Posted July 29th, 2019 by Jason Metz
The average condo insurance cost is $471 a year, according to the National Association of Insurance Commissioners’ 2018 home insurance report. Florida has the most expensive average condo insurance cost at $936 a year. Utah and Wisconsin have the lowest average cost.
Averages are based on the most common condo insurance policy type called an HO-6. Find your state’s average cost in the map or chart below, and read more about what condo insurance covers.
What factors into condo insurance cost?
Insurance companies use several factors to determine condo insurance rates, usually including:
- What your policy covers (versus what an HOA policy covers).
- The value of your belongings.
- The location of the condo.
- The condo’s condition.
- Your claims history.
- Your credit (except in states where insurance companies are banned from using credit in setting condo insurance rates).
How can I lower my condo insurance cost?
Here are some ways you can lower condo insurance cost:
- Compare condo insurance quotes among a few companies to find the best deal.
- Raise the policy’s deductible, which is the amount subtracted from a claims check.
- Bundle condo insurance with your auto insurance.
- Ask your insurance agent about discounts, such as home security discounts.
- Don’t make claims for small problems. A claims history can cause a rate increase when your policy is renewed.
Average condo insurance cost by state
|State||Average annual cost|
|District of Columbia||$336|
|Source: National Association of Insurance Commissioners, 2018 rates. Used with permission.|
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