Condo insurance is an affordable protection for your belongings that also provides valuable liability coverage. Whether you're buying condo insurance for the first time or looking to switch providers, getting a sense of average premiums can help you estimate rates and avoid overpaying.
In this article:
Average condo insurance rates by state
Condo insurance costs an average $511 a year nationwide, but rates vary depending on your location and coverage limits. The average annual cost of condo insurance ranges from $267 in Wisconsin to $1,092 in Florida.
| State | Average annual rate |
|---|---|
| Alabama | $575 |
| Alaska | $416 |
| Arizona | $429 |
| Arkansas | $564 |
| California | $576 |
| Colorado | $454 |
| Connecticut | $409 |
| Delaware | $451 |
| District of Columbia | $367 |
| Florida | $1,092 |
| Georgia | $541 |
| Hawaii | $355 |
| Idaho | $428 |
| Illinois | $404 |
| Indiana | $360 |
| Iowa | $286 |
| Kansas | $393 |
| Kentucky | $398 |
| Louisiana | $759 |
| Maine | $352 |
| Maryland | $323 |
| Massachusetts | $432 |
| Michigan | $374 |
| Minnesota | $337 |
| Mississippi | $617 |
| Missouri | $404 |
| Montana | $444 |
| Nebraska | $359 |
| Nevada | $450 |
| New Hampshire | $350 |
| New Jersey | $460 |
| New Mexico | $426 |
| New York | $559 |
| North Carolina | $487 |
| North Dakota | $290 |
| Ohio | $319 |
| Oklahoma | $664 |
| Oregon | $377 |
| Pennsylvania | $395 |
| Rhode Island | $539 |
| South Carolina | $501 |
| South Dakota | $313 |
| Tennessee | $481 |
| Texas | $808 |
| Utah | $273 |
| Vermont | $349 |
| Virginia | $370 |
| Washington | $398 |
| West Virginia | $322 |
| Wisconsin | $267 |
| Wyoming | $451 |
| Source: Rates from "Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance Report: Data for 2020" from the National Association of Insurance Commissioners | |
Although this table can help you estimate your condo insurance rates, everyone's situation is unique. What you pay for condo insurance depends on various factors. Because of this, comparing quotes from several companies is the best way to get the cheapest price for the coverage you need.
Most expensive states for condo insurance
- Florida: $1,092
- Texas: $808
- Louisiana: $759
- Oklahoma: $664
- Mississippi: $617
Cheapest states for condo insurance
- Wisconsin: $267
- Utah: $273
- Iowa: $286
- North Dakota: $290
- South Dakota: $313
Factors that affect condo insurance rates
Insurance companies consider many factors when setting your premium. Below are just a few variables your company might consider.
- Location of the condo
- Age and condition of the building
- Amount of coverage needed
- Deductibles and discounts
- Claims history and credit score
Discounts and savings on condo insurance
If you live in a new condo or co-op unit, your premiums will likely be lower compared to an older unit. Some insurers even give discounts on top of lower rates if you live in a newer unit. That's because old condominiums can be more vulnerable to damage from perils such as wind and plumbing leaks. You can save on condo insurance by:
- Bundling condo and auto insurance with a single company
- Installing safety and protective devices
- Increasing your deductible
- Limiting claims
- Shopping around
Most insurance companies offer a bundling discount if you purchase both auto and condo insurance from them. With Progressive, you can save an average of 4% on car insurance when you combine condo insurance with an auto policy. Insurance companies may also offer discounts if you have a protective device, such as a burglar or fire alarm, installed in your home.
Increasing your deductible can also lower your premium. You pay the deductible when you receive a claim payout. Your insurance company covers the remainder, up to your policy limits. When choosing a deductible amount, you should consider how much you can comfortably afford to pay if you file a claim.
Insurance companies may also look at your claims history within the last few years, which may include the number of claims and the amount of the payouts.
We recommend shopping around and comparing quotes from multiple insurers. Insurance companies weigh factors differently when compiling quotes, resulting in different premiums.
How much is condo insurance by coverage amount?
Higher coverage amounts generally result in more expensive premiums. The table below shows how the average cost of condo insurance changes with coverage limits.
| Coverage amount | Average annual rate |
|---|---|
| $13,999 and under | $355 |
| $14,000 to $19,999 | $377 |
| $20,000 to $25,999 | $389 |
| $26,0000 to $31,999 | $419 |
| $32,000 to $37,999 | $412 |
| $38,000 to $43,999 | $415 |
| $44,000 to $49,999 | $426 |
| $50,000 to $74,999 | $475 |
| $75,000 to $99,999 | $546 |
| $100,000 and over | $878 |
| Source: Rates from "Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance Report: Data for 2020" from the National Association of Insurance Commissioners | |
What does a condo insurance policy cover?
A standard HO-6 condo insurance policy usually contains the following coverages.
| Coverage type | What it covers |
|---|---|
| Dwelling | Your unit and items attached to it, such as walls and fixtures |
| Personal property | Your belongings |
| Personal liability | Legal and medical costs if you are sued for bodily injury or property damage |
| Medical payments to others | Medical costs if a guest is injured in your home |
| Loss of use | Additional living expenses if you are temporarily unable to remain in your home |
You can usually tailor coverages to fit your needs. For example, you may need to increase your personal property limit if you own high-value belongings. In this case, you can purchase a rider or endorsement.
The amount of coverage you need also depends on the type of master insurance policy your HOA has.
Types of condo master insurance policies
Bare walls coverage is the most basic type of master insurance policy. It does not cover any part of the interior of your unit, such as floors, walls and appliances. It does, however, cover common spaces in the building, such as hallways and pools. If your HOA has a bare walls policy, you should make sure that your personal insurance policy sufficiently covers your belongings and the interior of your condo.
Single entity policies provide wider coverage than bare walls. You can think of single entity policies as covering everything in your unit before you moved in - appliances, floors, walls and fixtures, for example. However, single entity coverage does not cover improvements to your unit, such as an upgraded washing machine.
All-in coverage is the most comprehensive type of master insurance policy. It covers everything that single entity policies do, with the addition of improvements made to the condo. With this coverage, you only need to purchase insurance for your personal belongings.
Methodology
We compiled and analyzed publicly available data from the National Association of Insurance Commissioners based on its 2022 "Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance Report: Data for 2020." We only considered the HO-6 policy type.
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