Best condo insurance companies
Here are some of the best condo insurance companies in today’s market.
Allstate is a trusted insurance company that serves all 50 states. One of the pros of using Allstate for condo insurance is that it offers many different types of insurance, so you can save money by bundling. Additionally, it has an A+ (Superior) financial strength rating from A.M. Best.
One of the drawbacks of Allstate condo insurance is that it doesn’t cover certain valuables. If you want to cover expensive possessions or protect all your belongings in case of a flood, earthquake, or sewer backup, you’ll need to purchase additional coverage. It also doesn’t provide a minimum quote, but you can fill out a form to see your options.
Lemonade is a newer insurance company that uses AI to help process claims. Using Lemonade has many pros. For example, it holds the world record for the fastest claim paid (three seconds). It also offers several different types of insurance, including condo insurance, car insurance, and pet insurance. Lemonade has been named a top insurance company multiple times. It’s designed to be fast and efficient.
Lemonade is a publicly traded company, but it isn’t available in all 50 states. Quotes start at $25 per month.
Liberty Mutual is a large insurance company that offers several different types of insurance, including condo insurance. It’s the sixth-largest property and casualty insurance company in the world. Prices start at $47 per month.
Some of the pros of purchasing condo insurance with Liberty Mutual are the discounts. For example, one unique feature of Liberty Mutual is that it’ll lower your premium if you don’t file a claim for three years.
One of the drawbacks is its A.M. Best financial rating of A. This rating is excellent overall, but others on this list have stronger ratings. Additionally, it doesn’t clearly list its condo insurance exclusions on its website.
Travelers has been in business for more than 165 years. Travelers is an exceptionally well-known, trusted insurance agency with 40,000 employees and agencies in the U.S., Canada, and the UK. Additionally, it offers many different discounts on condo insurance, from a green home discount to discounts for having smoke detectors and fire alarms. It has a high A.M. Best financial strength rating of A++, higher than many other companies on this list.
One of the drawbacks is that despite its high financial rating, it isn’t among the top companies for customer satisfaction, according to J.D. Power ratings. To find out your cost for condo insurance, you must submit your information and get a quote.