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.
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:
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.
Another way to save on your condo insurance is to:
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:
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