Average condo insurance cost in 2024

How much is condo insurance?

The average condo insurance cost nationwide is $656 yearly or $55 monthly. That premium is based on our most recent data for $60,000 in personal property coverage, with a $1,000 deductible and $300,000 in personal liability protection.

Condo insurance is cheaper than homeowners insurance because of one key difference between a homeowners policy (HO-3) and a condominium insurance (HO-6) insurance policy: a condo policy doesn't cover the building. In contrast, a homeowners policy does, increasing the cost of coverage.

The condo insurance calculator below offers more coverage options for you to compare. Your HO-6 insurance cost will depend on your coverage limits and deductible and where you live.

Condo insurance cost calculator

To find the average condo insurance cost in your city, enter your ZIP code, personal property coverage, deductible and liability amounts in the condo insurance calculator below. You'll get condo insurance estimates to see what you can expect to pay in your city.

Average condo insurance cost by state

Condo insurance costs vary by state; below, we have provided averages for four coverage levels. The property coverage amounts vary, but all rates have a $1,000 deductible with $300,000 in liability.

North Dakota is the cheapest state for condo insurance, with an average cost of $299 per year, while Florida is the most expensive state for condo insurance, with an average cost of $1,393 per year.

Average condo insurance cost by company

Comparing condo insurance quotes from different companies can save you a lot of money. Each insurance company calculates rates in its own way, which means a lot of price variation.

Below, you'll see average condo insurance rates by company, including many smaller companies with a more limited coverage area; you might save quite a bit if one of these companies operates in your state.

Which company has the cheapest condo insurance?

State Farm offers the cheapest condo insurance among major companies, with an annual average premium of $441. Auto owners is a close second, costing an average of $493 a year. 

Below are the average condo insurance costs from the top companies with the cheapest premiums in the U.S.

*USAA only provides coverage to military members, veterans and their families.

How much is condo insurance per month?

The average cost of condo insurance per month is $55. That’s based on $60,000 of personal property coverage, $300,000 of liability and a $1,000 deductible.

How much you actually pay will depend on how much coverage you get and where you live.

Here is the average monthly cost of condo insurance at several coverage levels, all with a $1,000 deductible and $300,000 in liability.

You can see monthly HO-6 insurance costs in each state in the chart below.

How much is ho6 insurance in Florida?

Condo insurance in Florida is the most expensive in the country. Here are the average condo insurance costs in Florida by company with various personal property coverage limits ($300,000 liability, $1,000 deductible). The cheapest condo insurance companies in Florida among those surveyed are First Floridian, Castle Key, and Heritage.

The three types of condo insurance coverage

There are three different types of condo insurance; the main difference comes down to how much of the structure you need to insure. Your condo association's master insurance policy covers the exterior of your condo, as well as hallways, elevators, pools, and other common areas.

Figuring out exactly what you need to insure and how much condo insurance you need to buy are the biggest challenges when buying condo insurance.

A condominium policy includes:

• Building property: Covers any portion of the building for which you are responsible and is similar to dwelling coverage. However, you don't need as much dwelling coverage for a condo.
• Personal property: Covers your possessions, from the towels to the TV.
• Personal liability: Pays for injuries or damage to others for which you are responsible.

Three major types of arrangements might apply to your condominium:

• Bare-walls agreement. Typically, this means individual unit owners are responsible for insuring their unit from the sheetrock or wall studs in. That means covering things like walls, sinks, cabinets, appliances, flooring, and wallpaper. Owners also must insure any renovations and improvements they make.
• Single entity. With this type of coverage, the condo association master insurance policy provides protection for nearly everything in the complex, including your unit and the fixtures inside it. Condo owners are only responsible for insuring their personal possessions. However, any upgrades that you make to your unit are not covered in the event of a loss.
• All-inclusive agreement. This is similar to a single entity plan, except that the condo association's master policy also covers any improvements, upgrades, and additions you make to the unit. It is the most comprehensive form of coverage from the unit owner's perspective.

The condo association's rules and covenants dictate which of these arrangements applies in your condominium community.

If you are subject to a bare-walls arrangement, you need to find the right documentation that explains what you are responsible for insuring. Stuart Powell, a long-time insurance expert who teaches courses in insurance and risk management at the Walker College of Business at Appalachian State University in Boone, North Carolina, says these documents should contain wording that "draws an imaginary line somewhere to separate the owner's unit from commonly held property," Powell says.

The condo association's master policy will cover commonly held property, while you are responsible for insuring everything else.

"Ask the condo association for a clear definition of where the unit line is," Powell says. "If they can't answer the question, you might have to go to an insurance agent. And if they can't answer, you might need to go to a lawyer."

How to get a condo insurance estimate

To get an idea of what you can expect to pay, figure out how much condo coverage you need. Here are the steps to take to get an H0-6 insurance cost estimate.

Review your condo association’s master policy. This will influence how much building property coverage you need. You can get details on your master policy from the condo association. There are three types of master policies, as explained earlier.

• All-in and all-inclusive
• Special entity
• Bare walls in and wall studs in

If you have all-inclusive coverage on your master policy, you don't need building property coverage.

• You need to get personal property and liability coverage.
• Estimate the total cost of all your belongings and choose a personal property amount that matches it at replacement value so you’d get reimbursed for your items without depreciation.
• Liability coverage, which helps pay for legal costs if you’re sued and pays for medical bills of guests injured in your home, should have limits of at least $100,000, but $300,000 is recommended. You want enough liability coverage to ensure all of your savings and assets are protected.

If you have a bare-walls or special entity policy, you must add building property coverage in addition to the above. This covers your cabinets, lighting, bathroom and kitchen features, rugs, laundry facilities, etc. Here are common scenarios that will help you figure out your building coverage amount:

• It’s common for mortgage lenders to require a percentage of your loan as the building property coverage amount. So, for instance, if your condo loan is $300,000 and the lender requires building property coverage of 20%, it would be $60,000.
• You can also try multiplying the square footage of your unit by the cost to rebuild it. This can be done by researching the cost per square foot in your area or of similar units and asking appraisers or contractors. A rough calculation as an example: If your condo is 1,200 square feet and the national average construction cost of $125 per square foot is applied, you’d get 150,000, so you’d get $150,000 in building property coverage.

Review rate tables and condo insurance cost estimator calculator. Now that you have an idea of how much coverage you need, review the various rate tables on this page, which show the average cost of condo insurance by month, state, and coverage level. You can also enter your ZIP code into our condo insurance cost estimator tool, which shows average rates as well as the highest and lowest from up to six major insurance companies. These rates assume all-in master policies.

Methodology

Condo insurance rate data was provided in 2023 to Insurance.com by Quadrant Data Services based on four possible levels of coverage for personal property: $40,000, $60,000, $80,000, and $100,000. All estimates use a $1,000 deductible and include $300,000 in liability coverage. Rates by state and for insurance companies are averages. National averages are based on all available ZIP codes and coverage levels.