Condo Insurance in Florida: Complete Guide

The price of Florida condo insurance is going up.
Sarah Schlichter
By Sarah Schlichter 
Edited by Caitlin Constantine

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Owning a condo in Florida may sound dreamy, but it’s not all sand and sunshine. Florida condo owners are facing a double whammy — soaring prices for their own individual condo policies, plus higher monthly fees to pay for their association’s increasingly expensive master policies.

Condo insurance in Florida is getting less affordable for a variety of reasons. Extensive litigation and catastrophes such as Hurricane Ian have driven some insurers out of the state or even into bankruptcy. Inflation, which makes it more expensive to repair or rebuild buildings after a claim, is sending insurance premiums soaring across the country. And the 2021 collapse of a condo tower in Surfside, Florida, has made companies more cautious about insuring condo buildings in Florida.

It all adds up to fewer insurers to choose from and higher rates across the board. In fact, the cost of individual condo insurance in Florida is higher than in any other state, according to NerdWallet’s rate analysis.

Here’s what you need to know about condo insurance in Florida, including companies to consider and how to get the coverage you need.

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How much is condo insurance in Florida?

The average cost of condo insurance in Florida is $1,400 per year, according to NerdWallet’s rate analysis. That’s more than three times as much as the U.S. average of $455 per year. But there’s a lot of variation depending on where in the state you live.

For example, condo insurance costs an average of $3,945 per year in Miami, while owners in Orlando pay $1,305 per year, according to our analysis. Below are condo insurance rates for some of Florida’s biggest cities.


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Cape Coral



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Pompano Beach



Port St. Lucie






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West Palm Beach



Florida condo insurance rates by coverage level

The more coverage you need, the more you’ll pay. Below is a sample of rates for various levels of personal property coverage (the part of your policy that pays for your belongings).

Personal property coverage limit

Average annual cost

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How a claim affects Florida condo insurance rates

Filing a claim may cause your rates to go up in the future. For example, someone in Florida with a recent claim for water damage would pay an average of $1,520 per year for condo insurance, according to NerdWallet’s rate analysis. That’s about 9% more than someone with no history of claims.

Does that mean you should never file a claim? No — but you may want to avoid submitting relatively minor claims that won’t get you much of a payout after your insurer subtracts your deductible.

The best Florida condo insurance companies

If you’re looking for quality coverage from a well-rated insurer, consider one of these carriers from our list of the best home insurance companies.


NerdWallet star rating

Average annual rate


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More about the best Florida condo insurance companies

See more details about each company to help you decide which one is best for you.

State Farm

The largest home insurer in the U.S., State Farm draws fewer consumer complaints than expected for a company of its size, according to the National Association of Insurance Commissioners (NAIC). Florida condo owners may be eligible to receive a free Ting smart device, which monitors your home’s electrical network to help prevent fires. The company offers a variety of ways to customize your condo policy.


Chubb caters to high-value homes and draws far fewer consumer complaints than expected for a company of its size, according to the NAIC. The company advertises quick resolution of claims, with some payments issued within 48 hours. It also includes more than the minimum legal amount of loss assessment coverage, which can help pay for expenses shared among all owners in your building.


With Nationwide, you may be able to add extra coverage for things like identity theft, valuable jewelry and backed-up sewers and drains. It also offers replacement cost coverage for your personal belongings, which ensures that you’ll receive enough of a claim payout after a disaster to replace destroyed items with brand-new replacements. Nationwide draws the expected number of complaints for a company of its size, according to the NAIC.

The cheapest Florida condo insurance companies

These are the companies we found with rates under the Florida average of $1,400 per year.


NerdWallet star rating

Average annual rate


Not rated


Tower Hill


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Universal Property

Not rated



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American Integrity

Not rated


Is condo insurance required in Florida?

Florida law doesn’t require individual unit owners to buy condo insurance. However, if you have a mortgage, your lender may require you to have a certain amount of condo insurance as a condition of your loan. This coverage helps protect the lender’s financial interest in your property.

Even if you don’t have a mortgage, your condo association may have rules about coverage for individual unit owners.

Regardless of whether your lender or association requires it, you may want condo insurance. Say hurricane winds devastate your building. The association’s master policy would pay to rebuild the structure and common areas, but it wouldn’t reimburse you for your lost belongings or damage to the inside of your unit. If this sort of disaster would be a major strain on your finances, having insurance is a wise idea.

What does Florida condo insurance cover?

A condo insurance policy covers the fixtures and personal belongings inside your unit for scenarios such as theft, fire and wind damage. Below are the types of coverage your condo policy will typically include.

Dwelling coverage

Dwelling coverage is the part of a condo policy that covers your unit’s built-in fixtures. Under Florida law, an association’s master policy can’t cover the following within an individual condo unit:

  • Flooring or carpet.

  • Wall or ceiling coverings.

  • Electrical fixtures.

  • Appliances.

  • Water heaters or filters.

  • Built-in countertops and cabinets.

  • Drapes, blinds or other window treatments.

To cover these items, select a high enough dwelling coverage limit to replace them if necessary.

Note that some of the items above, such as drapes, could fall under personal property coverage instead. (More on that below.) If you need help choosing your coverage limits, speak with your insurance agent.

Personal property

Personal property coverage is for all your stuff — furniture, electronic devices, clothes, books, knickknacks and even that ice cream maker you never use. If these items are stolen or destroyed, personal property coverage would pay to replace them (minus your deductible).

Ask your agent whether your policy covers your belongings on an actual cash value (ACV) or a replacement cost basis. ACV coverage is cheaper, but you may not get enough of a payout to buy brand-new replacement items after a claim. To learn more, see actual cash value vs. replacement cost.

Loss of use

Also known as additional living expenses, loss of use coverage kicks in if you can’t live in your condo after a covered disaster. For instance, loss of use coverage could pay for a hotel stay while contractors repair your condo after a kitchen fire.

Personal liability

Personal liability coverage offers financial protection if you accidentally harm someone else or their property. It can cover things like:

  • Legal bills if someone sues you after your dog bites them at the park.

  • Medical expenses if someone gets hurt in your condo.

  • The cost to replace your neighbor’s window if your shot goes awry from the condo's golf course.

Consider choosing at least enough liability coverage to protect all your assets, including your home and investments.

Medical payments

Like personal liability coverage, medical payments coverage can pay for treatment if someone is injured in your unit. However, it has a much lower coverage limit and doesn’t require you to be found responsible for the injury.

Loss assessment

A loss assessment is a fee your association may charge you and other unit owners for damage to a shared space or a liability claim against the association.

One example might be wind damage from a hurricane that exceeds the association’s coverage limit. In other cases, the association’s master policy might have a hefty deductible that’s divided among all the owners. Loss assessment coverage could help with such costs.

🤓Nerdy Tip

Loss assessment coverage applies only if the scenario that sparked the assessment is something your policy covers. So if the association is charging all owners a fee for flood damage, and your condo policy doesn’t cover flooding (most don’t), you won’t have coverage for the assessment.

In Florida, condo insurance policies must include at least $2,000 of loss assessment coverage with a deductible no greater than $250. You may want to upgrade to a higher limit, especially if your association’s master policy has a high deductible.

What’s not included

Most condo insurance policies won’t pay for damage from:

  • Flooding (such as storm surge or heavy rain that can’t drain fast enough).

  • Earthquakes and mudslides.

  • Backed-up water from sewers or drains.

  • Wear and tear.

  • Intentional damage or injuries.

  • Termites and other infestations.

Note that you may be able to add extra coverage for many of these scenarios.

How to save money on Florida condo insurance

If your condo insurance has become unaffordable, there are a few things you can try to get a better rate.

Shop around. While availability may be more limited than it used to be, there are still companies to choose from when it comes to Florida condo insurance. We recommend comparing at least three quotes. If you don’t have time to shop around or you’re having trouble finding companies willing to insure your unit, consider working with an independent insurance agent.

Ask about discounts. Are you getting all the savings you’re eligible for? Many insurers offer discounts for things like bundling condo and auto policies, living in a gated community and going for a certain length of time without filing a claim. Certain protective devices such as smoke detectors, security systems and smart-home technology may also entitle you to a rate cut.

Work on your credit. In Florida, as in most states, insurers can use what’s known as a credit-based insurance score to determine how much you pay for insurance. This score is similar but not identical to your traditional credit score.

Because studies have shown that people with lower insurance scores are more likely to file claims, insurance companies will generally charge you more if you have poor credit. In Florida, condo owners with poor credit pay an average of 28% more than people with good credit, according to NerdWallet’s rate analysis. Learn how to rebuild your credit.

Raise your deductible. A deductible is the part of a claim you’re responsible for paying. If you’re willing to pay a higher amount, you’ll pay less in annual premiums. In Florida, raising your deductible from $1,000 to $2,500 could save you 17%, according to NerdWallet’s rate analysis.


To find the average cost of condo insurance in Florida, NerdWallet calculated the median rate for 35-year-old condo unit owners from multiple insurance companies in every ZIP code across the state. We also looked at median rates by city. 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.

  • 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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