Updated May 20, 2021
Reading time: 6 minutes
The best condo insurance depends on where you live and the type of condo you own. No single policy can check all the boxes. Typically, coverage includes protection for your unit and personal belongings. Compare companies and weigh the pros and cons to get the best condo insurance for your situation.
Condominium insurance and home insurance policies offer similar protections. Both policy types cover damage and destruction from fire, lightning, hail, theft, vandalism, and more. While homeowners insurance is best when you own a home, condo insurance is a specific coverage type that protects condo owners.
Shopping for the best condo insurance can feel overwhelming. Nearly 2,500 property and casualty insurance companies exist in the U.S. But you can rest easy because we’ve done the hard work for you. Here are the top condo insurance companies for condo owners.
Like condo insurance, the best home insurance will balance coverage options and prices to fit your preferences and budget. Use the comparison tool from Insurify to easily compare home insurance quotes.
Your condo association ’s master policy covers the building and common areas like hallways, elevators, electrical systems, and landscaping. Your condo insurance policy should complement the master policy and fill any gaps in coverage.
Finding a condo insurance company with the best coverage and customer service is only part of the equation. Policy premiums are also important.
It’s worthwhile to compare several competitor offerings before committing to a policy. That way, you can get the insurance coverage you need at a price you’re comfortable paying.
Liberty Mutual is one of the largest insurance companies in the world. It also presents a significant opportunity to save on premiums with condo insurance discounts.
Liberty Mutual Discounts
Online purchase discount
Bundle and save
Paperless policy discount
Your home is likely your most valuable asset. But you don’t have to drain your bank account to protect your investment. A condo insurance policy with Liberty Mutual can safeguard you from destruction and damage due to covered perils.
You could qualify for a discount of up to 12 percent. Coverage offerings and discounts can vary by state. Before signing on the dotted line, compare your quote with other companies to make sure you get the coverage you need.
As one of the oldest companies in the insurance industry, Travelers has been around for more than 165 years. You can review and buy condo and homeowners insurance policies from Travelers online or in person with a local insurance agent.
Green home discount
Protective device discount
Travelers introduced accident insurance in 1864, making it one of the oldest companies with the most experience.
It also brings condo insurance into the 21st century with its modern policy options. The company’s green home discount can cut up to five percent off your condo insurance premiums. It applies if your condo is certified as a “green home” by the Leadership in Energy and Environmental Design (LEED).
State Farm agents are available in all 50 states plus Washington, D.C. It also has some of the most comprehensive add-on options available.
State Farm Discounts
Multiple policy discount
Home alert protection
Automatic sprinklers discount
Your condo insurance policy from State Farm includes all the things you’d expect. It covers the unit, personal property, additional living expenses for loss of use, personal liability, and medical payments to others.
But what you might not expect are the variety of add-on options. You can customize your policy to get the protection you need. Extra coverage for floods, earthquakes, full replacement, umbrella insurance, and more are available.
If you’re looking for a condo insurance company with excellent customer service, look no further than Amica.
Amica Mutual Discounts
Condo insurance claims may not cover the cost to replace all of your personal property. But Amica offers additional personal property coverage to get more out of your policy. Choose from computer coverage, replacement cost, protection for valuable items like jewelry and fine art, and identity theft coverage.
In addition to the many add-on options, Amica Mutual prides itself on customer service. It has earned the highest customer satisfaction rating from J.D. Power for nine years in a row.
Home-sharing is a popular way to earn money from your residence. Allstate ’s HostAdvantage option offers additional protection for your belongings if you decide to rent out your home.
Welcome and loyalty discount
Protective device discount
Easy Pay Plan discount
Responsible payer discount
As the second-largest homeowners insurance company in the U.S., Allstate has grown to offer many coverage options and discounts. The HostAdvantage program is one example. It’s a unique feature that you won’t find from most condo insurers.
If disaster strikes, you can use the online portal to file and track a claim. The claims process is often frustrating, but this makes it easy to see the progress. The company also scores above average in customer satisfaction, so you’ll likely get some of the best customer service.
The United Services Automobile Association ( USAA ) has great coverage options. However, its insurance products are only available to military members, veterans, and their families.
Protective device credit
Military members, veterans, and eligible family members can buy USAA condo insurance policies. The company offers a bundling discount of up to 10 percent when you combine your condo and auto insurance.
Discounts might not be available in all areas, and the company has limited local branches available. But USAA scores high in customer satisfaction, according to J.D. Power.
Hippo was founded in 2015 to make insurance more accessible and more affordable. The streamlined website lets you get condo and home insurance from Hippo.
Smart home discount
Gated community discount
Home security discount
Even though it’s a new company, Hippo earned an A- from A.M. Best. The process to get a quote is simple and only takes 60 seconds.
However, condo insurance from Hippo isn’t available in every state. Check availability to make sure it’s an option for you.
Condo insurance is coverage purchased by the owner of a condo or another co-operative housing unit. Also called an HO-6 policy, it helps protect against losses and repair costs caused by fire, water damage, theft, vandalism, and other covered perils.
The policy that’s right for you depends on where you live and your lifestyle. For example, the best condo insurance in Florida may be different from the best condo insurance in California.
No matter where you live, your coverage should complement your condo association ’s master policy. It should also offer the best protection and rates for your situation.
Your condo association (or HOA ) has a master insurance policy. It covers the building and shared spaces like hallways, fitness centers, pools, and landscaping. But it might cover more (or less!) than you expect.
A master policy comes in three varieties:
Bare walls coverage: covers the condo building’s structure and common areas; Can provide a minimal amount of protection for your unit, such as drywall, wiring, and plumbing; provides the least amount of coverage
Single entity coverage: slightly more coverage than what you get with bare walls; includes your unit’s walls, flooring, cabinets, and bathroom fixtures
All-in coverage: the most comprehensive coverage; includes the entire interior structure of your condo, improvements, upgrades, and alterations you may have made
Your condo policy should fill in your master policy ’s gaps in coverage. For instance, if the master policy is bare walls coverage, the protection is minimal. Make sure your condo insurance covers enough to replace and repair your unit’s structure and your personal belongings.
Your condo insurance policy protects the interior of your unit and your personal belongings. Coverage typically includes:
Dwelling coverage: covers the structure of your unit; how much you need depends on the type of policy your condo association has in place
Personal property damage: clothing, appliances, furniture, electronics, and other belongings
Personal liability coverage: financial protection against lawsuits and hospital bills if you ’re found to be legally responsible for injury to another person or their property
Loss of use coverage: also called additional living expenses; reimburses you for hotel, meal, and relocation costs if you can’t live in your home while it’s being repaired
Loss assessment coverage: covers your portion of a loss due to damage to the exterior building or common areas
Condo insurance doesn’t cover damage from floods or earthquakes. Your risk for natural disasters can vary by location. Consider purchasing earthquake or flood insurance as an add-on or as a separate policy.
Your condo insurance should include enough coverage to repair or replace the interior of your unit and your personal property. The coverage limits depend on the type of master policy your condo association has. For instance, you’ll need more coverage if the condo association has bare walls coverage compared to all-in coverage.
You have some control over how much you pay for condo insurance. Like home insurance discounts, discounts on condo insurance can lower your insurance rates. Many insurers offer a discount for bundling your condo and auto policies. You might also be able to reduce the amount you pay by choosing a higher deductible.
Homeowners insurance is a specific policy type for a house. If you own a house, compare the best homeowners insurance companies to find the right coverage for you. However, condo owners need condo insurance. It offers similar protections as home insurance, but the coverage options cater to the nuances of condo ownership.
The right condo policy will balance coverage options, price, and customer service. Compare insurance rates and look for savings like multi-policy discounts when combining your condo and car insurance with the same insurer.
Like home insurance companies, condo insurance providers offer quotes online. You can shop around for the best rate from the comfort of your home. Just make sure you understand what the condo association ’s insurance covers before committing to your condo insurance policy.
Amy is a personal finance and technology writer. With a background in the legal field and a bachelor's degree from Ferris State University, she has a talent for transforming complex topics into content that’s easy to understand. Connect with Amy on LinkedIn.Learn More