North Dakota Condo Insurance

Find the Best Condo Insurance Rates & Companies in North Dakota

Owning a condo can be rewarding, but it also comes with a unique set of risks that need protection. Though the homeowners association's master policy protects your unit in certain ways, you still need coverage for your personal property and liability. That's where having the right North Dakota condo insurance comes in.

Luckily, a local independent insurance agent in North Dakota can help you get equipped with all the condo insurance you need. Your agent will match you to a policy with just the right amount of coverage for your belongings. But first, here's a deep dive into North Dakota condominium insurance requirements, coverage options, rates, and more.

Best Condo Insurance Companies in North Dakota

Condo insurance is sold by many different insurers in North Dakota. However, you came to find the best coverage available, and we're here to help. Here are a few of our top recommendations for the best condo insurance companies in North Dakota to start you off on the right foot.

1. Foremost: This carrier sells condo insurance and many other types of personal insurance. Foremost has excellent ratings from AM Best and the Better Business Bureau (BBB), many discount options, and 24/7 claims reporting.
2. Nationwide: Nationwide has great official ratings from AM Best and the BBB, excellent customer reviews, and 24/7 claims reporting. They sell many other types of insurance, in addition to condo.
3. Travelers: Travelers has a rich and extensive history, outstanding ratings from AM Best and the BBB, and many discount options. They are a great option for your condo insurance coverage.
4. Stillwater: Stillwater has superior ratings from AM Best and the BBB, offers coverage in every state, and provides 24/7 claims reporting. They can cover your condo, but also offer other types of personal insurance.

An independent insurance agent in North Dakota can help you shop and compare quotes and policy options from each of these top-rated carriers and others that offer coverage in your state.

What's the Difference Between HO3 and HO6 Insurance?

Condo insurance is a special form of homeowners insurance and is also referred to as HO6 insurance. Condo or HO6 insurance covers your personal property (which is also referred to as contents), liability, and additional living expenses. HO6 insurance doesn't cover your condo's structure or dwelling, though. 

Other homeowners insurance policies known as HO3 insurance provide all the same coverages as HO6 insurance with the addition of structure or dwelling coverage. Condo insurance doesn't offer dwelling coverage because the structure of each condominium is typically protected by the homeowners association's master insurance policy.

Is Condo Insurance Required in North Dakota?

Condo insurance isn't mandatory by state law in North Dakota. However, many condo owners still need to get coverage. Mortgage lenders and condo associations often require condo insurance as part of their contracts. Regardless, having condo insurance can help you avoid potential hefty financial losses and even bankruptcy after a disaster like a break-in or a lawsuit.

What Does Condo Insurance Cover in North Dakota?

The outside structure of a North Dakota condo unit is the responsibility of the homeowners association's coverage. However, your condo insurance policy provides protection for the following:

• Liability coverage: This can help pay for costs associated with lawsuits after incidents of injuries or property damage to a third party.
• Contents coverage: Also called personal property coverage, this can help pay to repair or replace your belongings if fire, severe weather, theft, vandalism, or another covered event damages or destroys them.
• Loss of use coverage: This can help pay for temporary living expenses like takeout meals, hotel rooms, laundry services, etc. if your unit is uninhabitable after a covered loss like a fire.

Make sure to review the specific perils listed in your condo insurance policy to be certain of which disasters are covered.

What's Not Covered by North Dakota Condo Insurance?

North Dakota condo insurance won't cover just anything. Your condo insurance policy likely excludes the following:

• Insect damage and infestation
• Routine maintenance
• Malicious or intentional acts against third parties
• Flood damage
• Sewer backup damage

If your condo is located in a place prone to flooding, you may want to consider getting a flood insurance policy. You can also usually add sewer backup endorsements to your condo insurance to have protection against damage caused by this type of flooding.

How Much Does Condo Insurance Cost in North Dakota?

The average cost of condo insurance in North Dakota is $345 per year, which is quite a bit below the current national average of $455. However, policy costs can depend on your individual risk factors, including:

• Your claims history
• Your exact location
• The value of your personal property
• The types and amounts of coverage you need
• Your deductible
• Any discounts you qualify for

Ask about any North Dakota condo insurance discounts you're eligible to receive to help further reduce your policy's costs.

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