What is condo insurance?

Condo insurance is required by almost every mortgage lender, and for good reason: your condo is likely your single most valuable asset. Your condo association is responsible for insuring the exterior of the building, but you need to insure the flooring, countertops, cabinets, appliances, and more. Condo insurance also covers your personal property and liability.

What does it cover?

Dwelling

Your association’s insurance may not cover many of the things inside your unit, including: inner walls and inner finishings like floors, countertops, showers, cabinets and light fixtures. Your dwelling coverage limit insures these.

Personal Property

Since you probably don’t have a magic credit card you could use to replace almost all your possessions at once (think furniture, electronics, clothing, tools, etc.), personal property coverage is there to do the job.

Liability

If someone says you’re a liability, they’re probably kidding. If they say you’re liable, that might be another story. Liability coverage pays defense costs and damages if you are liable for someone’s injuries or damaged property.

Additional Living Expenses

Is there a breeze coming from the sky now instead of a ceiling fan? Additional Living Expenses pays your temporary stay outside of your condo while it is repaired from a covered loss. Included are: moving expenses, gas for additional mileage, eating out, etc.

Medical Payments

Was a guest injured at your condo? Your condo insurance’s Medical Payments coverage is usually enough to cover the bill for a trip to the ER.

Loss Assessment

Just because it isn’t your responsibility to get insurance for the exterior of your condo building (and common areas), doesn’t mean you won’t be responsible to pay for it via a “loss assessment.” Get coverage for this unplanned expense!

What are the risks?

Condo policies have a list things that could cause damage to your unit or possessions, called “Perils.” The most common ones are covered but you should be aware of the exclusions, in case you need to request a certain item be added by endorsement. For the perils of earthquake, flood or hurricane, you may need to get a second condo policy.

Perils Usually Covered

Fire and smoke
Lightning strikes
Windstorms and hail
Explosion
Vandalism and malicious mischief
Damage from an aircraft, car or vehicle
Theft
Falling objects
Weight of ice, snow or sleet
Water damage

Perils Usually Excluded

Earthquakes
Flood
Wear and tear
Mold
Maintenance issues
Insects or pests
Pet or animal

Get covered!

Find the right coverages with comparative quotes.

Questions? Call us!

(855) 330-0080

Questions? Call us!

(855) 330-0080

How much does condo insurance cost?

Condo insurance is reasonably priced, considering how robust the coverages are. The nationwide average for insurance is $488 per year (about $40 per month).

The costs will be different for you, depending on your situation. One factor that can play a big role is where you live:

Least expensive states
State
Average Annual Premium

Wisconsin

$249

Utah

$253

Iowa

$279

Most expensive states
State
Average Annual Premium

Louisiana

$736

Texas

$771

Florida

$942

What factors are used to calculate your homeowner insurance?

If there is one industry that is competitive, it’s insurance. The cost of your policy really is each insurance company’s best effort because they have to line up against their competitors every day. So you’re not only getting a fair deal—you’re also getting a good one.

The factors used to calculate insurance costs are:

  • Your credit history
  • Presence of hazards like pets or swimming pools
  • How much it will cost to replace your home
  • How much coverage you buy (personal property & liability)
  • Your deductibles
  • Bundling with auto
  • Risk of natural disasters in your area
  • Crime rates in your neighborhood
  • Crime rates in your neighborhood
  • Construction type of home
  • Age of home
  • Your history of filing insurance claims

Condo Insurance Discounts

Do yourself a favor and maximize your insurance discounts

Condo and auto bundle

Insurance companies give major discounts for bundling your property because it makes you less likely to switch later on. So don’t get too comfy—you should re-shop your insurance at least every few years.

Comparison shop

No two insurance companies are alike, so the easiest way to save is to get multiple quotes and choose the one with the best combination of coverages and price.

Protect it

Make your condo safer and your insurance cheaper at the same time with security features: smoke alarms, burglar alarms, and fire extinguishers.

Choosing the right deductibles

Not too fast, not too slow. Get your deductibles just right. Small increases in your deductible can make big changes in your insurance, but be careful you don’t overdo it.

Life events

Just got... whatever? Major changes in your life, such as: moving, having kids, or a marital status change, often impact your insurance. You should consider re-shopping after major life events.

Score with credit

It turns out credit scores aren’t just for getting loans. Insurance discounts are just one more reason to keep building your (financial) house.

Renter and auto bundle

Insurance companies give major discounts for bundling your property because it makes you less likely to switch later on. So don’t get too comfy—you should re-shop your insurance at least every few years.

Comparison shop

No two insurance companies are alike, so the easiest way to save is to get multiple quotes and choose the one with the best combination of coverages and price.

Protect it

Make your condo safer and your insurance cheaper at the same time with security features: smoke alarms, burglar alarms, and fire extinguishers.

Ready to quote car insurance?

Find the right coverage for your classic/collector vehicle.

Questions? Call us!

(855) 330-0080

Questions? Call us!

(855) 330-0080

Buyer Education

Want to learn more about condo insurance? Pop the hood and see how it runs!

Condo insurance coverages and Perils

It’s good to understand the nuances of your condo coverages: dwelling, belongings, liability, medical payments, additional living expenses, and loss assessment. Do you need to address any excluded coverages in your condo policy? Step one is learning what they are.

Condo insurance cost and discounts

Get savvy and learn the drivers of your condo insurance cost. Most people are overpaying for insurance by not taking advantage of all the discounts they could. Find where you can save.

How to buy condo insurance

Learn what information you will need to provide to get an insurance quote. Request an effective date several days in advance so you can cancel your current policy on the same day without any lapse in coverage.

Paying condo
insurance through escrow

Escrow has a funny way of discouraging condo owners from switching insurance. It doesn’t have to be this way! Your mortgage company works for you, and they’re experts in swapping escrow payees.

Standard auto
insurance

You have a daily driver, too. Learn more about the ins and outs of standard auto insurance, and how it is similar to classic/collector insurance.

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