Country Financial, State Farm and USAA are our picks for the best condo insurance companies in 2021.
The best condo insurance company for you depends on several factors, including your HOA's master insurance policy, your personal property, your assets and more.
Keep reading to learn more about our best condo insurance provider selections, as well as:
- What does condominium insurance cover?
- How much does condo insurance cost?
- How much condo insurance do you need?
What are the best condo insurance companies?
The best condo insurance company for you may not be the best condo insurance company for your neighbor. This is because a variety of factors determine what is the best condo insurance provider or policy for each person.
If customer service and satisfaction are especially important to you, Country Financial may be the best condo insurance company for you. State Farm might be the best condo insurance company for you if you value widespread availability from a well-known brand. And USAA is likely to be the best condo insurance company for you if you’re a member of the military, a veteran or a family member of either group.
Country Financial: best for customer satisfaction
Country Financial topped the J.D. Power 2020 U.S. Home Insurance Study by earning higher marks for customer satisfaction than all of its competitors.
The company also receives fewer customer complaints relative to its size than the competition, according to the National Association of Insurance Commissioners (NAIC).
So, if you want to buy condo insurance from a company that is likely to satisfy you as a policyholder — and not just in terms of service, but in terms of coverage offerings, claims and billing, too — at least get a quote from Country Financial while shopping for a policy.
That’s not to say customer satisfaction is the only reason to choose Country Financial for condo insurance. Country Financial also offers:
- Basic and premier coverage levels.
- Actual cash value and replacement cost claim settlement options.
- Liability coverage limits up to $1 million.
- Medical payments coverage limits up to $25,000.
- Coverage for additional risks like earthquake damage and identity theft.
- Coverage for high-value items.
State Farm: best for widespread availability
State Farm could be the best condo insurance company for you if you find widespread availability important.
State Farm sells condo insurance in all states, unlike Country Financial. State Farm also sells condo insurance to a more diverse group of consumers than USAA, which only sells to military members, veterans and their families.
Still not convinced? Maybe this statistic will help: State Farm writes nearly 18% of the home insurance policies sold in the U.S., according to the NAIC. That’s not just more than any other company — it’s double any other company.
If you’re looking for more reasons to get condo insurance from State Farm, consider that it:
- Boasts higher-than-average customer satisfaction ratings.
- Has a below-median NAIC Complaint Index.
- Offers several discounts, including ones for home alarm or monitoring systems and automatic sprinkler systems.
- Is known for offering some of the cheapest insurance rates around.
USAA: best for military members, veterans and their families
USAA only serves active military members, veterans and their families. If that includes you, USAA may be the best condo insurance provider for you. Here’s what makes USAA a great condo insurance company for those who qualify for coverage:
- Customer satisfaction is higher than average.
- Complaints are lower than average.
- Offers several coverage options and discounts.
- Rates tend to be low, especially among large insurance companies.
Get condo insurance quotes from top rated companies
What does condo insurance cover?
Like homeowners insurance, condo insurance covers damage caused by perils like:
- Fire or lightning
- Hail, sleet, snow or wind
- Water damage from burst pipes
Unlike home insurance, condo insurance, also known as HO-6 insurance, only covers the interior of your unit.
Regardless, HO-6 or condo insurance coverage can be divided into these four categories:
- Personal property
- Personal liability and medical payments
- Loss of use
The dwelling portion of your condo insurance policy covers the interior of your condo, co-op or townhouse. It can protect your floors, walls, appliances and even cabinets.
How much dwelling coverage you need depends on your condo association or HOA master policy. You may not need dwelling coverage at all if your HOA’s insurance is broad enough.
Personal property coverage protects your belongings. For example, if a fire breaks out in your bedroom and it destroys your clothes, the personal property portion of your condo insurance policy can help replace them.
You should always carry personal property coverage, by the way; condo association master policies never cover such belongings.
Condo insurance personal liability coverage protects you — by paying associated legal fees and medical bills — if you are found liable for injuring others or damaging their property.
The personal liability portion of your condo insurance policy covers you in or out of your home. This means you’re covered even if you accidentally injure someone off your property.
Loss of use
If damage caused by a covered peril makes your condo uninhabitable, loss of use coverage can pay for additional expenses you incur while living elsewhere. This means your condo insurance policy covers food, hotel, transportation and similar costs that go above and beyond your usual living expenses in these areas.
How much is condo insurance?
Condo insurance costs about $500 per year, or approximately $40 per month.
This is just an average, however. Depending on the amount of dwelling and personal property coverage you choose, your condo insurance policy could cost you anywhere from $300 to $1,000 per year — or $25 to $83 per month.
Other factors besides the types and amounts of coverage you choose that determine how much you pay for condo insurance include:
- Where you live
- The age of your condo
- Whether you have pets (and if you do, the number and type of pet)
- Your insurance provider
- Your claims history
- The deductibles you select
How much condo insurance do I need?
How much condo insurance you need depends on how much coverage your condo association’s master insurance policy provides, how much personal property you own and your assets.
For example, most condo insurance policies provide $100,000 in liability coverage. If you have a lot of assets, you might want to increase that amount or even buy an umbrella policy.
Your HOA’s master policy often plays an even bigger role in determining how much condo insurance you need.
This policy protects the shared property and spaces of your condo complex, including entryways, hallways and the building’s exterior.
Most master policies are one of these three types:
- Bare walls-in
- Single entity
Use your personal HO-6 condo insurance policy to fill the coverage gaps left open by your HOA’s master policy.
Bare walls-in (minimal protection)
Bare walls-in is the most basic and common type of master insurance policy. It protects only the exterior of the building and jointly owned structures and items. It does not cover the appliances, fixtures, ceilings, walls or floors inside your own unit.
Single entity (more protection)
Single entity master insurance policies provide more comprehensive coverage than bare walls-in policies. They cover much of the interior of a condo unit, often including appliances, wiring, flooring and fixtures. If your HOA has a single entity policy, you should be able to save some money on your personal condo insurance, as you will not need maximum coverage.
All-in (most protection)
All-in policies are the most comprehensive type of master policy. They cover all property and structures in your complex, as well as fixed appliances, the interior of your unit and upgrades. That means if you add a new dishwasher and it is damaged in a fire, an all-in policy will likely cover it, while a single entity policy wouldn't. The only exclusion of all-in coverage is your personal property.
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