Best Condo Insurance Companies (2024)

Allstate, American Family, and Amica Mutual offer the best condo insurance.

Jamie Johnson
Written byJamie Johnson
Jamie Johnson
Jamie Johnson
  • 6 years experience in personal finance writing

  • Featured on Credit Karma and Insider

Jamie is a meticulous researcher who has published 2,000+ personal finance articles. Her expertise is trusted by major brands like Bankrate and Rocket Mortgage.

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Chris Schafer
Edited byChris Schafer
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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Updated June 14, 2024

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Many people prefer condos to single-family homes because condos tend to be more affordable and you don’t have to maintain the grounds and amenities. If you’re in the process of buying a condo, you’ll need to purchase a condo insurance policy.

Condo insurance, otherwise known as an HO-6 policy, covers you for any damages and repairs needed for your condominium unit. It’s a type of homeowners insurance, but it only covers the inside of your individual unit. Learn how condo insurance works and what you can do to find the best policies and rates.

Quick Facts
  • Allstate, American Family, and Amica Mutual offer the best options for condo insurance.

  • A typical condo policy provides coverage for theft, fire, vandalism, and water damage.

  • You can find condo insurance by determining your coverage needs and shopping around.

Best condo insurance companies

The best condo insurance company for you depends on your specific needs, how much you can afford to pay in premiums, and more. Here’s a look at the three best insurers for condo owners.

Allstate: Best for discounts

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.2
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
833
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$134/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$192/mo

Allstate is a great pick for condo owners who want to take advantage of discounts. You can receive a multi-policy discount for bundling your condo insurance with other Allstate policies, like life insurance or a personal umbrella policy. The company also offers discounts for using theft or fire protection devices, making your payments on time, and setting up automatic payments.

Pros
  • Demonstrated longevity and financial strength

  • Provides a robust mobile app

Cons
  • Received a high number of customer complaints on Trustpilot[1]

  • More expensive than other insurers listed

American Family: Best for extended coverage

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.3
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
840
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$113/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$156/mo

American Family provides the standard coverage options you’d expect to find with condo insurance, like dwelling, personal property, and medical payments coverage. But the company also offers extended coverage options, which allow you to increase the value of your policy.

For example, AmFam offers add-on policies that’ll protect you from hidden water damage and repair or replace your sump pump if it breaks. Homeowners with valuable items can also add on additional protection, like scheduled property coverage.

Pros
  • Easy online quoting process

  • Offers endorsements for home systems and appliances

Cons
  • Only offers coverage in 19 states

  • Restricts coverage for certain dog breeds

Amica Mutual: Best for customer service

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
3.8
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
862
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$152/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$234/mo

Amica Mutual is known for providing excellent customer service. The company has an A+ rating from the Better Business Bureau and received 4.5 out of 5 stars on Trustpilot from nearly 4,000 reviews.[2] [3] You can get started with a quote online, though you’ll have to finish the process over the phone.

Pros
  • Lets customers file claims online

  • Received a superior AM Best rating[4]

Cons
  • You must finish the quoting process over the phone

  • Can’t make policy changes through the mobile app

  • Insurify looked at a variety of factors to determine the top condo insurers, including cost, policy coverage, customer service reviews, and discounts. We reviewed the company’s website, our own internal data, and third-party review sites like AM Best, the Better Business Bureau, the NAIC, and Trustpilot.

What condo insurance covers

Here’s an overview of each type of coverage under a standard HO-6 policy:

  • illustration card https://a.storyblok.com/f/162273/150x150/2954edc862/types-of-houses-96x96-orange_023-house.svg

    Dwelling coverage

    Condo insurance protects the structure of your unit from damage. This includes the wall coverings, floor coverings, and depending on the type of policy, any additions you make to the property.

  • illustration card https://a.storyblok.com/f/162273/100x100/32ed42213e/personal-property.svg

    Personal belongings coverage

    Condo insurance also covers your personal property, including your furniture, clothing, and decor.

  • illustration card https://a.storyblok.com/f/162273/100x100/c61ab9bfc2/loss-of-use-2.svg

    Loss of use coverage

    If your condo is temporarily uninhabitable due to covered damage, condo insurance will pay for your additional living expenses from living somewhere else. This can include things like a hotel stay, food expenses, and clothing.

  • illustration card https://a.storyblok.com/f/162273/x/f2ca9fa443/protection-for-passengers.svg

    Liability coverage

    Condo insurance also provides liability protection if someone is hurt while visiting your condo.

  • illustration card https://a.storyblok.com/f/162273/x/4c9753bdbe/medical-payments.svg

    Medical payments coverage

    If a guest is injured on your property, medical payments coverage pays for their medical expenses.

Condo insurance doesn’t cover damage from flooding or earthquakes, so you may want to pay for additional coverage if you live in an area where either of those is common. And you may want to purchase a personal property endorsement if you have several high-value items. This will ensure your belongings are insured to their full value.

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What an HOA master insurance policy covers

A master condo policy protects the structure of the building and common areas you share with other people. For example, if an elevator breaks or the roof is damaged in a hailstorm, the master insurance policy will cover the necessary repairs.

These are some other protections an HOA master insurance policy provides:

  • Structure of the condo: The structure includes the drywall, framing, wiring, and plumbing.

  • Property coverage: This includes property that the HOA owns and maintains, including the clubhouse, swimming pool, elevator, and stairs.

  • Liability coverage: Liability coverage pays for accidents or injuries that occur in shared spaces in the condo, like if someone slips on a walkway.

  • Standard fixtures: In some cases, the master policy covers standard fixtures within the individual units. It’s important to read your homeowners association bylaws to find out what it covers and what you’re responsible for.

Keep in Mind

Remember that even the most comprehensive policy is still confined to the common areas. You’ll need an HO-6 policy to protect your personal items. Some HOAs will require residents to purchase an HO-6 policy.

Condo insurance for renters

If you purchase a condo, your mortgage lender will require you to purchase condo insurance. But even if you’re just renting the unit, it’s a good idea to purchase condo renters insurance.

This policy covers your personal belongings, liability, and additional living expenses if the condo becomes uninhabitable due to damage. But condo renters insurance won’t cover the building or the structure of the condo since the landlord is responsible for both.

Renters insurance provides valuable coverage, and it’s much more affordable than other types of insurance. It costs an average of $15 to $30 per month, depending on your location and belongings, according to the National Association of Insurance Commissioners (NAIC).[5]

Cost of condo insurance

The national average cost of condo insurance is $1,782 annually for $200,000 in dwelling coverage and $2,946 for $400,000 in dwelling coverage. But the exact cost of insurance depends on your location and the insurer you choose.

Here’s a look at six national insurers and the average costs of condo insurance from each.

Insurance Company$200,000 Dwelling Coverage$400,000 Dwelling Coverage
Allstate$1,502$2,500
American Family$1,307$1,990
Amica Mutual$1,151$1,959
Grange$856$1,605
State Farm$1,564$2,406
Westfield$969$1,181

Factors that affect the cost of condo insurance

Here are the biggest factors that affect the cost of condo insurance:

  • Location: Your location is a big factor affecting your condo insurance cost. If you live in an area with a high crime rate or high incidence of natural disasters, you’ll pay higher insurance premiums. For example, residents in California and Florida may have a harder time finding coverage because of the likelihood of severe weather.

  • Level of coverage: Purchasing more robust coverage will cause your insurance premiums to go up, and adding on optional policies will also increase the costs.

  • Credit history: In most states, insurance companies look at your credit-based insurance score to predict how likely you are to file a claim. This means people with good credit will pay lower insurance rates than people with bad credit.

  • Claims history: If you have a history of filing insurance claims, you may get stuck paying higher premiums. Your insurer could see a history of claims as an indication of risk.

  • Deductible: When you file a claim for a covered loss, you’ll pay an out-of-pocket deductible before your insurance coverage kicks in. The higher your deductible, the lower your monthly premiums will be, and vice versa.

How to compare condo insurance

Price is a big concern for many people, but it’s not the only factor you want to consider when shopping for condo insurance. Follow these four steps when comparing condo insurance policies.

1. Determine your coverage needs

Start by evaluating the value of your belongings and determining how much coverage you need. Read your HOA’s bylaws to determine what the master insurance policy covers and what you’re responsible for.

If you’re unsure about your coverage needs, an insurance agent can assess your situation and make coverage recommendations.

2. Look for discounts

When you’re evaluating different insurers, consider the discounts they offer since discounts are an excellent way to save on your insurance premiums. For example, most insurance companies will offer a discount for bundling your condo and auto insurance policies.

Some insurers also offer discounts for buying a brand-new condo, for being a senior citizen, and for belonging to certain groups. And if you’ve had the same insurer for a long time, you might qualify for a loyalty discount.

3. Research each company you’re considering

When you’re looking for condo insurance, research each company you’re considering. Look at online customer reviews on Trustpilot, the Better Business Bureau, or another review site you trust.

Look for recurring customer complaints. For example, do customers repeatedly complain about a slow claims process? It’s also helpful to see how companies respond to customer complaints.

You should also check out a company’s AM Best rating, which scores insurers based on their financial strength. J.D. Power scores and the NAIC Complaint Index give additional insight into a company’s reputation.

4. Compare multiple quotes

Compare quotes from at least three different condo insurance companies before settling on a policy. Remember that insurers grade each consideration differently. The quotes you receive can vary dramatically from one insurer to the next. Comparing multiple quotes will help you find the best policy for your situation. It’s also a good idea to ask friends and family which companies they’ve used and been happy with.

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Best condo insurance FAQs

If you’re shopping for condo insurance, this additional information may help as you research your coverage options.

  • Does condo insurance protect you from flood damage?

    No, condo insurance won’t protect you from flood damage. If you live in an area where flooding is common, you may want to purchase a policy through FEMA’s National Flood Insurance Program (NFIP).

  • What company has the cheapest condo insurance?

    The price of condo insurance will vary depending on your policy limits and location. Of the top three insurers Insurify looked at, Amica Mutual provided the cheapest overall rates.

  • Which insurance company is best for condos?

    Allstate, American Family, and Amica Mutual are the three best options for condo insurance. Each insurer provides a wide variety of discounts, excellent coverage options, and good customer service.

  • What type of homeowners insurance policy is typically required on a condominium?

    If you buy a condo, you’ll need to purchase an HO-6 policy. An HO-6 policy is specifically for condo owners and doesn’t cover the exterior of the property.

Sources

  1. Trustpilot. "Allstate."
  2. Better Business Bureau. "Amica Mutual Insurance Company."
  3. Trustpilot. "Amica Insurance."
  4. Insurance Journal. "AM Best Revises Outlooks to Negative for Amica Mutual."
  5. NAIC. "Renters Insurance for College Students."
Jamie Johnson
Jamie Johnson

Jamie Johnson is a Kansas City-based personal finance writer whose work has been featured on several of the top finance and business sites in the country, including Insider, Credit Karma, Bankrate, Rocket Mortgage, Fox Business, Quicken Loans, and The Balance. For the past six years, she's dedicated more than 10,000 hours of research and writing to more than 2,000 articles about personal finance topics.

Chris Schafer
Edited byChris SchaferSenior Editor
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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