Condo Insurance Cost

Condo insurance is less than half the price of homeowner insurance, so don’t be shy about getting all the coverage you need.

Condo insurance policies are an affordable way to protect yourself from damage to your property and liability to others. As a condo owner, you should pay special attention to dwelling coverage, since your HOA’s insurance might already cover some or all of what your condo policy’s dwelling coverage protects.

Summary
  • Condo insurance average annual cost nationwide is $488.
  • The cost of your policy is driven partially by things you can’t immediately change, such as: where the condo is located, the construction type of the building and your credit history.
  • You can do a lot to reduce the cost of your insurance policy while still getting the coverage you need. You should get quotes from multiple insurers, bundle your condo and standard auto, and make sure you’re not overpaying for dwell- ing coverage.
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How do insurance companies calculate the cost of condo insurance?

Insurance companies use the characteristics of your condominium unit, and you, to best represent how likely they are to have to reimburse you (and for how much).

The factors that drive the cost of your condo insurance that you typically can’t change are:
  

  • Location: How prone is your condo to natural disasters, especially fire? Is your condo in a coastal area where it could be hit by a tropical storm or hurricane?
  • Construction type of your condominium building: A condo building made with reinforced steel is more resistant to fire than one made with wood frame.
  • Age of your condominium
  • Claims history of condos in your area: Your neighbors do a lot, for better or worse. More than just making (hopefully) good friends, the number of claims made in your area also drives your insurance cost!
  • Your credit history: Folks with high credit scores enjoy insurance discounts for condo insur- ance and other products. Your credit score may not be something that you can change right away, but an insurance discount is just one more reason to keep working your financial plan for the long-haul.
  • Certain dog breeds: Sadly, there is good reason that some dog breeds have a bad reputation. Liability from dog bites is covered under most homeowner insurance policies, and some dog breeds may “spike” your rate.

Condo insurance discounts: get the most out of your policy

The cost of your insurance policy can also depend on things you can change. You can reduce the cost of insurance by lowering your coverages, but we recommend lowering coverages only when they are too high because insurance is about having the right protection when you need it.

Here is a list of drivers of insurance cost that you can change.

  • How much coverage you have: With condo insurance, you should check what your HOA’s master policy already covers. Some condo owners pay too much because they buy insurance for things already covered by their HOA’s master policy. Learn more about condo insurance coverages .
  • Deductibles: Higher deductibles, lower premium. Lower deductibles, higher premium... Got it. But think it through—in a loss situation, you may already have extra expenses. Choose a deductible that you can reasonably handle.
  • Bundling your home and auto: This is probably the single easiest way to get a discount because you don’t need to make any changes to get it. Most customers save 10%-20% by bundling.

Another way to save on your condo insurance is to:

  • Comparison shop: Insurance companies all have different prices for the same condo policy. Comparison shopping gets you a lower rate for the same insurance without earning any specific discount.

Condo insurance cost by state

The average annual cost of a condo insurance is $488. This cost varies from state-to-state and of course for all the reasons listed above. The by-state averages are:

StateAverage
Annual
Premium
StateAverage
Annual
Premium
Alabama$540Nebraska$332
Alaska$374Nevada$409
Arizona$389New Hampshire$316
Arkansas$518New Jersey$437
California$501New Mexico$381
Colorado$381New York$540
Connecticut$392North Carolina$428
Delaware$406North Dakota$287
Florida$942Ohio$315
Georgia$473Oklahoma$604
Hawaii$293Oregon$345
Idaho$405Pennsylvania$377
Illinois$382Rhode Island$465
Indiana$345South Carolina$483
Iowa$279South Dakota$288
Kansas$413Tennessee$457
Kentucky$381Texas$771
Louisiana$736Utah$253
Maine$330Vermont$339
Maryland$308Virginia$338
Massachusetts$441Washington$360
Michigan$353Washington DC$367
Mississippi$570Wisconsin$249
Missouri$377Wyoming$361
Montana$373

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