Wisconsin Condo Insurance
Get a complete analysis of Wisconsin condo insurance costs, coverages & companies.
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.
Find the Best Condo Insurance Rates & Companies in Wisconsin
Many Wisconsin residents enjoy the benefits of condominium living. Condo owners must protect their personal property and liability, however, with the proper condo insurance. Without this coverage, you might be stuck paying for certain disasters out of your own savings.
Fortunately, a Wisconsin independent insurance agent can help you get set up with the right amount of condo insurance. They'll consider your personal property and liability risk and get you matched to the best policy. First, though, here's a deep dive into Wisconsin condominium insurance requirements, coverage options, and more.
Best Condo Insurance Companies in Wisconsin
You could buy condo insurance from many different carriers in Wisconsin. However, we're here to help you save time by offering up some of our top picks for the best condo insurance companies in Wisconsin. Start out by checking into the coverage offered by these outstanding carriers.
- Foremost: This carrier sells condo insurance and many other types of personal insurance. Foremost has great ratings from AM Best and the Better Business Bureau (BBB), many discount options, and 24/7 claims reporting.
- Travelers: This carrier sells condo insurance and many other types of personal and business insurance. Travelers is a longstanding carrier with superior ratings from AM Best and the BBB and offers numerous discounts.
- Stillwater: This carrier sells condo insurance and many other types of personal and business insurance. Stillwater has outstanding ratings from AM Best and the BBB, sells coverage in every state, and provides 24/7 claims reporting.
An independent insurance agent in Wisconsin can provide you with coverage options and quotes from each of these carriers and any others you're interested in comparing.
What's the Difference Between HO3 and HO6 Insurance?
A special type of homeowners insurance, condo insurance, or HO6 insurance, is designed to protect your personal belongings, also known as contents, as well as your liability and additional living expenses. The difference between HO6 insurance and HO3 insurance is that condo or HO6 policies don't provide coverage for the structure or dwelling of the home, while HO3 policies do. Condos don't need additional dwelling coverage because it's provided by the homeowners association's master insurance policy for each unit on the property.
Is Condo Insurance Required in Wisconsin?
Though condo insurance isn't required by state law in Wisconsin, you'll likely still need to have coverage. Most mortgage lenders require condo owners to get insurance. Further, many condo associations in Wisconsin require you to have condo insurance. Regardless, having condo insurance can help you get the reimbursement you deserve after a costly disaster like a fire or a break-in.
What Does Condo Insurance Cover in Wisconsin?
Wisconsin condo insurance provides three major types of protection. These typically include the following:
- Liability coverage: Covers the costs associated with lawsuits if you get sued by a third party over claims of personal property damage or bodily injury.
- Contents coverage: Covers your personal property, like furniture, clothing, etc., against theft, loss, damage, or destruction caused by vandalism, fire, hail, and more.
- Loss of use coverage: Covers temporary living expenses like takeout meals, hotel rooms, laundry services, etc., if your unit is uninhabitable after a covered disaster like a fire.
Your Wisconsin independent insurance agent can help you find the right condo insurance policy that includes each type of protection you need.
What's Not Covered by Wisconsin Condo Insurance?
A Wisconsin condo insurance policy comes with certain exclusions that are critical to be aware of as well. In Wisconsin, condo insurance typically excludes the following:
- Damage from insects
- Natural flood damage
- Normal wear and tear
- Intentional and malicious acts against third parties
- Sewer backup damage
You might want to get a separate flood insurance policy if you're concerned about natural flood damage to your property. Also, you can typically buy sewer backup endorsements if you want this protection added to your policy.
How Much Does Condo Insurance Cost in Wisconsin?
The average cost of condo insurance in Wisconsin is $315 per year, which is quite a bit cheaper than the current national average premium of $455. Keep in mind, though, that the cost of your unique policy can vary based on the following:
- Your deductible amount
- Your claims history
- The exact location of your condo
- The type and amount of coverage you need
- Any discounts you've added
Many Wisconsin condo insurance discounts are available from most carriers and can help you save even more money on your coverage.
Save on Condo Insurance
Our independent agents shop around to find you the best coverage.
Popular Questions about Wisconsin Condo Insurance
Though condo insurance isn't required by state law in Wisconsin, you'll likely find that you're still required to get a policy. Wisconsin condo associations and mortgage lenders often require you to have coverage.
The current average cost of condo insurance in Wisconsin is about $315 annually. This breaks down to just $26 monthly.
Our finding is that Foremost is the best condo insurance company in Wisconsin. Foremost provides a ton of discounts, has excellent official ratings, and offers 24/7 claims reporting.
Wisconsin independent insurance agents can help you find the condo insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare condo insurance quotes from several carriers for you.
And down the road, they can help you file condo insurance claims or update your coverage as needed. Your agent can help you find condo insurance in Madison or wherever you reside.
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