Finding the Best Condo Insurance Companies
When choosing the best condo insurance company, it is helpful to consider what level of coverage is offered automatically through your condo association and then what amount coverage is needed after that based on personal need and preference. The HO-6 policy, your standard condo home insurance, covers the interior of your home while the rest is covered by your HOA’s master policy. Coverage offered under a master policy varies from unit to unit and is not always guaranteed to meet all of your needs. This is why it is important to find the best condo insurance company that is able to provide specialized coverage for you. Below you will find the leading companies in condo insurance along with advice for choosing the right amount of coverage.
| Factors that Condo Insurance Companies Use to Determine Your Rate |
|---|
| Cost of Your Condo Insurance Deductible |
| Dollar Amount of Possessions in Your Condo |
| Your Current Credit Score |
| Location and Value of Your Condo |
10 Cheapest Condo Insurance Companies
We have compared data on coverage features, rates, and overall customer service experiences to make your selection simple. We have discovered which condo insurance companies are met with the highest demand based on these factors. For condo owners with unique scenarios, such as those who share a living space, we provide information on unique policies that appeal to home-sharing. Look below to find condo insurance companies that offer the cheapest rates based off of average annual condo insurance costs. We found State Farm to have the most affordable condo insurance policies through multiple surveys taken from clients around the nation. In contrast, large companies like Progressive, Farmers Mutual, and liberty typically offered more expensive policies.
| Condo Insurance Company | Avg. Monthly Condo Insurance Costs | Avg. Annual Condo Insurance Costs |
|---|---|---|
| The Hartford | $37.77 | $453.22 |
| Farm Bureau | $42.48 | $509.73 |
| Erie | $43.49 | $521.87 |
| Progressive | $46.63 | $559.60 |
| Esurance | $47.23 | $566.70 |
| Nationwide | $47.97 | $575.60 |
| AARP | $48.50 | $582.00 |
| USAA | $48.77 | $585.20 |
| National General | $54.87 | $658.40 |
| Lemonade | $55.60 | $667.20 |
Choosing the Best Condo Insurance Company
It is easy to feel you have the utmost coverage when first settling into your condominium. Your association manages lawn and landscaping care, while ensuring the exterior of the building is no less than exceptional. What is the role of your association in an event of a robbery or fire? Unfortunately, your association is only responsible for damaging to the exterior of the building according to a majority of contracts. It is the homeowners responsibility to provide coverage for their personal belongings and much of the interior. This is why it is important to find a condo insurance company that can provide the best policy according to your circumstance. We recommend evaluating the condo insurance policy offered by your association in order to identify the holes in coverage. You can then compare the policies offered by insurance companies before making a purchasing decision.
10 Most Expensive Condo Insurance Companies
Choosing a condo insurance company offering an expensive premium can sometimes be the best decision. Pricey premiums are often better suited for your needs than cheaper policies. The value of your condo will largely determine how extensive and thus, how expensive your policy should be. We have listed some of the most expensive condo insurance companies in the nation based off of average annual cost. You will find the majority of these companies offer policies that more accurately account for the value of your condo and personal belongings.
| Condo Insurance Company | Avg. Monthly Condo Insurance Costs | Avg. Annual Condo Insurance Costs |
|---|---|---|
| Safeco | $62.27 | $747.20 |
| American Family | $63.05 | $756.60 |
| MetLife | $68.07 | $816.80 |
| Geico | $69.27 | $831.20 |
| Farmers | $70.28 | $843.30 |
| Mercury | $72.15 | $865.80 |
| Liberty Mutual | $75.03 | $900.40 |
| Travelers | $75.69 | $908.30 |
| Wells Fargo | $76.73 | $920.80 |
| State Farm | $78.47 | $941.60 |
Discounts When Choosing Condo Insurance Company
When choosing the best condo insurance company, keep in mind that there are numerous different types of discounts you can take advantage of before choosing the right condo insurance company for your coverage needs. There are many ways you can save during the condo insurance buying process. You can save on your condo insurance coverage by combining policies, paying for your condo insurance coverage in full, living in a newer condo, and more. When choosing the best condo insurance company, contact us and we can help you determine all the condo insurance rate discounts which you're eligible for.