Condo Hazard Insurance: What It Is and How It Works
Condo hazard insurance can provide meaningful protection for your possessions, but it won’t cover every loss you may face.
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Written byMiranda Marquit
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Co-hosts the Money Talks News podcast
MBA from Utah State University
Miranda is a financial writer and avid podcaster with nearly two decades of experience contributing to major outlets, including Forbes, The Hill, and NPR.
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Table of contents
Two types of insurance generally cover condos: the condo association’s master policy and the condo owner’s individual policy.
Condo hazard insurance is part of the individual policy you buy to deal with property damage to the physical parts of your condominium. Your insurer will spell out what’s included as a covered loss, just as they would with a traditional home insurance policy.
Here’s what you need to know about the hazard portion of your condominium insurance.
Quick Facts
An HO-6 policy for condos is similar to the single-family coverage you’d receive with a standard HO-3 policy.
As a unit owner, you need to get an individual policy to cover the structure of your condo in the event of common hazards or perils that can damage your unit.
Your HO-6 insurance policy can cover loss of use while your condo undergoes repairs.
What is condo insurance?
When you buy a condo, one of your financial decisions is whether to get insurance for it. Generally, condo insurance covers what you’d expect with a traditional homeowners policy. This includes damage to your personal belongings as a result of certain natural disasters and other issues, as well as the cost of repairs to the interior walls and other structural elements of the condo unit.[1]
Your condo insurance can also cover liability claims, medical costs due to injury, and other covered losses.
Condo insurance provides you with financial assistance to make repairs and cover the replacement cost of damaged or destroyed personal items. This can greatly reduce your financial risk in the event of a covered loss.
Condo insurance vs. HOA master policy
The main difference between your individual condo insurance and the homeowners association master policy is that the condo association’s master policy generally covers shared community amenities — such as the tennis courts, parking lots, and pools. On the other hand, your individual condo insurance policy is what you’re responsible for inside your own unit.
You can choose from three main types of insurance coverage for condo association policies or a co-op insurance master policy:
Bare walls: The condo association covers shared areas and structures, but you’re responsible for interior walls and fixtures.
Single entity: This condo insurance coverage includes shared areas and structures and fixtures that were part of the condo’s original construction.
All-inclusive or walls-in: A condo association can use this comprehensive policy to cover even the interior walls of your unit. As such, you don’t have to worry about separate policies unless you want your own condo insurance policy to take care of your personal belongings, because walls-in coverage doesn’t include them.
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What does condo hazard insurance cover?
Hazard insurance is part of the coverage for the physical structure of a home or condo.[2] With a single-family home, this is called an HO-3 policy. Condo owners have an HO-6 policy, while renters insurance is often referred to as an HO-4 policy.
In any case, the hazard insurance portion of the policy covers 15 main perils:
Lighting or fire
Smoke damage
Hail or windstorm
Riots
Explosions
Aircraft damage
Falling objects
Theft
Vandalism
Volcanic eruption
Vehicle damage
Weight of snow, sleet, or ice
Damage caused by sudden and accidental issues related to a home heating, air conditioning, or fire suppression system
Water damage caused when pipes freeze or burst or when an appliance breaks
Most electric current damage
Your insurance agent can explain this type of event insurance policy, and you can add other coverage to meet your unique needs.
What condo hazard insurance doesn’t cover
Your condo or co-op unit insurance won’t cover all natural disasters. As with a regular homeowners insurance policy, your condo insurance might not cover:
Floods
Earthquakes
Mudslides and other earth movements
Hurricanes
Intentional damage
Damage due to loss of a transistor or similar electrical component
Depending on where you live, you might need additional coverage for some of these perils.
Other parts of condo insurance policies
While hazard coverage is part of a condo insurance policy, it’s not the only part you need to consider.[3] Instead, your condo HOA likely won’t provide other types of coverage in its own master insurance policy, including the following coverages.
Personal property coverage
Your condominium association master condo coverage won’t include your personal belongings, so your individual policy will need to take that into account. You can decide how much coverage you need to replace the contents of your unit if the contents are damaged or destroyed.
Personal liability coverage
If someone has an injury in your condo unit or faces other issues, liability insurance helps cover medical expenses and legal costs.
Additional living expenses coverage
Your regular condo policy usually includes coverage for the living expenses you incur if you need to move out temporarily while your condo undergoes repairs.
Optional coverages
You can also add different optional coverages based on your needs, including:
Valuables coverage: Basic contents coverage might not cover jewelry or artwork.
Water backup, flood damage, earthquake, hurricane, and other hazards coverage: These protect against perils that standard policies don’t generally include.
Umbrella policy: This allows you a higher coverage limit in the event someone sues you. Umbrella insurance can help with legal fees and medical bills if your regular coverage isn’t enough.
Landlord condo insurance: This can potentially be a good idea if you’re renting out a unit to tenants.
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Cost of condo insurance
Your level of coverage, as well as how much coverage you choose, can affect cost. For example, for $200,000 of coverage, you might pay between $856 and $4,000 per year, depending on the insurer you choose and your unique factors.
The table below shows the average annual cost for $200,000 in dwelling coverage from the five cheapest national condo insurance companies.
Insurance Company  | Average Annual Cost: $200K in Dwelling Coverage |
|---|---|
| Grange | $684 |
| Westfield | $775 |
| Hastings Mutual Insurance Co | $790 |
| Erie | $805 |
| Unitrin | $909 |
Cost of condo insurance by state
Various factors affect the cost of condo insurance, including the size of the condo, its age, and where you live. The following table shows how annual premium rates vary by your location.
The below rates are estimated rates current as of: Tuesday, October 7 at 12:00 PM PDT.
State | Average Annual Cost: $200K in Dwelling Coverage |
|---|---|
| New York | $138 |
| Hawaii | $143 |
| Vermont | $218 |
| Maine | $269 |
| New Hampshire | $269 |
| Washington D.C. | $276 |
| Nevada | $292 |
| Pennsylvania | $295 |
| Oregon | $315 |
| Wisconsin | $327 |
| Minnesota | $335 |
| New Jersey | $359 |
| Utah | $366 |
| Virginia | $370 |
| West Virginia | $381 |
| Wyoming | $385 |
| Idaho | $393 |
| Connecticut | $409 |
| Maryland | $444 |
| Ohio | $460 |
| Montana | $502 |
| Michigan | $525 |
| Iowa | $541 |
| Illinois | $549 |
| Georgia | $553 |
| Indiana | $554 |
| California | $557 |
| South Dakota | $557 |
| South Carolina | $568 |
| New Mexico | $572 |
| North Dakota | $584 |
| United States | $599 |
| Missouri | $641 |
| Colorado | $677 |
| Tennessee | $693 |
| Washington | $705 |
| Mississippi | $712 |
| Alabama | $724 |
| Arkansas | $732 |
| North Carolina | $743 |
| Nebraska | $775 |
| Kansas | $806 |
| Delaware | $807 |
| Massachusetts | $1,012 |
| Oklahoma | $1,063 |
| Louisiana | $1,168 |
| Florida | $1,257 |
| Arizona | $1,600 |
| Kentucky | $1,749 |
| Texas | $2,119 |
How much condo hazard insurance you need
The amount of condo hazard insurance you need depends on your situation and how much you can afford to pay if you need to cover the cost of repairs or replacing your belongings. Your mortgage lender may also require you to carry a certain amount of coverage.
State law can also set your liability levels, so make sure you understand what’s required before you get a policy.
How to save on condo insurance
If you’re worried about your costs as a condo owner, here are some ways to save money on condo insurance:
Comparison shop
This can help you make sure you’re getting the best condo insurance price. Compare quotes from at least three to five insurance companies before making your choice.
Bundle insurance
Combining your condo insurance policy with a boat insurance policy, other auto policy, or life insurance policy from the same company can reduce your overall cost.
Ask for discounts
You might get a discount for belonging to certain organizations or for taking other actions, such as adding safety features.
Set a higher insurance deductible
If you have an emergency fund and can handle a higher out-of-pocket cost, you can get a break on the monthly premium for increasing your deductible.
Understand minimums
You can get a lower rate if you stick to minimum-coverage amounts.
Condo hazard insurance FAQs
If you still have questions about condo hazard insurance, the additional information below can help.
What’s the difference between HOA insurance and condo insurance?
A master condo policy from your HOA covers common spaces and the entire structure of the condo building. But it doesn’t usually include coverage for your individual unit. You’re responsible for getting individual condo insurance.
Is hazard insurance the same as homeowners insurance?
Most homeowners insurance policies include hazard insurance coverage. It covers things that can damage the physical structure of your home.
What’s the difference between an HO-3 and an HO-6 policy?
The main difference is the type of dwelling the policies cover. An HO-3 policy is aimed at single-family homes, while an HO-6 policy is meant for condo owners.
If your condo association has insurance, do you still need condo insurance?
Yes. You normally need your own coverage for your unit. Even if your condo association insurance policy is all-inclusive, you probably need separate coverage for personal items.
Methodology
Insurify data scientists analyzed rates from more than 180 home insurance companies sourced directly from Insurify’s partner companies and Quadrant Information Services. Rates span all 50 states and Washington, D.C., and quote averages represent the mean price for a given coverage level and geographic area. To ensure data reliability, only insurers meeting minimum quote thresholds were included in the analysis.
Unless otherwise specified, quoted rates reflect the average cost for homeowners with no prior claims and good credit with a home construction year of 1980. The default coverage assumptions include:
Default Coverage Assumptions
- Dwelling coverage: $300,000
- Deductible: $1,000
- Personal property limit: $25,000
- Liability limit: $300,000
Additional data points beyond these default values are sourced from Insurify’s proprietary database. Rates are updated monthly.
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Sources
- Insurance Information Institute. "Insuring a co-op or condo."
- Insurance Information Institute. "Homeowners Insurance Basics."
- Progressive. "What is condo insurance?."
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Miranda Marquit Insurance Writer
Miranda Marquit, MBA, is a freelance financial writer covering various markets and topics since 2006. She has contributed to numerous media outlets, including Forbes, TIME, The Hill, NPR, HuffPost, Yahoo! Money, and more. Her work has been syndicated by MSN Money, Marketwatch, Credit.com, and other publications. She has written about insurance topics for Clearsurance, HealthCare.com, and various other websites. She is also an avid podcaster and co-hosts the Money Talks News podcast. Miranda has a Master’s Degree in Journalism from Syracuse University. Connect with her on LinkedIn.
Miranda has been a contributor at Insurify since October 2022.
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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