How Much Is Condo Insurance? 2024 Cost

Condo insurance in the U.S. costs $455 per year, on average, a NerdWallet analysis found.

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Updated · 3 min read
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Written by Sarah Schlichter
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Fact Checked

The average condo insurance cost in the U.S. is $455 per year, or about $38 per month, according to NerdWallet’s rate analysis. But what you pay may be different.

Our sample policy was for a condo unit owner with good credit, $50,000 of personal property coverage, $300,000 of liability coverage and a $1,000 deductible. The cost of your condo insurance will depend on where you live, the size of your unit and how much coverage you need.

We analyzed pricing data from nearly 100 insurance companies to bring you the average condo insurance cost in every state and the largest U.S. cities.

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  • More than 850 million rates analyzed by our team of specialists.

  • Nearly 100 insurance companies analyzed in all 50 states and Washington D.C. (See our top picks.)

Average condo insurance cost by state

How much you pay for condo insurance depends in large part on where you live.

Here are the cheapest states for condo insurance:

  1. Vermont and West Virginia (tie): $255 a year, or about $21 a month, on average.

  2. Wyoming: $280 a year, or about $23 a month, on average.

  3. Maine: $305 a year, or about $25 a month, on average.

  4. Michigan: $320 a year, or about $27 a month, on average.

These are the most expensive states for condo insurance:

  1. Florida: $1,130 a year, or about $94 a month, on average.

  2. Louisiana: $845 a year, or about $70 a month, on average.

  3. Georgia: $805 a year, or about $67 a month, on average.

  4. Arizona: $775 a year, or about $65 a month, on average.

  5. Texas: $730 a year, or about $61 a month, on average.

Below you can see the average cost of condo insurance in your state.

State

Average annual rate

Average monthly rate

Alabama

$555

$46

Alaska

$475

$40

Arizona

$775

$65

Arkansas

$585

$49

California

$710

$59

Colorado

$410

$34

Connecticut

$540

$45

Delaware

$405

$34

Florida

$1,130

$94

Georgia

$805

$67

Hawaii

$535

$45

Idaho

$355

$30

Illinois

$445

$37

Indiana

$455

$38

Iowa

$325

$27

Kansas

$425

$35

Kentucky

$360

$30

Louisiana

$845

$70

Maine

$305

$25

Maryland

$395

$33

Massachusetts

$520

$43

Michigan

$320

$27

Minnesota

$390

$33

Mississippi

$635

$53

Missouri

$445

$37

Montana

$390

$33

Nebraska

$395

$33

Nevada

$665

$55

New Hampshire

$360

$30

New Jersey

$445

$37

New Mexico

$400

$33

New York

$445

$37

North Carolina

$660

$55

North Dakota

$345

$29

Ohio

$330

$28

Oklahoma

$545

$45

Oregon

$450

$38

Pennsylvania

$330

$28

Rhode Island

$615

$51

South Carolina

$375

$31

South Dakota

$370

$31

Tennessee

$465

$39

Texas

$730

$61

Utah

$480

$40

Vermont

$255

$21

Virginia

$370

$31

Washington

$465

$39

Washington, D.C.

$420

$35

West Virginia

$255

$21

Wisconsin

$345

$29

Wyoming

$280

$23

How much is condo insurance in your city?

We analyzed condo insurance rates in 25 of the largest U.S. cities. Miami had the highest average rate of the cities on our list by far at $2,570 per year. Meanwhile, Minneapolis had the cheapest average rate at $435 per year.

City

Average annual rate

Average monthly rate

Atlanta

$860

$72

Austin

$615

$51

Charlotte

$590

$49

Chicago

$555

$46

Dallas

$680

$57

Denver

$525

$44

Fort Worth

$670

$56

Houston

$885

$74

Indianapolis

$460

$38

Jacksonville

$800

$67

Las Vegas

$665

$55

Los Angeles

$835

$70

Miami

$2,570

$214

Minneapolis

$435

$36

New York

$535

$45

Orlando

$1,050

$88

Philadelphia

$750

$63

Phoenix

$920

$77

Portland

$530

$44

San Antonio

$735

$61

San Diego

$660

$55

San Jose

$695

$58

Seattle

$465

$39

St. Louis

$445

$37

Tucson

$765

$64

Average condo insurance cost by coverage amount

The more coverage you need, the more you’ll pay for your policy, in general. You’ll want to make sure you have enough personal property coverage for all your belongings, including furniture, clothes, electronics and kitchen gadgets. If you have a large unit or higher-end items, you’ll probably need a higher personal property limit.

Below are average rates for four different levels of personal property coverage.

Personal property coverage amount

Average annual rate

Average monthly rate

$30,000

$395

$33

$50,000

$455

$38

$70,000

$505

$42

$90,000

$555

$46

Average condo insurance cost by company

We looked at average rates from some of the largest home insurance companies in the U.S. by market share.

The cheapest among the insurers we analyzed was State Farm, with an average annual rate of $340. The most expensive was Nationwide at $585 per year, on average.

Below are average annual home insurance rates for some of the largest home insurance companies in the U.S. Keep in mind that they may not all sell condo insurance in your state. You may also have other local or regional options that are more affordable than the well-known national insurers. An independent insurance agent can help you find them.

Company

NerdWallet star rating

Average annual rate

4.5

NerdWallet rating 

$340

5.0

NerdWallet rating 

$415

4.5

NerdWallet rating 

$450

4.5

NerdWallet rating 

$470

4.5

NerdWallet rating 

$535

4.5

NerdWallet rating 

$540

4.5

NerdWallet rating 

$585

What does a condo insurance rate include?

Condo insurance policies typically include the following types of coverage:

  • Dwelling, or building property. Depending on your policy, this coverage could pay for things like flooring, light fixtures, cabinets and built-in appliances.

  • Personal property. This coverage reimburses you for stolen or damaged belongings.

  • Loss of use, or additional living expenses. This coverage can pay hotel bills or other costs if a covered event forces you out of your home.

  • Personal liability. This coverage provides financial protection if you accidentally injure someone or damage their property.

  • Medical payments. This coverage pays medical bills for anyone injured on your property, regardless of fault.

Your policy may also include loss assessment coverage, which can help you pay for shared association expenses. For example, if a fire does more damage to the condo building than the association’s master policy can cover, the association may divide the extra expense among all unit owners. Loss assessment coverage could help you pay your share.

To learn more, see our complete guide to condo insurance.

How to reduce your condo insurance cost

Insurance costs are on the rise across the U.S., due to inflation and increasingly expensive catastrophes like fires and storms. So if you find yourself paying more for condo insurance than you used to, you’re not alone. Below are a few ways to help bring your costs down.

Shop around. We recommend getting quotes from at least three insurers to make sure you’ve found the best price. You can get quotes online, by calling insurers or from an independent insurance agent. For a fair comparison, check that the policies you’re evaluating have similar coverage limits and deductibles.

Raise your deductible. A home insurance deductible is the amount subtracted from your claim payout. The more damage you’re willing to pay for yourself, the lower your insurance cost will be. For example, raising your deductible from $1,000 to $2,500 can save you about 10% on condo insurance, according to NerdWallet’s rate analysis. Make sure the deductible is an amount you’d feel comfortable paying in an emergency.

Ask about discounts. Depending on where you live, your insurance company may offer savings for:

  • Bundling your condo policy with auto or other insurance.

  • Installing protective devices such as smoke alarms, security systems or sprinklers.

  • Signing up to autopay your premiums.

  • Going for a certain amount of time without filing a claim.

  • Living in a gated community.

  • Being a retiree or a nonsmoker.

Ask about these and other potential discounts when shopping around.

Build your credit. In most states, insurers use your credit-based insurance score (similar to a credit score) to set condo insurance rates. Because studies have shown a correlation between a lower credit score and a tendency to file claims, insurance companies generally charge higher rates if your credit-based insurance score is poor.

Condo owners with poor credit pay 51% more on average than those with good credit, according to NerdWallet’s rate analysis. Although it may take time to build credit, doing so could save you money on insurance in the long run.

Methodology

To find the average cost of condo insurance in the U.S., NerdWallet calculated the median rate for 35-year-old condo unit owners from multiple insurance companies in every ZIP code across all 50 states and Washington, D.C. We also looked at median rates by city and state. Rates were rounded to the nearest $5.

Sample unit owners were nonsmokers with good credit living in a two-bedroom condo. They had a $1,000 deductible and the following coverage limits:

  • $70,000 in dwelling coverage.

  • $50,000 in personal property coverage.

  • $300,000 in liability coverage.

  • $30,000 in additional living expenses coverage.

  • $1,000 in medical payments coverage.

We made minor changes to the sample policy in cases where rates for the above coverage limits or deductibles weren’t available.

We used the same assumptions for all other condo unit owner profiles, with the following exceptions:

  • We changed the credit tier from “good” to “poor” as reported to the insurer to see rates for owners with poor credit. In states where credit isn’t taken into account, we used only rates for “good” credit.

  • For owners with a higher deductible, we raised the deductible from $1,000 to $2,500.

  • For owners with higher or lower personal property coverage limits, we raised the limit to $70,000 or $90,000, or lowered it to $30,000.

  • For owners with a history of claims, we added a single water claim to their record.

Our “good” and “poor” credit rates are based on credit score approximations and do not account for proprietary scoring criteria used by insurance providers.

These are sample rates generated through Quadrant Information Services. Your own rates will be different.

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