwide | 0.87 | A | 4.33 | $669 | 3.66 |
| Progressive | 2.18 | A+ | 4.33 | $833 | 2.43 |
**$60,000 personal property, $300,000 liability, $1,000 deductible
***Average total discount percentage.
| Company | NAIC Complaint Ratio | AM best | Insurance.com's survey ratings | Annual Premium for high risk drivers | Overall rating |
|---|---|---|---|---|---|
| Erie | 0.38 | A+ | 4.66 | $554 | 4.45 |
| Auto-Owners | 0.33 | A++ | 4.06 | $493 | 4.44 |
| American Family | 0.37 | A | 4.25 | $578 | 4.19 |
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 requires an estimate of 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 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 2024, 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 2024 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.
