How Much is Condo Insurance: Know the Right Price and Company for Your Insurance

InsuranceBlob’s rate analysis reveals that the average annual cost of condo insurance in the U.S. is $455, equivalent to approximately $38 per month. However, individual costs may vary.

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How Much is Condo Insurance

For our study, we considered a sample policy tailored for a 35-year-old condo owner with good credit.

The policy included $50,000 of personal property coverage, $300,000 of liability coverage, and a $1,000 deductible.

Your specific condo insurance cost is contingent upon factors such as your location, unit size, and coverage requirements.

To compile this information, we scrutinized pricing data from over 100 insurance companies, providing insights into the average condo insurance cost in each state and major U.S. cities.

Average Condo Insurance Cost by State

Explore the average condo insurance rates across states, reflecting annual and monthly figures:

State Average Annual Rate Average Monthly Rate
Alabama $490 $41
Alaska $390 $33
Arizona $640 $53
Arkansas $530 $44
California $690 $58
Colorado $380 $32
Connecticut $495 $41
Delaware $395 $33
Florida $1,400 $117
Georgia $765 $64
Hawaii $505 $42
Idaho $370 $31
Illinois $410 $34
Indiana $470 $39
Iowa $325 $27
Kansas $415 $35
Kentucky $355 $30
Louisiana $705 $59
Maine $305 $25
Maryland $445 $37
Massachusetts $535 $45
Michigan $370 $31
Minnesota $375 $31
Mississippi $610 $51
Missouri $445 $37
Montana $400 $33
Nebraska $400 $33
Nevada $575 $48
New Hampshire $370 $31
New Jersey $455 $38
New Mexico $340 $28
New York $495 $41
North Carolina $660 $55
North Dakota $345 $29
Ohio $330 $28
Oklahoma $625 $52
Oregon $420 $35
Pennsylvania $365 $30
Rhode Island $710 $59
South Carolina $460 $38
South Dakota $360 $30
Tennessee $455 $38
Texas $715 $60
Utah $440 $37
Vermont $255 $21
Virginia $365 $30
Washington $425 $35
Washington, D.C. $425 $35
West Virginia $255 $21
Wisconsin $315 $26
Wyoming $350 $29

Cheapest States for Condo Insurance:

  1. Vermont and West Virginia (tie): $255 annually, or about $21 monthly, on average.
  2. Maine: $305 annually, or about $25 monthly, on average.
  3. Wisconsin: $315 annually, or about $26 monthly, on average.
  4. Iowa: $325 annually, or about $27 monthly, on average.

Most Expensive States for Condo Insurance:

  1. Florida: $1,400 annually, or about $117 monthly, on average.
  2. Georgia: $765 annually, or about $64 monthly, on average.
  3. Texas: $715 annually, or about $60 monthly, on average.
  4. Rhode Island: $710 annually, or about $59 monthly, on average.
  5. Louisiana: $705 annually, or about $59 monthly, on average.

Understanding Condo Insurance Coverage

Condo insurance rates encompass various types of protection:

  1. Dwelling or Building Property Coverage: Depending on your policy, it may cover items such as flooring, light fixtures, cabinets, and built-in appliances.
  2. Personal Property Coverage: This reimburses you for stolen or damaged belongings.
  3. Loss of Use or Additional Living Expenses: This coverage assists with hotel bills or other costs if you’re displaced due to a covered event.
  4. Personal Liability Coverage: Provides financial protection if you accidentally injure someone or damage their property.
  5. Medical Payments Coverage: Covers medical bills for anyone injured on your property, regardless of fault.

Additionally, your policy might include Loss Assessment Coverage, which aids in paying shared association expenses.

For instance, if a fire causes more damage than the association’s master policy covers, the extra expense may be divided among all unit owners, and loss assessment coverage could handle such costs.

Steps to Reducing Condo Insurance Costs

Shop Around for Better Rates

To combat rising insurance costs, explore quotes from at least three insurers. Ensure a fair comparison by evaluating policies with similar coverage limits and deductibles.

Quotes can be obtained online, by phone, or through an independent insurance agent.

Raise Your Deductible

Consider increasing your deductible—the amount subtracted from your claim payout.

The more you’re willing to cover, the lower your insurance cost.

For instance, elevating your deductible from $1,000 to $2,500 can result in a 10% savings, as per InsuranceBlob’s rate analysis.

Ensure the chosen deductible is an amount manageable in emergencies.

Inquire About Discounts

Ask insurers about potential discounts, which may include:

  • Bundling condo policy with auto or other insurance.
  • Installing protective devices like smoke alarms, security systems, or sprinklers.
  • Enrolling in autopay for premiums.
  • Maintaining a claim-free record for a certain period.
  • Residing in a gated community.
  • Being a retiree or nonsmoker.

Build Your Credit

Many insurers use a credit-based insurance score to determine rates. Condo owners with poor credit pay, on average, 49% more than those with good credit, according to InsuranceBlob’s rate analysis.

While building credit takes time, it can result in long-term savings on insurance costs.

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