Average cost of condo insurance in Raleigh
The average condo insurance cost in Raleigh is $683 per year, or about $57 per month, for an HO-6 policy with $40,000 in personal property coverage, $100,000 in liability protection and a $1000 deductible.
Condo insurance rates vary based on:
- Coverage limits
- Deductible amount
- ZIP code
- Insurance company
- Claims history
- Condo association master policy
- Building age and construction type
A broader condo association master policy may reduce how much individual coverage you need.
The table below shows average condo insurance costs in Raleigh.
| Average annual cost | $683 |
| Average per month cost | $57 |
| Highest average rate | $1,457 |
| Lowest average rate | $366 |
Which company has the cheapest condo insurance in Raleigh?
North Carolina Farm Bureau offers the cheapest condo insurance rates in Raleigh, with an average annual premium of $366. State Farm is the second-cheapest insurer at $435 per year.
Insurance companies calculate risk differently, which is why rates vary widely for similar coverage.
The table below compares average condo insurance premiums from major insurers in Raleigh.
| Company | Average annual premium | Average monthly premium |
|---|---|---|
| North Carolina Farm Bureau | $366 | $31 |
| State Farm | $435 | $36 |
| Erie Insurance | $497 | $41 |
| Allstate | $651 | $54 |
| Nationwide | $990 | $82 |
| USAA | $726 | $60 |
Is condo insurance in Raleigh higher or lower than the state average?
The average condo insurance premium in Raleigh is $683, compared to the NC state average of $678.
Local factors that may affect condo insurance rates include:
- Weather risks
- Property crime
- Repair costs
- Claim frequency
- Population density
Cities with lower rebuilding costs and fewer claims often have lower condo insurance premiums.
The table below compares city and state average condo insurance rates.
| City average cost | $683 |
| State average cost | $678 |
How much does condo insurance cost by coverage level in Raleigh?
Condo insurance costs usually increase as coverage limits increase. For example, a policy with higher personal property coverage limits costs more because the insurer risks paying more after a covered loss.
Condo owners should consider enough coverage to protect:
- Furniture
- Electronics
- Clothing
- Appliances
- Flooring and cabinets
- Liability exposure
Condo insurance rates in Raleigh with $100,000 liability
Condo insurance in Raleigh with $100,000 in liability coverage depends on personal property limits.
The table below compares condo insurance rates with $100,000 liability coverage.
| Coverage | Average annual rate | Average per month rate |
|---|---|---|
| $40,000 | $683 | $57 |
| $60,000 | $881 | $73 |
| $80,000 | $1,060 | $88 |
| $100,000 | $1,240 | $103 |
Condo insurance rates in Raleigh with $300,000 liability
Increasing liability protection to $300,000 raises condo insurance costs slightly but provides more financial protection if someone is injured in your unit or you cause property damage.
The table below compares condo insurance rates with $300,000 liability coverage.
| Coverage | Average annual rate | Average per month rate |
|---|---|---|
| $40,000 | $691 | $58 |
| $60,000 | $889 | $74 |
| $80,000 | $1,068 | $89 |
| $100,000 | $1,248 | $104 |
What does condo insurance cover in Raleigh?
A condo insurance policy helps cover financial losses from certain covered events, including fire, theft, smoke damage and some water damage claims.
Standard HO-6 insurance policies include:
- Personal property coverage
- Personal liability coverage
- Loss of use coverage
- Guest medical coverage
- Interior structure protection
Your condo association's master policy covers shared structures and common areas, but unit owners are responsible for items inside their own condo not covered by the HOA policy.
Checking your HOA master policy can help determine how much condo insurance coverage you need.
How much condo insurance do you need in Raleigh?
The amount of condo insurance you need depends on:
- Value of your belongings
- Condo association master policy
- Interior upgrades
- Mortgage lender requirements
- Liability risks
Choose enough personal property coverage to replace all of your personal property, including furniture, electronics, clothing and appliances.
Liability coverage helps protect savings and assets if you are responsible for injuries or damage to someone else.
Reviewing your condo association agreement can help determine which parts of the structure you are responsible for insuring.
How can you save money on condo insurance in Raleigh?
Condo owners can lower insurance costs by comparing quotes, adjusting deductibles and qualifying for discounts. Premium savings vary depending on coverage choices, claims history and insurer pricing models.
Ways to lower condo insurance costs include:
- Comparing quotes from multiple insurers
- Bundling condo and auto insurance
- Choosing higher deductibles
- Installing security systems
- Maintaining continuous coverage
- Improving credit
Comparing multiple quotes remains one of the most effective ways to find lower condo insurance rates.
Methodology
Insurance.com compared condo insurance rates provided by Quadrant Information Services across all 50 states and Washington, D.C.
Average condo insurance rates are based on:
- $60,000 in personal property coverage
- $300,000 in liability coverage
- $1,000 deductible
- Good credit
Rates were also fielded across multiple personal property and liability coverage levels for comparison.
Condo insurance in Raleigh, NC: FAQ
How much is condo insurance in Raleigh?
The average condo insurance cost in Raleigh is $683 per year, or about $57 per month.
What is HO-6 condo insurance?
HO-6 insurance is a condo insurance policy that covers personal belongings, interior parts of the unit, liability claims and additional living expenses after covered losses.
Does condo insurance cover water damage?
Condo insurance covers some types of sudden and accidental water damage, such as a burst pipe, but flood damage is excluded. Flood insurance can be purchased separately.
How much condo insurance coverage should condo owners buy?
Condo owners should carry enough coverage to replace personal belongings, interior upgrades and cover liability risks not covered by the HOA policy.
Is condo insurance required?
Yes, mortgage lenders and condo associations require condo insurance, although it is not required by law in any state. Even when not required, it helps protect against expensive out-of-pocket losses.
Compare condo insurance rates by city in North Carolina
