The beauty of a condo is that it offers you the chance to own your very own place while sharing expenses like insurance and maintenance with other owners. You also get all sorts of amenities, making this an excellent investment.
Condo insurance is necessary for those who live in a condominium and it's better than just having insurance from the homeowners association. You want to make sure that you are fully covered in case of an emergency, and that your policy will protect you from any potential damage.
Read this guide to know about the best condo insurance companies in New York, average condo insurance cost, most and least expensive zip codes for condo insurance, and condo insurance rates by carrier.
- Condo owners in New York pay an average of $469 per year or $39 per month in condo(HO6) insurance.
- Automobile Ins Co Of Hartford CT is the cheapest condo insurance company in New York at only $256 per year.
Best condo insurance companies in New York
In New York, you have a lot of options when it comes to finding the best condo insurance company. To make your task easier, our insurance experts have analyzed premiums, coverage offerings, J.D Power score and customer satisfaction rating of all the major insurers across New York. Below are the best condo insurance companies in New York based on Insurance.com's analysis.
- USAA
- State Farm
- Allstate
- Farmers
- Nationwide
Compare best condo insurance companies in New York
When it comes to finding the best condo insurance company in New York, it can be difficult to know where to start. There are a lot of different options out there, and it can be hard to figure out which company is the right fit for you.
That's why we've put together a list of the best condo insurance companies. We've compared the insurance providers based on their J.D. Power score and AM Best rating to help you make the best decision.
Among the carriers surveyed, USAA scored the highest J.D. Power score, it has earned 882 scores out of 1000 and A++ ratings from AM Best. However, USAA only offers services to military veterans and their families. If you don't qualify for condo insurance from USAA, you can purchase an insurance policy from State Farm. It has received 835 scores out of 1000 from J.D. Power and AM Best rated it A++.
Compare insurance carriers and their ratings to choose the one that best suits your needs.
Company | J.D. Power score | AM Best rating |
---|---|---|
USAA | 882 | A++ |
State Farm | 835 | A++ |
Allstate | 829 | A+ |
Farmers | 813 | A |
Nationwide | 812 | A+ |
Safeco | 810 | A |
Liberty Mutual | 806 | A |
Travelers | 800 | A++ |
Average cost of condo insurance in New York
Condo owners in New York pay an average of $449 a year or $37 monthly for insurance coverage of $40,000 in personal property coverage, $100,000 in liability coverage, and $1000 as deductible. There are several factors that affect the price of condo insurance. The size and value of the condo are two key factors, as larger and more expensive condos will tend to have higher premiums.
As with most types of insurance, the best way to get a low rate on condo insurance is to shop around, compare quotes and coverage options from different providers. By comparing rates, you can find the policy that best fits your needs and budget.
Average annual premium | Average monthly premium |
---|---|
$449 | $37 |
CONDO INSURANCE CALCULATOR
Average condo insurance rates in NEW YORK
AVERAGE RATE: $900
Most & least expensive zip codes for condo insurance in New York
Most Expensive
Zip Code | City | Highest Rate |
---|---|---|
10028 | New York | $973 |
10065 | New York | $973 |
10022 | New York | $973 |
10021 | New York | $973 |
Least Expensive
Zip Code | City | Lowest Rate |
---|---|---|
14526 | Penfield | $582 |
14468 | Hilton | $582 |
14515 | North Greece | $582 |
14445 | East Rochester | $583 |
Condo insurance rates by companies in New York
Based on Insurance.com's rate analysis, Automobile Ins Co Of Hartford CT is the cheapest condo insurance company in New York. Its average annual premium for New York residents is $256---$193 less than the state average ($449).
While the cost of condominium insurance will vary depending on your insurance provider, location, the coverage limits, and the deductible amount you choose. It's important to compare rates from multiple insurance companies to ensure you're getting the best deal.
Below are the companies that provide the most affordable condo insurance policies to New York homeowners along with their average annual premium.
Company | Average annual premium |
---|---|
Automobile Ins Co Of Hartford CT | $256 |
Allstate | $277 |
State Farm | $321 |
Nationwide | $325 |
Travelers | $357 |
Liberty Mutual | $366 |
New York Central | $372 |
LM Insurance | $389 |
Farmers | $423 |
Safeco | $461 |
Great Northern Insurance | $479 |
First Liberty | $490 |
USAA | $566 |
Foremost | $817 |