Condo Insurance Cost

Condo Insurance Cost
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How Much Is Condo Insurance?

How Much Is Condo Insurance?

No matter how old you are or whether you’re single or have a family, if you live in a condo, you want to make sure you’re protected with the right coverage. Having condo insurance is important, and the prices for it can vary.
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The right type of condo insurance and its cost can depend on a few factors, such as:
 
  • Your location: Condo insurance costs vary across states and regions. For instance, condo insurance in NYC can have a different price than insurance in upstate New York.
  • The items you need to insure: Things like large appliances are more expensive to replace if they get damaged.
  • Expensive belongings you own: Items like jewelry or valuable art can be covered with your condo insurance policy.
  • Discounts you qualify for: These can lower the cost of your policy depending on your insurance company.
Condo insurance can help protect your condo unit and your belongings. Standard policies include:
 
  • Personal liability coverage to help pay legal defense costs and any court judgments against you if someone sues you for negligence. For example, if water leaks from your condo and causes damage to your neighbor’s unit.
  • Medical coverage that helps cover emergency medical bills if someone gets hurt on your property.
  • Dwelling coverage to help protect the inside of your condo, along with any improvements you make. It can also cover parts of the property you’re responsible for insuring under your condo association agreement.
  • Personal property coverage which helps protect the belongings you keep in your condo like furniture, clothing and appliances.
The average cost for condo insurance differs from state to state.2
  • Iowa: $279
  • Louisiana: $736
  • New York: $540
  • North Dakota: $287
  • Oklahoma: $604
  • South Dakota: $288
  • Texas: $771
  • Utah: $253
  • Wisconsin: $249
The Hartford offers condo owners valuable credits and savings that can help bring down your rate. For example, if you bundle your condo and auto insurance together, it can save you up to 20% on your condo owner’s insurance and up to 5% on auto coverage.**
 
To learn more about your insurance options and the discounts you can receive, get a condo insurance quote today.
 

What Does the Average Condo Insurance Cost?

The national average for condo insurance is $625 a year. This was for a policy with $60,000 in personal property coverage, $300,000 in liability protection and a $1,000 deductible.3
 
You can easily find the average for your area using the condo insurance calculator below. For example, a policy in The Hartford, Connecticut area with $60,000 in personal property coverage, a $1,000 deductible and $300,000 in liability protection would cost an average of $822 per year.

What Condo Insurance Is Available?

Types of Master Policies

Bare walls agreement, which protects only the structure of your condominium. The cost for this insurance is usually included in the dues you pay to your association. If other owners share your building, it will cover the collectively owned parts of the property, such as entryways, shared walls, elevators or staircases.

You’ll still need your own insurance to protect the personal property inside your condo.
 
Single entity helps protect all real property, like the building structure and fixtures, in your condo. Single entity coverage does not protect any structural improvements or additions to your unit.

Similar to the bare walls agreement, you and any owners that share your building will pay the cost of this coverage together. You will still need to insure the personal property inside your unit separately.
 
All-inclusive agreement covers all real property inside your condo’s structure, including fixtures and any improvements or additions you’ve made. Again, you will need to insure your own personal property with a separate policy.

These coverages will all play a role in deciding your condo insurance needs and cost.
Your condominium association will offer you a master policy. Each association offers different coverages.

How Much Condo Insurance Do I Need?

The amount of condo insurance you need depends on many factors, including:
Your condo association will have an insurance policy that gives you some coverage as a starting point, but they don’t all offer the same coverage.
 
State laws, which can differ from state to state and will help determine the coverage you need.
 
Personal possessions because the more expensive items you have, the more coverage you may need. You should make a list of your belongings and estimate their total value. This will help decide the amount of condo insurance coverage you need to replace them if they’re damaged.
 
Learn more about condo insurance today.

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** Automobile/Homeowners discount is available only to policyholders who have both their auto and home (or condo or renters) insurance through the AARP Auto & Home Insurance Programs from The Hartford.
Summaries of coverages and policy features are for informational purposes only. In the event of loss, the actual terms and conditions set forth in your policy will determine your coverage.
 
AARP and its affiliates are not insurers. Paid endorsement. The Hartford pays royalty fees to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP. AARP membership is required for Program eligibility in most states.
 
The AARP Auto Insurance Program from The Hartford is underwritten by Hartford Fire Insurance Company and its affiliates, One Hartford Plaza, Hartford, CT 06155. It is underwritten in AZ, MI and MN by Hartford Insurance Company of the Southeast; in CA, by Hartford Underwriters Insurance Company; in WA, by Hartford Casualty Insurance Company; in MA, by Trumbull Insurance Company; and in PA, by Nutmeg Insurance Company and Twin City Fire Insurance Company. The AARP Home Insurance Program from The Hartford is underwritten by Hartford Fire Insurance Company and its affiliates, One Hartford Plaza, Hartford, CT 06155. It is underwritten in AZ, MI and MN by Hartford Insurance Company of the Southeast; in CA by Property and Casualty Insurance Company of Hartford; in WA, by Trumbull Insurance Company; in MA, by Trumbull Insurance Company, Sentinel Insurance Company, Hartford Insurance Company of the Midwest, and Hartford Accident and Indemnity Company; and in PA, by Nutmeg Insurance Company. Home product is not available in all areas, including the state of FL. Savings, benefits and coverages may vary and some applicants may not qualify. The Program is currently unavailable in Canada and U.S. Territories or possessions.
 
1 In Texas, the Auto Program is underwritten by Redpoint County Mutual Insurance Company through Hartford of the Southeast General Agency, Inc. Hartford Fire Insurance Company and its affiliates are not financially responsible for insurance products underwritten and issued by Redpoint County Mutual Insurance Company. The Home Program is underwritten by Hartford Insurance Company of the Southeast.
 
* Customer reviews are collected and tabulated by The Hartford and not representative of all customers.
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