Fact CheckedOwning a condo in Florida may sound dreamy, but it’s not all sand and sunshine. 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.
Why is Florida condo insurance so expensive?
Condo insurance in Florida has gotten less affordable for a variety of reasons:
Fewer choices. Severe weather and expensive lawsuits have driven some insurers out of the state or even into bankruptcy.
Inflation. Thanks to rising prices across the country in recent years, it now costs more to repair or rebuild after insurance claims. Insurers are passing the costs to policyholders.
New laws. The 2021 collapse of a condo tower in Surfside, Florida, led to laws designed to prevent similar tragedies. Condo buildings must now have regular inspections, and associations must keep funds on hand to make needed repairs. To raise these funds, many associations have had to levy fees known as special assessments. Unit owners have to pay these fees on top of their normal condo dues and insurance costs.
The best Florida condo insurance companies
If you’re looking for quality coverage from a well-rated insurer, consider one of these carriers.
Company | NerdWallet star rating | Why we picked it |
|---|---|---|
Best digital tools | ||
Best for high-value condos | ||
Low rate of consumer complaints | ||
Best for most people | ||
USAA* | Best for military families | |
*USAA insurance is available only to active military, veterans, some federal workers and their families. | ||
More about the best Florida condo insurance companies
See more details about each company to help you decide which one is best for you.
🏆 Amica: Best for digital tools
Why it's the best: Amica is worth considering if you want to manage your policy online. You can file and track claims, pay bills, and sign up for autopay through your online account. The company offers a variety of ways to get help when you need it, including email and live chat.
Amica’s condo policies come with the basic coverage you’d expect, plus extra options you might want to add. For example, you can consider water backup coverage for backed-up drains or sump pump failures.
Pros
- High customer satisfaction ratings and low consumer complaints.
- Many discounts available.
- Offers a live chat for customer questions.
Cons
- Online quotes may not be available in Florida.
🏆 Chubb: Best for high-value condos
Why it’s the best: Chubb's perks and high coverage limits make it a great choice for affluent condo owners. The company advertises quick resolution of claims, issuing some payments within 48 hours.
We like that Chubb includes more than the minimum legal amount of loss assessment coverage. This part of your policy can help pay for expenses shared among all owners in your building. Chubb also offers a free risk consultation that may include a scan to identify water leaks and other potential problems in your home.
Pros
- Far fewer consumer complaints than expected for a company of its size.
- Covers improvements you’ve made to your condo unit.
- Risk consultant can help you protect your home.
Cons
- Most consumers can't get a quote online and will instead need to contact a local agent.
🏆 Cincinnati Insurance: Low rate of consumer complaints
Why it’s the best: Cincinnati Insurance stands out for its low rate of complaints to state regulators, according to the National Association of Insurance Commissioners. The company offers its policyholders discounts on water shutoff devices, which can help prevent damage from leaks.
Cincinnati Insurance policies are available only through independent agents.
Pros
- Live chat available.
- Very low rate of consumer complaints.
- High financial strength ratings.
Cons
- No online quotes.
- Very little information on website.
🏆 State Farm: Best for most people
Why it’s the best: State Farm is the largest home insurer in the U.S. and one of the biggest in Florida. Its condo policies come with a free smart device called Ting. The device monitors your home’s electrical network to help prevent fires.
State Farm offers a variety of ways to save on your condo insurance. For example, you could be eligible for a discount if you have automatic sprinklers or a burglar alarm system in your condo. If you haven’t filed a claim in three to five years, you may be able to save even more.
Pros
- User-friendly website.
- Agents offer personalized service.
- Offers “absentee ownership” coverage for those who rent their unit to others.
Cons
- Below average in JD Power's 2026 U.S. Property Claims Satisfaction Study.
🏆 USAA: Best for military families
Why it’s the best: USAA sells insurance to active military, veterans, some federal workers and their families. Its condo policies come with perks for this community, including deductible-free coverage for military uniforms and equipment.
Another benefit of USAA’s policies is replacement cost coverage for your personal belongings. Some companies pay less in a claim for older items that have lost value over time. But USAA will pay enough for you to buy brand-new replacements.
Pros
- Policies include coverage that often costs extra elsewhere.
- Bundling discount up to 10% for condo and auto insurance customers.
- Benefits for military condo owners.
Cons
- Available only to active military members, veterans, some federal employees and their families.
Get home insurance quotes in minutes
Answer a few questions to see custom quotes and find the right policy for you.Florida’s insurer of last resort
Floridians who can't find condo insurance may end up with Citizens Property Insurance Corporation. The Florida legislature created this not-for-profit company as a last-resort insurer for those who couldn’t get coverage elsewhere.
You may be eligible for a Citizens condo insurance policy if:
You can’t find another company to insure your unit.
You have other options, but they cost more than 20% more than a policy from Citizens.
How much is condo insurance in Florida?
The average cost of condo insurance in Florida is $1,035 per year, according to NerdWallet’s rate analysis. That’s more than twice the U.S. average of $510 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 $2,335 per year in Miami, while owners in Orlando pay $990 per year, according to our analysis. Below are condo insurance rates for some of Florida’s biggest cities.
City | Average annual rate | Average monthly rate |
|---|---|---|
Boca Raton | $2,435 | $203 |
Bradenton | $1,090 | $91 |
Cape Coral | $1,250 | $104 |
Fort Lauderdale | $2,265 | $189 |
Fort Myers | $1,200 | $100 |
Gainesville | $850 | $71 |
Hialeah | $2,300 | $192 |
Hollywood | $2,335 | $195 |
Homestead | $2,615 | $218 |
Jacksonville | $820 | $68 |
Kissimmee | $930 | $78 |
Lake Worth | $2,260 | $188 |
Lakeland | $995 | $83 |
Miami | $2,335 | $195 |
Naples | $1,600 | $133 |
Ocala | $850 | $71 |
Orlando | $990 | $83 |
Pensacola | $1,190 | $99 |
Pompano Beach | $2,380 | $198 |
Port St. Lucie | $1,440 | $120 |
Sarasota | $1,145 | $95 |
St. Petersburg | $1,325 | $110 |
Tallahassee | $745 | $62 |
Tampa | $1,035 | $86 |
West Palm Beach | $2,410 | $201 |
» MORE: The average condo insurance cost
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 | Average monthly cost |
|---|---|---|
$50,000 | $1,035 | $86 |
$75,000 | $1,310 | $109 |
$100,000 | $1,545 | $129 |
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 $1,240 per year for condo insurance, according to NerdWallet’s rate analysis. That’s about 20% 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 small claims that won’t get you much of a payout after your insurer subtracts your deductible.
The cheapest Florida condo insurance companies
These are the companies we found with rates under the Florida average of $1,035 per year.
Company | NerdWallet star rating | Average annual rate |
|---|---|---|
Heritage | Not rated | $620 |
American Integrity | Not rated | $865 |
Florida Farm Bureau | Not rated | $975 |
$995 |
Is condo insurance required in Florida?
Florida law doesn’t require individual unit owners to buy condo insurance. But if you have a mortgage, your lender may require you to have 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 it's required, we recommend buying condo insurance. Say hurricane winds rip part of the roof off your building, letting rain into your unit. The association’s master policy would pay to repair the roof, but not for your damaged belongings. If this sort of disaster would be a major strain on your finances, having insurance is a wise idea.
What your individual condo policy covers | What your association's policy covers |
|---|---|
Damage to your personal belongings and fixtures inside your unit. | Damage to the building exterior and common areas. |
Lawsuits and liability claims against you. | Lawsuits and liability claims against the association. |
What does Florida condo insurance cover?
A condo insurance policy covers your belongings in case of theft, fire, wind and other disasters. It may also be able to help if someone sues you. Below are the types of coverage your condo policy will typically include.
Dwelling or building property 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.
Choose a high enough dwelling coverage limit to replace these items.
Personal property
Personal property coverage is for all your stuff. Think furniture, electronic devices, clothes 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).
Make sure you have enough personal property coverage to replace all your belongings. A home inventory app can help you find the right amount.
Ask your agent whether your policy covers your belongings on an actual cash value or a replacement cost basis. ACV coverage is cheaper, but you’ll get less of a payout from your insurer after a claim.
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. Say your kitchen catches fire. Loss of use coverage could pay for a hotel stay while contractors make repairs.
Personal liability
If you accidentally harm someone else or their property, personal liability coverage can help. 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.
Get 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 charges you and other unit owners. Such fees may be used to cover damage to a shared space or a liability claim against the association. Loss assessment coverage can help you pay these fees.
Did you know …
Coverage applies only if the scenario that sparked the loss assessment is something your policy covers. For example, your association might charge all owners a fee for flood damage to a common area. If your condo policy doesn’t cover flooding (most don’t), you won’t have coverage for the assessment.
Some policies may also limit how much they’ll pay toward an assessment for your association’s master deductible. Read your policy carefully or check with your agent to make sure you understand your coverage.
In Florida, condo insurance policies must include at least $2,000 of loss assessment coverage. But you may want a higher limit, especially if you live in an older building.
For more information, see our full guide to condo insurance coverage.
Optional coverage to consider
Condo owners in Florida may want to add the following types of coverage to their policies:
Flood. While condo policies usually pay for wind damage from tropical storms, they don’t cover flooding. This coverage is worth considering if you live in a ground-floor unit.
Water backup. This type of coverage pays for damage from sewers or drains backing up into your unit. It can also cover damage from a failed sump pump.
Scheduled personal property. If you have valuable belongings like an engagement ring or fine art, you may need extra coverage.
Sinkhole. By law, condo policies in Florida are required to cover “catastrophic ground cover collapse." However, this term doesn’t include all potential sinkhole damage. If you live in an at-risk area, ask your insurance agent if sinkhole coverage is available.
What’s not covered
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.
However, you may be able to add extra coverage for some of these scenarios.
How to save money on Florida condo insurance
If your condo insurance costs too much, try these strategies 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. We recommend comparing at least three quotes. If you don’t have time to shop around or can't find companies willing to insure your unit, contact an independent insurance agent.
Ask about discounts. Many insurers offer discounts for bundling condo and auto policies. You may also be able to save if you live in a gated community or haven't filed a claim recently. In Florida, insurers must offer savings to residential policyholders who take certain steps to protect their properties from wind damage.
Work on your credit. Many insurers 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 a traditional credit score.
Insurers care about your credit because people with lower insurance scores tend to be more likely to file claims. That's why insurance companies generally charge more if you have poor credit.
Florida condo owners with poor credit pay an average of 22% more than those 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 almost 9%, according to NerdWallet’s rate analysis.
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
- 1.Florida Legislature. Florida Statutes Section 718.111. Accessed Jul 31, 2026.
- 2.Florida Legislature. Florida Statutes Section 627.714. Accessed Jul 31, 2026.
- 3.Florida Legislature. Florida Statutes Section 627.706. Accessed Jul 31, 2026.
- 4.Florida Legislature. Florida Statutes Section 627.0629. Accessed Jul 31, 2026.
Methodology
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.
$20,000 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 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. They don't account for proprietary scoring criteria used by insurance providers.
These are sample rates generated through Quadrant Information Services. Your own rates will be different.
