How Much Is Home Insurance For A Condo?

How Much Is Home Insurance For A Condo
Average annual cost of condo insurance – The average annual cost of condo insurance is $429, however it varies significantly by state. According to data from the National Association of Insurance Commissioners (NAIC), the annual cost difference between the most and least costly states for condo insurance is $695.

What is the typical condo insurance premium?

Why you should rely on’s mission is to inform, educate, and empower you to make informed insurance decisions. Our information is thoroughly evaluated by insurance professionals, and we use a data-driven methodology to generate objective, reliable insurance recommendations.

  1.’s journalistic integrity is maintained by rigorous independence from insurance firms.
  2. Condo insurance is a specialized form of homeowners insurance designed to meet the unique demands of condo owners.
  3. The condo association’s insurance policy protects the exterior of your building and the shared spaces, so you do not require dwelling coverage.

You certainly need coverage for your personal belongings, and you may also require coverage for fixtures, flooring, and kitchen cabinets. In addition, you require liability protection. Condo insurance might be difficult, but all the information you need is provided here.

  1. We will discuss the types of coverage, how to determine what condo insurance you need, and the cost of a HO-6 policy.
  2. EY TAKEAWAYS Condo insurance is also known as a HO-6 policy, which is the standard classification used by all insurance providers.
  3. Personal responsibility, personal property, the housing, loss assessment, and additional living expenses are covered by condo insurance.

The average annual cost of condo insurance for a $60,000 unit with a $1,000 deductible is $625. The premiums for condo insurance are determined by a number of variables, including your credit score, the age of the unit, its location, and its claims history.

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Where can I purchase condominium insurance?

How to compare condo insurance quotes – Condo insurance is available from the majority of big and smaller insurance firms. But before making a purchase, it is usually advisable to obtain multiple quotations and compare prices. This provides you the ideal opportunity to acquire an excellent condo insurance coverage.

  • Finding a coverage with a reasonable condo insurance premium is essential, but it is not the only consideration when obtaining condo insurance.
  • Other factors to consider include: Options for condo insurance coverage that match your needs Alternatives with savings Website and app availability Financial soundness of the insurance provider (look at A.M.

Best, S&P or Moody ratings) Customer complaint history (look at NAIC ratios) (look at NAIC ratios) Claims fulfillment record (look at J.D. Power Claims Satisfaction Study ratings) Which businesses do your loved ones recommend? Also, verify with the insurance company from which you got your other plans, such as auto or life insurance.

Which state has the most affordable condo insurance premiums?

Average condo insurance premiums by provider – Comparing condo insurance quotes from several firms can save you money, similar to house and vehicle insurance. Each insurance provider calculates premiums based on your residence, your claims history, and the structure’s characteristics.

Company name Average annual rates
State Farm $580
Allstate $544
USAA $996
Travelers $934
Nationwide $730
American Family $570
Progressive $1,054
Erie $657
Auto-Owners $783

Below is a comprehensive list of all 2022 insurance firms surveyed by These condo insurance premiums include a $60,000 property coverage with a $1,000 deductible and a $300,000 liability coverage. West Bend Mutual offers the most affordable condo insurance premiums, averaging $134 per year (less than $11 per month), but it is only available in 14 states.

Average Condo Insurance Rates by Company

Company Average yearly rate
West Bend $134
IMT Insurance $177
Sentry Insurance $177
Frankenmuth Insurance $210
Kemper Insurance $240
Franklin Mutual $244
Union Mutual $246
Nodak Insurance $251
Vermont Mutual $260
Cumberland Insurance $269
Agraria Mutual $276
Kansas Insurance $289
Co-operative Insurance $295
Universal Insurance Co $310
Tennessee Farmers $322
Secura Insurance $328
Quincy Mutual $330
Andover Insurance $334
MMG Insurance $339
Palisades $341
North Star Mutual $354
Western National Mutual $367
Automobile Club MI $371
Indiana Farmers $371
North Carolina Farm Bureau $380
Kentucky Farm Bureau $400
Oklahoma Farm Bureau $400
Island Insurance $407
NYCM Insurance $427
Shelter Insurance $439
Alfa Corporation $462
Ocean Harbor $469
Farm Bureau $474
PEMCO $480
Arbella Insurance $494
Cincinnati Insurance $511
RLI Insurance $512
New London County Insurance $514
Georgia Farm Bureau $520
Auto Club $522
New Jersey Manufacturers $528
Mapfre Insurance $540
Allstate $544
Country Financial $547
American Family $570
Amica Mutual $570
Tokio Marine Holdings $577
State Farm $580
Westfield $588
Chubb $606
South Carolina Farm Bureau $620
Farm Bureau Ins Co of AR $636
Marysville Mutual $656
Erie Mutual $657
IAT Insurance $657
Indiana Farm Bureau group $662
National General Insurance $664
Providence Mutual $694
Nationwide $730
United Insurance $742
Auto-Owners $785
Farmers $807
Mercury $831
Southern Farm Bureau $906
Heritage Insurance Holdings $917
Travelers $934
State Auto $979
USAA $996
Universal $997
Farm Bureau $1,042
Progressive $1,054
AIG $1,184
The Hanover $1,260
Michigan Farm Bureau $1,288
CSAA Insurance $1,317
Security First Insurance $1,629
FedNat Holding $1,951
HCI Group $1,972
St Johns Insurance $2,434
Citizens Property Insurance $2,951