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The average condo insurance cost in the U.S. is $490 per year, or about $40 per month, according to NerdWallet’s rate analysis. But what you pay may be different.
We analyzed pricing data from more than 100 insurance companies to get the average condo insurance cost in every state. We also looked at condo insurance rates in the largest U.S. cities.
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.
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Answer a few questions to see custom quotes and find the right policy for you. Average condo insurance cost by state
How much you pay for condo insurance largely depends on where you live. Below you can see the average cost of condo insurance in each state.
These are the most expensive states for condo insurance:
- Florida: $995 a year, or about $83 a month, on average.
- Louisiana: $880 a year, or about $73 a month, on average.
- Arizona: $860 a year, or about $72 a month, on average.
- Georgia: $845 a year, or about $70 a month, on average.
- California: $825 a year, or about $69 a month, on average.
Here are the cheapest states for condo insurance:
- Wyoming: $225 a year, or about $19 a month, on average.
- Vermont: $230 a year, or about $19 a month, on average.
- Maine: $245 a year, or about $20 a month, on average.
- West Virginia: $255 a year, or about $21 a month, on average.
- North Dakota: $305 a year, or about $25 a month, on average.
» MORE: Condo insurance in Florida
Full list of annual and monthly condo insurance rates in each state
| State | Average annual rate | Average monthly rate |
|---|---|---|
| Alabama | $565 | $47 |
| Alaska | $495 | $41 |
| Arizona | $860 | $72 |
| Arkansas | $575 | $48 |
| California | $825 | $69 |
| Colorado | $685 | $57 |
| Connecticut | $460 | $38 |
| Delaware | $455 | $38 |
| Florida | $995 | $83 |
| Georgia | $845 | $70 |
| Hawaii | $705 | $59 |
| Idaho | $380 | $32 |
| Illinois | $645 | $54 |
| Indiana | $470 | $39 |
| Iowa | $320 | $27 |
| Kansas | $435 | $36 |
| Kentucky | $570 | $48 |
| Louisiana | $880 | $73 |
| Maine | $245 | $20 |
| Maryland | $505 | $42 |
| Massachusetts | $490 | $41 |
| Michigan | $395 | $33 |
| Minnesota | $400 | $33 |
| Mississippi | $555 | $46 |
| Missouri | $450 | $38 |
| Montana | $490 | $41 |
| Nebraska | $455 | $38 |
| Nevada | $650 | $54 |
| New Hampshire | $330 | $28 |
| New Jersey | $450 | $38 |
| New Mexico | $405 | $34 |
| New York | $390 | $33 |
| North Carolina | $590 | $49 |
| North Dakota | $305 | $25 |
| Ohio | $375 | $31 |
| Oklahoma | $640 | $53 |
| Oregon | $515 | $43 |
| Pennsylvania | $385 | $32 |
| Rhode Island | $525 | $44 |
| South Carolina | $485 | $40 |
| South Dakota | $435 | $36 |
| Tennessee | $520 | $43 |
| Texas | $790 | $66 |
| Utah | $630 | $53 |
| Vermont | $230 | $19 |
| Virginia | $425 | $35 |
| Washington | $555 | $46 |
| Washington, D.C. | $400 | $33 |
| West Virginia | $255 | $21 |
| Wisconsin | $310 | $26 |
| Wyoming | $225 | $19 |
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 at $2,280 per year. Meanwhile, Minneapolis had the cheapest average rate at $430 per year.
| City | Average annual rate | Average monthly rate |
|---|---|---|
| Atlanta | $865 | $72 |
| Austin | $600 | $50 |
| Charlotte | $525 | $44 |
| Chicago | $825 | $69 |
| Dallas | $840 | $70 |
| Denver | $735 | $61 |
| Fort Worth | $790 | $66 |
| Houston | $975 | $81 |
| Indianapolis | $610 | $51 |
| Jacksonville | $770 | $64 |
| Las Vegas | $675 | $56 |
| Los Angeles | $1,160 | $97 |
| Miami | $2,280 | $190 |
| Minneapolis | $430 | $36 |
| New York | $505 | $42 |
| Orlando | $985 | $82 |
| Philadelphia | $660 | $55 |
| Phoenix | $1,095 | $91 |
| Portland | $530 | $44 |
| San Antonio | $815 | $68 |
| San Diego | $790 | $66 |
| San Jose | $750 | $63 |
| Seattle | $570 | $48 |
| St. Louis | $455 | $38 |
| Tucson | $945 | $79 |
Average condo insurance cost by coverage amount
The more coverage you need, the more you’ll pay for your policy. Make sure you have enough personal property coverage for all your stuff, including furniture, clothes, electronics and kitchen gadgets. If you have a large unit or higher-end items, you’ll need more personal property coverage.
Below are average rates for three levels of personal property coverage.
| Personal property coverage amount | Average annual rate | Average monthly rate |
|---|---|---|
| $50,000 | $490 | $40 |
| $75,000 | $570 | $48 |
| $100,000 | $645 | $54 |
Average condo insurance cost by company
We analyzed average annual rates from some of the largest home insurance companies in the U.S. by market share.
The cheapest among the insurers we looked at was State Farm, with an average annual rate of $360. The most expensive was American Family at $835 per year, on average.
| Company | NerdWallet star rating | Average annual rate |
|---|---|---|
| | $360 | |
| | $460 | |
| | $470 | |
| | $630 | |
| | $645 | |
| | $675 | |
| | $835 |
Keep in mind that these insurers may not all sell condo insurance in your state. You may also have local or regional options that are more affordable than the well-known national insurers. An independent insurance agent can help you find them.
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, cabinets and other built-in items.
- Personal property. Pays for stolen or damaged belongings.
- Loss of use, or additional living expenses. Can pay hotel bills or other costs if a covered event forces you out of your home.
- Personal liability. Provides financial protection if you accidentally hurt someone or damage their property.
- Medical payments. Pays medical bills for anyone injured on your property, regardless of fault.
Your policy may also include loss assessment coverage, which can help pay for shared association expenses.
Example: Your condo building catches fire. The condo association’s master insurance policy covers the damage, but there’s a hefty deductible. The association may divide the cost of the deductible 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 premiums are going up across the U.S., thanks to inflation and natural disasters. Below are a few ways to reduce your costs.
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 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 7% on condo insurance, according to NerdWallet’s rate analysis. Make sure you'd feel comfortable paying the deductible amount 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 smoke alarms, security systems or sprinklers.
- Signing up to autopay your premiums.
- Going a certain amount of time without filing a claim.
- Living in a gated community.
- Being a retiree.
Ask about these and other potential discounts when shopping.
Build your credit. In most states, insurers use your credit-based insurance score (similar to a credit score) to set condo insurance rates. Studies have shown that people with lower credit scores are more likely to file claims. That's why insurance companies generally charge more if your credit-based insurance score is poor.
Condo owners with poor credit pay about 54% 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 personal property coverage limits, we raised the limit to $75,000 or $100,000.
- For owners with a history of claims, we added a single water damage 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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