Average Condo Insurance Cost

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
Alabama $513
Alaska $354
Arizona $373
Arkansas $507
California $497
Colorado $345
Connecticut $375
Delaware $383
District of Columbia $336
Florida $936
Georgia $442
Hawaii $279
Idaho $384
Illinois $359
Indiana $334
Iowa $267
Kansas $389
Kentucky $370
Louisiana $695
Maine $313
Maryland $286
Massachusetts $430
Michigan $345
Minnesota $281
Mississippi $571
Missouri $358
Montana $354
Nebraska $311
Nevada $380
New Hampshire $307
New Jersey $417
New Mexico $372
New York $515
North Carolina $409
North Dakota $269
Ohio $306
Oklahoma $566
Oregon $330
Pennsylvania $355
Rhode Island $444
South Carolina $476
South Dakota $269
Tennessee $439
Texas $737
Utah $236
Vermont $325
Virginia $306
Washington $338
West Virginia $297
Wisconsin $238
Wyoming $340
Source: National Association of Insurance Commissioners, 2018 rates. Used with permission.