Living in a condo has a lot of perks. The available amenities from your building and condo association can make you feel like you’re on a permanent vacation. 

As great as condo life can be, you still have to protect yourself, your unit, and your belongings. After all, you’re a condo owner. The insurance you need goes beyond what your condo association’s master policy can provide.

And that’s where condo insurance quotes come in. Finding the best condo insurance will provide the coverage you need at a rate you can afford.

But what if you’re a condo owner or curious about what you might pay for a homeowners policy down the line? Insurify is the easiest way to compare homeowners insurance quotes. In an instant, you’ll get a handful of policies, rates, and coverage options to explore.

Why Condo Insurance Quotes are Crucial

Condo insurance, or an HO-6 policy, is more complicated than a standard homeowners insurance policy. As a homeowner, your policy covers all parts of the home and the land it sits on. But condos have shared spaces and amenities to consider. That’s why condo insurance has two parts: 

  • The condo association’s master policy covers the common spaces, such as hallways, outdoor areas, and recreational rooms.
  • Your condo insurance policy protects your unit and your personal property inside it.

Generally, the condo association’s insurance policy doesn’t cover your condo’s interior or the items you own. That’s why condo insurance quotes are crucial to make sure you have the financial protection you need.

How Much Coverage Do You Need?

The amount of insurance coverage you need is based on the value of your belongings. So, how much would it cost to replace your stuff? 

Creating a home inventory can help you estimate the coverage limit you need. Your home inventory checklist should include items such as:

  • Furniture
  • Clothing
  • Electronics
  • Jewelry
  • Dishes and utensils
  • Tools and equipment

The Insurance Information Institute (III) recommends starting with recent purchases and checking the coverage on big-ticket items. Your insurance company may require you to purchase additional coverage for expensive jewelry, art, and collectibles.

What Condo Insurance Covers

Condo insurance coverage includes many things you’d expect:

  • Personal property coverage: furniture, clothing, electronics, and other belongings
  • Unit coverage: interior walls, carpeting, cabinets, and countertops and additions, alterations, and upgrades to your unit
  • Personal liability coverage: medical payments, injury, and property damage
  • Loss of use: additional living expenses above what you’d normally spend if your condo is uninhabitable after a covered loss
  • Loss assessment: insurance claims you may be responsible for if there’s an accident or damage to a shared area of your condo property

To file a claim, you need to make sure the loss is from a covered peril. Common covered perils include fire, smoke, lightning, windstorms, hail, theft, and vandalism. Your policy coverage can vary, so check the insurance policy declarations page or ask your insurance agent about covered events.

What’s Not Covered

While condo insurance covers many perils, property insurance policies generally list events that aren’t covered. Typical exclusions in condo insurance include:

  • Earthquakes
  • Flooding
  • Termite damage
  • Wear and tear

Remember that your policy only covers insurance claims for your condo unit and personal belongings. Condo insurance won’t cover damage to shared spaces. The condo association’s master policy protects stairwells, elevators, fitness centers, and other common areas.

Average Condo Insurance Quotes

The average annual cost of an HO-6 condominium insurance policy in the U.S. is $506. Your condo insurance rate depends on your unit’s value and the amount of personal and liability coverage you purchase. It also varies by location. 

Average Condo Insurance Quote Rates by State

Generally, states with a higher risk of earthquakes, hurricanes, and other natural disasters have higher rates for condo insurance quotes. Here’s a look at the average annual condo insurance rate by state and the percentage difference compared to the national average of $506.

State Average Annual Condo Insurance Quotes % Difference from U.S. Average
Alabama $541 7%
Alaska $396 -22%
Arizona $400 -21%
Arkansas $539 7%
California $535 6%
Colorado $417 -18%
Connecticut $399 -21%
Washington, D.C. $369 -27%
Delaware $431 -15%
Florida $964 91%
Georgia $493 -3%
Hawaii $310 -39%
Idaho $420 -17%
Illinois $398 -21%
Indiana $354 -30%
Iowa $395 -22%
Kansas $439 -13%
Kentucky $390 -23%
Louisiana $748 48%
Maine $342 -32%
Maryland $310 -39%
Massachusetts $444 -12%
Michigan $369 -27%
Minnesota $312 -38%
Mississippi $600 19%
Missouri $416 -18%
Montana $382 -25%
Nebraska $355 -30%
Nevada $424 -16%
New Hampshire $332 -34%
New Jersey $450 -11%
New Mexico $397 -22%
New York $553 9%
North Carolina $456 -10%
North Dakota $320 -37%
Ohio $319 -37%
Oklahoma $631 25%
Oregon $364 -28%
Pennsylvania $385 -24%
Rhode Island $500 -1%
South Carolina $500 -1%
South Dakota $307 -39%
Tennessee $473 -7%
Texas $790 56%
Utah $269 -47%
Vermont $345 -32%
Virginia $352 -30%
Washington $374 -26%
West Virginia $313 -38%
Wisconsin $280 -45%
Wyoming $379 -25%

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Condo Insurance Quotes - FAQs

How can I save money on condo insurance?

The easiest way to save money on condo insurance is to compare prices from different insurance companies. Policies and costs can vary from one insurer to the next, and some companies offer insurance discounts. Your deductible also plays a significant role in policy rates. Because higher deductibles generally mean lower premiums, increasing your deductible could save you money.

Is my condo association’s master policy enough?

No. Your condo association’s master insurance policy covers only the building’s exterior, recreational areas, outdoor spaces, and common areas on the property. It does not protect your condo unit or personal belongings. Condo insurance will provide coverage and liability protection for your unit and personal property.

What do I need to know about condo insurance?

As a unit owner, buying condo insurance is a smart move. Learn more about HO-6 insurance and how to get the best coverage for your condo.

Do You Need Condo Insurance?

Life is unpredictable. Insurance products can protect against some of life’s mishaps. An auto policy gives you car insurance, life insurance gives you peace of mind for your family, and condo insurance and property insurance protect your home and belongings.

If you’re a condo owner or thinking about buying a condo, you need condo insurance. Make sure you compare rates from a few different insurance companies before committing to a policy. And if it’s been a while since you shopped for a policy, you might be surprised to find that condo insurance quotes are now much cheaper than your existing policy.

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Updated April 25, 2021

Amy is a content marketing writer who specializes in personal finance and technology. With a background in the legal field, she has a talent for transforming complex topics into content that’s easy to understand. When she’s not writing, she enjoys reading and playing board games with her family. You can learn more at amybeardsley.com.