Average Cost of Condo Insurance (2023)

Average Cost of Condo Insurance (2023)

The average cost of condo insurance, also known as HO-6 insurance, is $43 per month across all 50 states.

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However, condo insurance costs vary greatly depending on where you live, the amount of coverage you need and the insurance company you choose. For example, condo insurance rates vary by up to $61 per month between states.

Average condo insurance cost

Condo insurance costs $43 per month, on average. However, HO-6 insurance quotes vary by up to $61 per month depending on the state you live in.

Condo owners in the most expensive state, Florida, pay an average of $83 per month for coverage. Wisconsin is the cheapest state for condo insurance, at $22 per month.

Map showing the cost of condo insurance by state
State
Monthly rate
Difference from average
Alabama$479%
Alaska$34-20%
Arizona$34-21%
Arkansas$467%
California$4710%
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States with the cheapest average condo insurance cost

Wisconsin, Iowa, Utah, North Dakota and South Dakota are the five states with the cheapest average condo insurance quotes. All five have rates at least 41% lower than the average across the United States.

Some of the cheapest states for condo insurance are among the least populated in the country, including North and South Dakota. Iowa and Utah also have smaller-than-average populations.

States with the highest average HO-6 insurance cost

Florida, Louisiana, Oklahoma, Mississippi and New York are the five most expensive states for HO-6 condo insurance. These states are expensive because most of them are prone to natural disasters. Florida, Louisiana and Mississippi experience regular hurricanes, and tornadoes are common in Oklahoma.

The average cost of condo insurance in Florida is $19 more expensive per month than the second most expensive state, Louisiana. Condo owners in Florida tend to pay higher premiums on condo insurance compared to other states due in part to regular hurricanes in the area.

That's because HO-6 insurance covers the interior structure of a condo unit, including walls, which can be damaged by strong winds caused by hurricanes.


How much is condo insurance by coverage limit?

The average condo insurance rate for a dwelling coverage limit of $75,000 to $99,000 is $45 per month, which is $14 more per month than the rate for a coverage limit of $13,999 and under.

The dwelling coverage limits you choose have a big impact on the cost of condo insurance. Generally, the higher your coverage limit, the higher the average condo insurance rate will be.

Condo insurance cost by dwelling coverage limit

Coverage limit
Monthly rate
$13,999 and under$31
$14,000 to $19,999$32
$20,000 to $25,999$37
$26,000 to $31,999$35
$32,000 to $37,999$34
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Cost of condo insurance by company

Condo insurance costs vary by up to $38 depending on the insurance company you choose. State Farm offers the cheapest HO-6 insurance quotes, with an average of $46 per month.

Company
Average monthly rate
State Farm logo
State Farm$46
Farmers logo
Farmers$51
Liberty Mutual logo
Liberty Mutual$65
Progressive logo
Progressive$84

Rates are based on quotes for condos located in New York, Dallas and Philadelphia.

How to save money on condo insurance

There are three main ways to lower your condo insurance rates: shop around for quotes, find discounts and raise your deductible.

  1. The best way to save money on insurance is to compare condo insurance quotes from multiple companies. Each company uses a different method to determine your HO-6 insurance rates, so your quotes may be different than our averages.
  2. Next, it's important to research discounts so you can make sure you're getting all of the discounts you qualify for. Common condo insurance discounts include bundling discounts for insuring your condo and car with the same company, and safety discounts for installing a home security system.
  3. If you're still struggling to find cheap HO-6 insurance, you can consider increasing your deductible. A higher deductible means you'll have to pay more for repairs after an emergency, which usually means you'll save on the upfront cost of insurance. However, it's important to choose a deductible you'll be comfortable paying in an emergency.

What does condo insurance cover?

Condo insurance has four main types of coverage: building property coverage, personal property coverage, liability coverage and loss of use coverage.

Sometimes policies include a fifth coverage feature called loss assessment coverage, which usually costs extra.

However, if your condo association master policy already covers some of these areas, you may not need all the protection available in the most comprehensive condo insurance policies.

  • Building property coverage: Protects the interior of your condo from damage due to a covered event, like fire or wind. It will cover damage to your floors, walls, tiles, cabinets and other permanent fixtures in your condo, up to your policy's limits.
  • Personal property coverage: Protects your belongings, including clothes, furniture, portable appliances and other things that aren't attached to your unit.
  • Liability coverage: Provides financial protection for you and your family if you're responsible for injuring someone or damaging their property. A typical condo insurance policy covers $100,000 in liability damages.
  • Loss of use coverage: Also called additional living expenses coverage, this pays for the increased living expenses if you have to temporarily move out of your condo after covered damage. For instance, if your monthly bills increase because you're paying to live in a hotel, your insurance company will pay you for those expenses up to your policy limits.
  • Loss assessment coverage: Condo associations may charge individual condo owners for costs related to common areas in a condo complex, like damage to the outside of the building or medical bills from a guest's injury in a communal area. Loss assessment coverage will cover these association charges, up to your policy's limits.

Condo association master policy coverage

A master policy is an insurance policy purchased by the condo association, and condo owners share the cost.

Generally, there are three types of condo master insurance policies: bare walls coverage, single entity coverage and all-in coverage.

  1. Bare walls coverage is the most basic type of master insurance policy. It only covers the structure of your condo building along with property located in common areas. Nothing inside your condo is covered by these policies. If your building has bare walls coverage, you'll need to have building property and personal property coverage in your condo insurance policy to fully cover your home and belongings.
  2. Single entity coverage, or an original specifications policy, expands upon bare walls coverage by including protection for built-in property within a condo, like floors, walls and fixed appliances. Any unit improvements or remodeling is not covered under a single entity policy. If your building has single entity coverage, you'll still need personal property coverage. If you've made extensive upgrades to your condo, you may need building property coverage, too.
  3. All-in coverage is the most comprehensive type of master insurance policy, as it covers all property that is part of the condo building structure, including improvements and additions to your condo. Under this policy, all of the fixed property within your condo — including walls, floors and appliances — is covered. If you have this type of master policy and want financial protection for all of your belongings, you'll only need to purchase condo insurance covering personal property damage. This means you'll pay less for condo insurance than those buying plans with building property coverage.

Frequently asked questions

How much is condo insurance?

Condo insurance, also known as HO-6 insurance, costs $43 per month across the U.S., on average. However, rates can vary by $61 depending on the state where you live.

Is condo insurance cheaper than home insurance?

Yes, condo insurance is much cheaper than home insurance. On average, an HO-6 condo insurance policy costs $1,252 less per year than a standard homeowners insurance policy. That's because most condo insurance policies don't protect the exterior of your home because it's usually covered by your condo association's master policy.

What is the average cost of condo insurance in Florida?

Condo owners in Florida typically pay $83 per month for HO-6 insurance. That's nearly double the national average, making Florida the most expensive state for condo insurance.

How much is insurance on a condo in Texas?

The average cost of condo insurance in Texas is $44 per month, which is 4% more expensive than the national average. Texas is the ninth most expensive state in the country for HO-6 insurance.

Do you need homeowners insurance for a condo?

If you have a mortgage or home equity loan, your lender will usually require you to buy condo insurance. Even if your condo is paid off, you should still consider purchasing HO-6 insurance. The cost is relatively cheap, and it can save you a lot of money if your home and belongings are damaged in a covered loss, like a fire or theft.


Methodology

ValuePenguin collected condo insurance rates from the most recent report on condo insurance from the National Association of Insurance Commissioners (NAIC). The average cost of HO-6 policies was calculated both at the state level and by insurance coverage limits ranging from $13,999 and up. The countrywide average was calculated by taking the average condo insurance rates in all 50 states and the District of Columbia.

To find the average cost of condo insurance by company, we gathered rates from four top companies in Dallas, New York and Philadelphia.

Quotes are based on the following coverage limits:

Coverage
Limit
Building property coverage$18,000
Personal property protection$60,000
Liability coverage$100,000
Deductible$1,000

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