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 Insurance.com Insurance.com’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.
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- Condo insurance is a specialized form of homeowners insurance designed to meet the unique demands of condo owners.
- 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.
- We will discuss the types of coverage, how to determine what condo insurance you need, and the cost of a HO-6 policy.
- EY TAKEAWAYS Condo insurance is also known as a HO-6 policy, which is the standard classification used by all insurance providers.
- 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.
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 Insurance.com. 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 |
