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How much does condo insurance cost?

Fact-checked with HomeInsurance.com

A HO-6 insurance policy, commonly known as condo insurance, protects condo owners and their personal belongings. Condo insurance is specifically designed for people who have the particular insurance needs that come with living in a shared community. 

Often referred to as “walls-in” coverage, condo insurance usually protects everything within the condo. The outer structures and common areas will be covered by the condo association’s master policy. 

The average cost of condo insurance

The U.S. average annual premium for an HO-6 condo insurance policy is $488, according to 2017 data from NAIC. There are a range of factors that contribute to the cost of an individual condo insurance policy.

Location is one important factor that determines the policy price. Some states experience more natural disasters and higher crime rates, all of which affect insurance premiums. The size and cost of the condo will also play a role in the cost, and so will the policyholder’s personal financial information, such as credit score. 

Aside from these factors, the coverages and limits included in the policy also affect the cost. Higher coverage limits and lower deductibles will raise the cost of insurance. Including optional coverages will increase the premium, as well.

Average condo insurance rates by state

Below is a list of each state’s average annual premium for HO-6 condo insurance, according to 2017 data from NAIC.

StateAverage Rate
Alabama$540
Alaska$374
Arizona$389
Arkansas$518
California$501
Colorado$381
Connecticut$392
D.C.$367
Delaware$406
Florida$942
Georgia$473
Hawaii$293
Idaho$405
Illinois$382
Indiana$345
Iowa$297
Kansas$413
Kentucky$381
Louisiana$736
Maine$330
Maryland$308
Massachusetts$441
Michigan$353
Minnesota$299
Mississippi$570
Missouri$377
Montana$373
Nebraska$332
Nevada$409
New Hampshire$316
New Jersey$437
New Mexico$381
New York$540
North Carolina$428
North Dakota$287
Ohio$315
Oklahoma$604
Oregon$345
Pennsylvania$377
Rhode Island$465
South Carolina$483
South Dakota$288
Tennessee$457
Texas$771
Utah$253
Vermont$339
Virginia$338
Washington$360
West Virginia$305
Wisconsin$249
Wyoming$361

How much condo insurance do I need?

The first step to determine how much coverage is needed is reading over the condo association’s master policy. In addition to coverage for common areas, some master policies also include coverage for personal condos. Understanding how much coverage the master policy provides for condo owners will determine how much coverage is needed for the individual condo. 

After getting a firm understanding of the coverages included in the master policy, the next step is evaluating the permanent fixtures, additional improvements and personal belongings in the condo. When getting a condo insurance quote, the value of these assets will determine how much coverage is needed in a policy.

Other factors such as location also play a role. If the condo is located in a region that experiences natural disasters like floods and earthquakes, additional coverages should be taken into account. 

Julian Dossett

Julian is a freelance writer for Coverage.com, where he writes about auto and home insurance with an eye toward consumer advocacy. His work has appeared at The Simple Dollar, Bankrate, Reviews.com, Blockchain Beach and MSN.com. He’s currently based in New Mexico.

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