Compare Condo Insurance 

Compare Condo Insurance

If you’re in the market for a new home, buying a condo instead of a single-family house can have lots of benefits, like affordability, lower maintenance costs, and amenities. Once you purchase a condo, it’s important to get the right types of insurance to protect your investment. Condo owners must purchase condo insurance, which differs from homeowners insurance in a few specific ways. 

In this guide, we’ll explain how condo insurance works, what it covers, and what companies offer the best condo insurance. We’ll also share how condo insurance and homeowners are different in terms of cost and coverage. 

Written by Elizabeth Rivelli

Edited by Alyssa DiCrasto

Last updated: May 16, 2024

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What is condo insurance?

Condo insurance is a bundle of insurance policies that cover the potential risks condo owners face. This type of insurance covers damage to the interior of your condo unit, your liabilities, and loss of use. Here are the kinds of coverage that are typically included with a standard condo insurance policy: 

  • Dwelling insurance: For condo insurance, dwelling insurance covers the cost of repairing or rebuilding the interior of your condo unit.  
  • Personal property insurance: Personal property insurance pays to replace personal items that get damaged in a covered loss. 
  • Personal liability insurance: Liability insurance covers third-party claims of bodily injury and property damage. It will cover a settlement or judgment with the other person, as well as your legal fees. 
  • Medical payments insurance: Medical payments insurance provides a small amount of coverage for another person’s medical bills if they get injured in your condo unit.  
  • Loss of use insurance: Loss of use insurance pays for a hotel, restaurant meals, and other daily living expenses if your condo is damaged in a covered loss and you must relocate while it gets repaired. 
  • Loss assessment insurance: Loss assessment insurance provides some coverage for assessments from your condo association. This can happen if there is damage to a common area, like a pool or gym, and the cost of repairs exceeds the condo association’s master policy. 

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Do condos need homeowners insurance?

If you own a condo that has a mortgage, you are likely required to have condo homeowners insurance. Most lenders require homeowners to have condo insurance until their mortgage is paid off. But even if you own your condo outright, having condo insurance is still beneficial. 

Condo insurance provides valuable financial protection and peace of mind. If the interior of your condo unit gets damaged or your personal belongings get destroyed, condo insurance will pay to replace them. It also covers loss assessment, which can be very expensive.  

Having a comprehensive condo insurance policy can help you avoid paying out-of-pocket for expensive losses and repairs. While you may never have to use your insurance coverage, the cost of condo insurance is often much cheaper than having to face a major loss without insurance. 

How much condo insurance do I need?

The amount of condo insurance you need depends on your individual situation. 

In general, you should have enough dwelling insurance to cover the cost of rebuilding your condo unit back to its current condition. That includes walls, flooring, and permanent fixtures, like large appliances. Keep in mind that the cost of rebuilding your condo is probably not the same as how much you paid for it. 

For personal property coverage, you should have enough coverage to match the total value of your personal items. This includes your furniture, clothing, small appliances, and decor. To estimate an appropriate amount of personal property coverage, it can be helpful to make a home inventory. 

Most condo insurance policies will provide several fixed limits for liability insurance, medical payments insurance, loss of use insurance, and loss assessment coverage. Choose a coverage limit that offers the amount of financial protection you feel comfortable with. Choosing higher coverage limits will likely raise your premium. 

If you want to raise or lower your coverage limits, you can do so at any time. You should also review your condo insurance coverage limits at least once per year to make sure you always have sufficient protection for your situation.

What condo insurance covers

Condo insurance covers a variety of common perils, including: 

  • Fire, smoke, and lightning 
  • Windstorms 
  • Hail 
  • Falling objects 
  • Theft 
  • Vandalism 
  • Accidental power surges 
  • Accidental water discharge 
  • Explosions 
  • Weight of snow or ice
condos

Keep in mind that condo insurance never covers damage from earthquakes or flooding, even when caused by a natural disaster, like a hurricane. If you want coverage for these events, you can purchase standalone earthquake insurance or flood insurance policies.  

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The best condo insurance companies

There are many reputable insurance companies that sell condo insurance. To find the best condo insurance for you, it’s important to compare a few different providers. Some of the best condo insurance companies to consider may include: 

  • Allstate 
  • State Farm 
  • USAA 
  • Auto-Owners 
  • American Family 
  • Erie 
  • Travelers 
  • Farmers 

How to save money on condo insurance

There are a variety of ways to save money on homeowners insurance for a condo. You can use these tips to lock in a lower premium: 

  • Look for discounts: Many condo insurance companies offer discounts that could help you get a cheaper rate. Some of the most common discounts include policy bundling, having no recent claims, and insuring a newly purchased condo. 
  • Choose higher deductibles: For policies that require a deductible, like personal property insurance, choosing higher deductibles will reduce your monthly rate. 
  • Install safety devices: You can often qualify for condo insurance savings when you install certain safety devices, like fire sprinklers or an alarm system. If you live in an area that is prone to severe weather, you might also be able to save money by installing storm-proof doors and windows. 
  • Pay in full: Paying your annual condo insurance premium upfront and in full could help you earn a small discount on your policy.  

One of the best ways to save money on condo insurance is to shop around and compare quotes from multiple insurers. You can take our short quiz to see how much you can expect to pay for condo insurance and get matched with quotes from some of the top insurance companies. 

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FAQs

Is condo insurance different from homeowners insurance? 

Yes, condo insurance and homeowners insurance are different in a few ways. Condo insurance protects the inside of your condo unit, whereas homeowners insurance protects the interior and exterior of your home. Additionally, most condo insurance policies provide loss assessment coverage. In terms of cost, condo insurance is generally cheaper than home insurance.  

What type of homeowners insurance is needed for condominiums? 

Condo owners need to purchase condo insurance. You cannot insure a condo with a home insurance policy. A standard condo insurance policy might provide sufficient coverage for some condo owners. However, many people can also benefit from adding endorsements to get more customized protection for their condo. 

What is the difference between ho6 and ho3? 

HO-6 insurance is condo insurance and HO-3 insurance is special form home insurance. Both policies provide dwelling insurance, personal property insurance, liability insurance, and medical payments insurance. However, HO-6 also provides loss assessment coverage and the dwelling insurance portion only covers the interior of the condo unit. HO-3 insurance doesn’t include loss assessment insurance and the dwelling insurance portion covers the entire property. 

Do most states require condo insurance? 

Condo insurance is not legally required in any state. However, if you have a mortgage, most lenders require condo owners to have condo insurance.