Where You Live Impacts the Costs Condo Insurance Near You
Location has a considerable impact in the price of your condo insurance. Insurers consider weather, population, claim history, and risk factors associated with your area. Homes near wooded areas are at risk of fires and may see higher rates as a result. Homes near intersections or hazardous roads may also see higher rates. Insurers will also look at crime rates within your area to gauge your potential for assistance. Claims will be higher as to compensate for accidents, theft, or inclement weather that could lead to damage. It may be beneficial to note that condos with nearby fire hydrants regularly experience lower premiums since this decreases the chances of your home burning down. An analysis of your condos COPE; construction, occupancy, protection, and exposure, will better determine what your rate will be.
| What Affects Condo Insurance Prices Near You |
|---|
| Crime and Theft |
| Natural Disasters |
| Age of Condominium |
20 Most Expensive States for Condo Insurance
Nebraska, Texas, Oklahoma, and Colorado are amongst the most expensive states for condo insurance premiums. Nebraska’s yearly cost for insurance comes out to $806 while Oklahoma’s costs $926. When compared to states like Idaho with a $243 yearly premium, it is easy to see the variance in condo insurance cost from state to state.
| State | Avg. Monthly Condo Insurance Costs | Avg. Annual Condo Insurance Costs |
|---|---|---|
| Connecticut | $43 | $574 |
| New York | $71 | $579 |
| Arkansas | $39 | $582 |
| Montana | $63 | $595 |
| North Dakota | $65 | $595 |
| South Carolina | $77 | $598 |
| Rhode Island | $76 | $601 |
| Kansas | $53 | $605 |
| Kentucky | $54 | $605 |
| Alabama | $38 | $608 |
| District of Columbia | $44 | $610 |
| Nevada | $70 | $634 |
| Missouri | $61 | $641 |
| Massachusetts | $56 | $663 |
| Louisiana | $55 | $723 |
| Florida | $46 | $800 |
| Nebraska | $66 | $806 |
| Colorado | $42 | $825 |
| Texas | $80 | $880 |
| Oklahoma | $73 | $926 |
Risky Areas to Insure Your Condo
Insurers consider a host of factors when devising a rate for your condo. They will take into account the amount of vandalism, burglaries, and weather claims made within your neighborhood. This is done to determine the risk of the community and to deliver a rate that is fitting to the environment in which you live. High crime areas or those lacking a nearby fire department will likely be considered high risk by an insurer. This outcome could vary from street to street within the same neighborhood. If your area is deemed high risk, insurers may offer limited policies and/or higher deductibles as a solution.
20 Cheapest States for Condo Insurance
The states with the lowest condo insurance rates include Delaware, Wisconsin, Utah, and North Dakota. The average yearly cost of condo insurance in Wisconsin tops out at $240 while the average yearly cost in Colorado is nearly $800. This wide gap in price is due to location factors such as population density, weather patterns, and insurance claim frequency within the area. When compared to the national average cost of car insurance in 2017 ($385), it is apparent that states like Utah, North Dakota, and Wisconsin sit far below the average yearly cost with rates below $300.
| State | Avg. Monthly Condo Insurance Costs | Avg. Annual Condo Insurance Costs |
|---|---|---|
| Idaho | $50 | $253 |
| Oregon | $74 | $256 |
| Delaware | $45 | $342 |
| Maine | $58 | $364 |
| Iowa | $49 | $375 |
| Vermont | $83 | $383 |
| Ohio | $72 | $392 |
| Utah | $81 | $393 |
| Wisconsin | $85 | $396 |
| South Dakota | $78 | $412 |
| Arizona | $40 | $413 |
| New Hampshire | $67 | $413 |
| Pennsylvania | $75 | $426 |
| Indiana | $52 | $430 |
| Alaska | $37 | $439 |
| New Mexico | $69 | $442 |
| California | $41 | $444 |
| Illinois | $51 | $469 |
| North Carolina | $64 | $472 |
| West Virginia | $86 | $484 |
Finding Discounts on Condo Insurance Near You
When shopping for the cheapest condo insurance prices near you, one thing to keep in mind is all the things you can do to help push your prices lower. If you're a current driver in your state, one thing we recommend doing is seeing if you can bundle your condo and your auto insurance policies. Many condo insurance companies also offer pricing discounts based off of how you've protected your condo from theft and damage. If you've installed a security system in your condo or if you've added safety valves that can help prevent major damages to your condo--such as a smoke detector or a sprinkler system--you can submit proof of these changes to your current insurance provider to see if you're eligible for further discounts. There are also discounts based off of your credit-score, age, on the payment methods you're using with your condo insurance provider, and more. The most important thing to do when finding discounts for the cheapest condo insurance near you is ask and find out all the discounts that you're possibly eligible for before making your purchase.