Cost of Condo Insurance
How Much Is Condo Insurance?
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Get the Average Cost of Condo Insurance
The cost of condo insurance varies depending on your location and the coverage you need. However, average condo insurance costs fall between $200 and $2,000 annually, with $488 being the average, or about $41 monthly. An independent insurance agent factors in your location, how much coverage you need, your deductible amount and master policy deductible, and more when determining how much condo insurance is. Our figures are based on $500,000 in dwelling coverage and $500,000 in liability insurance with a $2,000 deductible.
Condo insurance is also referred to as HO6 insurance, so the cost of HO6 insurance varies the same as condo insurance does. Having condo insurance is critical to protect against property damage, contents damage, and liability costs. We'll break down how condo insurance or HO6 insurance costs are determined in greater detail next.
Average Condo Insurance Cost by State
| State | Monthly Insurance Rate | Annual Condo Insurance Rate |
|---|---|---|
| Alabama | $41 | $490 |
| Alaska | $33 | $390 |
| Arizona | $53 | $640 |
| Arkansas | $44 | $530 |
| California | $58 | $690 |
| Colorado | $32 | $380 |
| Connecticut | $41 | $495 |
| D.C. | $35 | $425 |
| Delaware | $33 | $395 |
| Florida | $117 | $1,400 |
| Georgia | $64 | $765 |
| Hawaii | $42 | $505 |
| Idaho | $31 | $370 |
| Illinois | $34 | $410 |
| Indiana | $39 | $470 |
| Iowa | $27 | $325 |
| Kansas | $35 | $415 |
| Kentucky | $30 | $355 |
| Louisiana | $59 | $705 |
| Maine | $25 | $305 |
| Maryland | $37 | $445 |
| Massachusetts | $45 | $535 |
| Michigan | $31 | $370 |
| Minnesota | $31 | $375 |
| Mississippi | $51 | $610 |
| Missouri | $37 | $445 |
| Montana | $33 | $400 |
| Nebraska | $33 | $400 |
| Nevada | $48 | $575 |
| New Hampshire | $31 | $370 |
| New Jersey | $38 | $455 |
| New Mexico | $28 | $340 |
| New York | $41 | $495 |
| North Carolina | $55 | $660 |
| North Dakota | $29 | $345 |
| Ohio | $28 | $330 |
| Oklahoma | $52 | $625 |
| Oregon | $35 | $420 |
| Pennsylvania | $30 | $365 |
| Rhode Island | $59 | $710 |
| South Carolina | $38 | $460 |
| South Dakota | $30 | $360 |
| Tennessee | $38 | $455 |
| Texas | $60 | $715 |
| Utah | $37 | $440 |
| Vermont | $21 | $255 |
| Virginia | $30 | $365 |
| Washington | $35 | $425 |
| West Virginia | $21 | $255 |
| Wisconsin | $22 | $315 |
| Wyoming | $29 | $350 |
| US Average | $38 | $455 |
Most Expensive States for Condo Insurance
Condo insurance rates are higher in certain areas than they are in others. Condo insurance may be more expensive in certain states because of that area's risk of natural disasters like hurricanes or tornadoes, or other disasters like crime. Property values may also be higher in those areas, increasing the potential cost to rebuild after a disaster.
The top 5 most expensive states for condo insurance are:
- Florida: $942 annually
- Texas: $771 annually
- Louisiana: $736 annually
- Oklahoma: $604 annually
- Mississippi: $570 annually
Least Expensive States for Condo Insurance
Likewise, condo insurance rates are much cheaper in certain states than in others. Rates can be lower in certain areas due to a low risk of natural disasters or crime. Property values may also be lower in these states, creating less of a cost risk for repairs or rebuilding if necessary.
The top 5 least expensive states for condo insurance are:
- Wisconsin: $249 annually
- Utah: $253 annually
- Iowa: $279 annually
- South Dakota: $288 annually
- Hawaii: $293 annually
Average Cost of Condo Insurance by Coverage Limit
Your location certainly impacts your condo insurance costs, but the amount of coverage you need, or your coverage limit, is another major factor. We'll break down some average condo insurance costs by coverage limit, or the amount needed to insure a dwelling of a certain value, below.
| Condo value | Average monthly rate: | Average annual rate: |
|---|---|---|
| Less than $150,000 | $14.11 | $169.33 |
| $150,000 to $200,000 | $19.54 | $234.46 |
| $200,000 to $250,000 | $23.09 | $277.09 |
| $300,000 to $350,000 | $31.75 | $381.00 |
| $350,000 to $400,000 | $39.69 | $476.25 |
| $400,000 to $500,000 | $43.66 | $523.88 |
| More than $500,000 | $47.63 | $571.50 |
Note: These values are based on condos in Colorado with a deductible amount of $5,001 to $7,500 and an applicant with a good credit score, using our condo insurance calculator.
Your Condo Association’s Policies Can Affect Your Coverage
- Condo association master insurance policies can have deductibles as high as $25,000.
- Some condo associations cover window maintenance and replacement, while others place that responsibility on the condo owner.
- Not all condo master plans provide coverage for damage caused by sewer or drainage backups.
- Some condo associations offer “all-in” master policies that include coverage for interior walls, floors and ceilings of units.
Save on Condo Insurance
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Understanding the Cost of Condo Insurance
Condo insurance rates can vary greatly depending on the value of the condominium, the geographic area, and the condo association policy. The primary factors that can affect the calculation of your condo insurance policy include:
- How much condo coverage you need to buy for complete protection
- The condominium coverage options you choose
- Your chosen deductible and whether you have master policy deductible coverage
- The location and construction of your condo
- Available deals and discounts
Are Condo Insurance and HO6 Insurance the Same?
Though condo insurance and HO6 insurance are often used interchangeably, there is a key difference. HO6 insurance is used for both condo insurance and co-op insurance and is a specific, customized type of homeowners insurance for both of these types of living situations. HO6 insurance protects the parts of your condo not covered by your condo association's master policy. The interior of your home, or everything inside of the walls, along with your personal liability, are covered by an HO6 policy, similar to how condo insurance works. The association's master policy is responsible for covering anything outside of the walls of your unit. An independent insurance agent can help you determine whether condo insurance or HO6 insurance is right for you.
How Much Should You Pay for Condo Insurance?
Independent insurance agents want to help you get a policy that meets all your coverage needs at the best possible price. These agents work for you, not for an insurance company.
Your local agent will ensure that you have a policy that provides the important coverage you need, and will help you find ways to save on your premiums. Find a local independent insurance agent in your neighborhood today and get free condo insurance quotes and personal assistance.
https://www.thebalance.com/condominium-and-coop-essential-insurance-guide-4068492
https://www.iii.org/article/insuring-co-op-or-condo