Average Cost of Condo Insurance (2018)

The average cost of condo insurance, also known as an HO-6 insurance policy, is $478 per year. However, the average cost of condo insurance can vary widely depending on where you live and the coverage limits that you select. Condo insurance protects condo dwellers from damage to the interior of their units. Furthermore, an HO-6 policy protects against theft of personal items and liability costs if a guest is injured on the policyholder’s property. Given the financial protection that it provides, condo insurance is often required by mortgage lenders.

Average Cost of Condo Insurance

The average cost of condo insurance is $478 per year, but it varies widely from state to state. According to data from the National Association of Insurance Commissioners, the difference in cost between the most expensive and the cheapest states for condo insurance is $720 per year. The table below displays the average condo insurance cost by state on a monthly and annual basis, along with the percentage difference compared to the national average. For instance, California has an average cost of condo insurance of $489 per year, which is 2% greater than the national average.

StateMonthly Insurance RateAnnual Condo Insurance Rate% Difference vs. Average
Alabama$42$5096%
Alaska$31$370-29%
Arizona$32$385-24%
Arkansas$41$4882%
California$41$4892%
Colorado$29$351-36%
Connecticut$32$380-26%
D.C.$34$403-19%
Delaware$33$390-23%
Florida$80$96050%
Georgia$40$4841%
Hawaii$23$277-73%
Idaho$32$382-25%
Illinois$30$363-32%
Indiana$27$327-46%
Iowa$23$272-76%
Kansas$33$396-21%
Kentucky$31$370-29%
Louisiana$58$70132%
Maine$26$308-55%
Maryland$27$322-48%
Massachusetts$36$432-11%
Michigan$28$331-44%
Minnesota$23$277-73%
Mississippi$46$55013%
Missouri$29$352-36%
Montana$28$341-40%
Nebraska$27$323-48%
Nevada$31$373-28%
New Hampshire$25$301-59%
New Jersey$37$438-9%
New Mexico$31$376-27%
New York$49$58819%
North Carolina$33$395-21%
North Dakota$22$263-82%
Ohio$25$302-58%
Oklahoma$47$55814%
Oregon$27$323-48%
Pennsylvania$31$366-31%
Rhode Island$37$438-9%
South Carolina$39$469-2%
South Dakota$22$269-78%
Tennessee$36$427-12%
Texas$62$74035%
Utah$21$251-90%
Vermont$27$325-47%
Virginia$30$358-34%
Washington$28$338-41%
West Virginia$25$300-59%
Wisconsin$20$240-99%
Wyoming$28$340-41%
U.S. Average$40$478

States With The Lowest Average Condo Insurance Cost

The five states with the cheapest average condo insurance quotes all had rates that were at least 43% lower than the average in the U.S. Some of the cheapest states for condo insurance are among the least populated in the country, including North Dakota and South Dakota. Furthermore, four of the five states are located in the Midwestern region of the country. Other Midwestern states also rank as some of the cheapest: for instance, the average homeowners insurance cost for a condo in Minnesota and Ohio is $277 and $302, respectively.

Average Cost of Condo Insurance by State

States With The Highest Average Condo Insurance Cost

Unlike the cheapest states for condo insurance, the states with the most expensive HO-6 insurance policies are situated in different regions of the country. Condo insurance in Florida is more expensive than an HO-6 policy in the second-most expensive state by a margin of $220 per year. The reason that condo owners in Florida pay a premium on condo insurance compared to other states may be explained by the prevalence of hurricanes in the area. That is because an HO-6 policy covers the structural components of a condo unit, including walls, which can be damaged by strong winds, such as those caused by hurricanes. In fact, the three states with the highest average condo insurance cost all rank as some of the states with the greatest number of hurricane strikes.

States With The Most Expensive Average Cost of Condo Homeowners Insurance

How Much Is Condo Insurance: by Coverage Limit

While the average cost of condo insurance varies by region, another large determining factor of how much you’ll pay is the amount of dwelling coverage that you’d like to purchase. Generally, the higher your coverage limit, the higher the average cost of condo insurance will be. Below, we list different coverage limits and the average monthly and annual cost of condo insurance.

Coverage LimitMonthly Insurance RateAnnual Condo Insurance Rate
$13,999 and under$28$338
$14,000 to $19,999$28$338
$20,000 to $25,999$36$426
$26,000 to $31,999$31$376
$32,000 to $37,999$31$376
$38,000 to $43,999$33$398
$44,000 to $49,999$32$383
$50,000 to $74,999$37$447
$75,000 to $99,999$42$509
$100,000 and over$72$866
U.S. Average$40$478

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