Condo insurance is an affordable protection for your belongings that also provides valuable liability coverage. Whether you're buying condo insurance for the first time or looking to switch providers, getting a sense of average premiums can help you estimate rates and avoid overpaying.

In this article:

Average condo insurance rates by state

Condo insurance costs an average $511 a year nationwide, but rates vary depending on your location and coverage limits. The average annual cost of condo insurance ranges from $267 in Wisconsin to $1,092 in Florida.

State Average annual rate
Alabama $575
Alaska $416
Arizona $429
Arkansas $564
California $576
Colorado $454
Connecticut $409
Delaware $451
District of Columbia $367
Florida $1,092
Georgia $541
Hawaii $355
Idaho $428
Illinois $404
Indiana $360
Iowa $286
Kansas $393
Kentucky $398
Louisiana $759
Maine $352
Maryland $323
Massachusetts $432
Michigan $374
Minnesota $337
Mississippi $617
Missouri $404
Montana $444
Nebraska $359
Nevada $450
New Hampshire $350
New Jersey $460
New Mexico $426
New York $559
North Carolina $487
North Dakota $290
Ohio $319
Oklahoma $664
Oregon $377
Pennsylvania $395
Rhode Island $539
South Carolina $501
South Dakota $313
Tennessee $481
Texas $808
Utah $273
Vermont $349
Virginia $370
Washington $398
West Virginia $322
Wisconsin $267
Wyoming $451
Source: Rates from "Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance Report: Data for 2020" from the National Association of Insurance Commissioners

Although this table can help you estimate your condo insurance rates, everyone's situation is unique. What you pay for condo insurance depends on various factors. Because of this, comparing quotes from several companies is the best way to get the cheapest price for the coverage you need.

Most expensive states for condo insurance

  1. Florida: $1,092
  2. Texas: $808
  3. Louisiana: $759
  4. Oklahoma: $664
  5. Mississippi: $617

Cheapest states for condo insurance

  1. Wisconsin: $267
  2. Utah: $273
  3. Iowa: $286
  4. North Dakota: $290
  5. South Dakota: $313

Factors that affect condo insurance rates

Insurance companies consider many factors when setting your premium. Below are just a few variables your company might consider.

  • Location of the condo
  • Age and condition of the building
  • Amount of coverage needed
  • Deductibles and discounts
  • Claims history and credit score

Discounts and savings on condo insurance

If you live in a new condo or co-op unit, your premiums will likely be lower compared to an older unit. Some insurers even give discounts on top of lower rates if you live in a newer unit. That's because old condominiums can be more vulnerable to damage from perils such as wind and plumbing leaks. You can save on condo insurance by:

  1. Bundling condo and auto insurance with a single company
  2. Installing safety and protective devices
  3. Increasing your deductible
  4. Limiting claims
  5. Shopping around

Most insurance companies offer a bundling discount if you purchase both auto and condo insurance from them. With Progressive, you can save an average of 4% on car insurance when you combine condo insurance with an auto policy. Insurance companies may also offer discounts if you have a protective device, such as a burglar or fire alarm, installed in your home.

Increasing your deductible can also lower your premium. You pay the deductible when you receive a claim payout. Your insurance company covers the remainder, up to your policy limits. When choosing a deductible amount, you should consider how much you can comfortably afford to pay if you file a claim.

Insurance companies may also look at your claims history within the last few years, which may include the number of claims and the amount of the payouts.

We recommend shopping around and comparing quotes from multiple insurers. Insurance companies weigh factors differently when compiling quotes, resulting in different premiums.

How much is condo insurance by coverage amount?

Higher coverage amounts generally result in more expensive premiums. The table below shows how the average cost of condo insurance changes with coverage limits.

Coverage amount Average annual rate
$13,999 and under $355
$14,000 to $19,999 $377
$20,000 to $25,999 $389
$26,0000 to $31,999 $419
$32,000 to $37,999 $412
$38,000 to $43,999 $415
$44,000 to $49,999 $426
$50,000 to $74,999 $475
$75,000 to $99,999 $546
$100,000 and over $878
Source: Rates from "Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance Report: Data for 2020" from the National Association of Insurance Commissioners

What does a condo insurance policy cover?

A standard HO-6 condo insurance policy usually contains the following coverages.

Coverage type What it covers
Dwelling Your unit and items attached to it, such as walls and fixtures
Personal property Your belongings
Personal liability Legal and medical costs if you are sued for bodily injury or property damage
Medical payments to others Medical costs if a guest is injured in your home
Loss of use Additional living expenses if you are temporarily unable to remain in your home

You can usually tailor coverages to fit your needs. For example, you may need to increase your personal property limit if you own high-value belongings. In this case, you can purchase a rider or endorsement.

The amount of coverage you need also depends on the type of master insurance policy your HOA has.

Types of condo master insurance policies

Bare walls coverage is the most basic type of master insurance policy. It does not cover any part of the interior of your unit, such as floors, walls and appliances. It does, however, cover common spaces in the building, such as hallways and pools. If your HOA has a bare walls policy, you should make sure that your personal insurance policy sufficiently covers your belongings and the interior of your condo.

Single entity policies provide wider coverage than bare walls. You can think of single entity policies as covering everything in your unit before you moved in - appliances, floors, walls and fixtures, for example. However, single entity coverage does not cover improvements to your unit, such as an upgraded washing machine.

All-in coverage is the most comprehensive type of master insurance policy. It covers everything that single entity policies do, with the addition of improvements made to the condo. With this coverage, you only need to purchase insurance for your personal belongings.


We compiled and analyzed publicly available data from the National Association of Insurance Commissioners based on its 2022 "Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance Report: Data for 2020." We only considered the HO-6 policy type. LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions. All content and services provided on or through this site are provided "as is" and "as available" for use. LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site. You expressly agree that your use of this site is at your sole risk.