How Much Is Condo Insurance? 2026 Rates

The average condo insurance cost in the U.S. is $510 per year, or about $43 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.

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:

1. Florida: $1,035 a year, or about $86 a month, on average.

2. Arizona: $935 a year, or about $78 a month, on average.

3. Louisiana: $895 a year, or about $75 a month, on average.

4. Texas: $830 a year, or about $69 a month, on average.

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

Here are the cheapest states for condo insurance:

1. Vermont: $230 a year, or about $19 a month, on average.

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

3. Maine: $290 a year, or about $24 a month, on average.

4. Wyoming: $305 a year, or about $25 a month, on average.

5. Iowa and North Dakota (tie): $320 a year, or about $27 a month, on average.

» MORE: Condo insurance in Florida

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 $2,335 per year. Meanwhile, Indianapolis had the cheapest average rate at $435 per year.

You need enough personal property coverage to replace all your stuff. That includes furniture, clothes, electronics and kitchen gadgets. If you have a large unit or higher-end items, you’ll want a higher personal property limit.

Below are average rates for three levels of personal property coverage.

The lower coverage amounts in the table are likely appropriate for a one- or two-bedroom unit with mid-priced belongings. But the best way to choose your coverage limit is to estimate the rough value of your stuff. You can use a home inventory app to help add up the costs.

We analyzed average annual rates from some of the largest U.S. home insurers by market share.

The cheapest among the companies we looked at was State Farm, with an average annual rate of $400. The most expensive was American Family at $890 per year, on average.

Keep in mind that these insurers may not all sell condo insurance in your state. You may also have local or regional options with cheaper rates than the well-known national insurers. An independent insurance agent can help you find them.

» MORE: The best home insurance companies

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.

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

Insurance premiums are going up across the U.S., thanks to inflation and natural disasters. Below are some ways to cut 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.

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.

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

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National Bureau of Economic Research. Pricing Protection: Credit Scores, Disaster Risk, and Home Insurance Affordability. Accessed Jul 30, 2026. View all sources . That's why insurance companies generally charge more if your credit-based insurance score is poor.

Condo owners with poor credit pay about 56% 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.

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 16% on condo insurance, according to NerdWallet’s rate analysis. Make sure you'd feel comfortable paying the deductible amount in an emergency.

» MORE: 8 ways to lower your home insurance costs