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Licensed property and casualty insurance agent
NPN: 21630969
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Licensed property and casualty insurance agent
10+ years editing experience
NPN: 20461358
Updated
Condo insurance — or HO-6 insurance — covers the interior of your unit, your personal belongings, liability, and additional living expenses. Unlike homeowners insurance, which covers the entire building, condo insurance focuses on your living space and what’s inside. It works alongside your HOA’s master policy, which covers the exterior of the building and common areas.
Even small incidents, like a water leak or an accidental injury, can be costly without the right coverage. We’ll explain how condo insurance works and how to buy the right policy for your needs. Plus, we’ll tell you where you can get the best condo policies and cheapest rates.
The law doesn’t require you to have condo insurance, but you’ll need it if you have a mortgage or plan to refinance your unit.
Optional add-ons like loss assessment, water backup, replacement cost, and identity theft can provide extra protection.
Comparing multiple insurers, bundling policies, and installing security features can help you find affordable condo coverage that fits your specific needs.
The best condo insurance company depends on your budget, coverage needs, and what you look for in an insurer. Here are our top three picks for condo owners, based on customer reviews, average rates, and coverage options.
Amica has a loyal customer base, as evidenced by its high marks for claims handling and overall satisfaction across third-party review websites. You can customize your policy with add-on coverages like personal property, water backup, identity theft, replacement cost coverage, and accidental damage coverage for electronics.
Amica is one of the few insurers offering a dividend policy in some states, which allows customers to receive up to 20% of their premium back.
Excellent customer service and claims reputation
A+ (Superior) financial strength rating
Dividend policies available
Limited policy management in mobile app
Fewer available discounts than competitors
Not available in every U.S. state
Allstate is a solid condo insurance choice if you want coverage for business property, electronic data recovery, or if you plan to rent out your condo. The company offers many discounts to help lower your premiums, including a multi-policy, early signing, and auto-pay discounts.
Florida condo owners can save even more by protecting their units against hurricanes and other natural disasters.
Highly customizable coverage options
Many available discounts
Available nationwide
Customers report a frustrating claims process
Poor Trustpilot rating
Below-average customer satisfaction rating
If you want straightforward, no-frills condo insurance, Liberty Mutual offers affordable coverage that protects your unit and belongings. Standard policies also cover your stuff outside your condo, including while you’re moving.
The company also offers a full suite of insurance products, including auto, motorcycle, life, and pet insurance.
Above-average claims satisfaction rating
Excellent Trustpilot rating
Affordable condo insurance rates
High number of consumer complaints
Below-average J.D. Power Home Insurance Study ranking
Few available discounts
We looked at multiple factors to determine the best homeowners insurance companies for condos, including pricing, coverage options, customer service ratings, and available discounts. We also used information from insurers’ websites and reputable third-party sources such as AM Best, the National Association of Insurance Commissioners (NAIC), the Better Business Bureau (BBB), and Trustpilot.
Get rates from multiple insurers and save money in seconds.
Under a standard HO-6 policy, condo insurance covers the following:[1]
Dwelling: Unlike a homeowners insurance policy, which covers the entire structure, condo insurance only covers the interior of your unit. Coverage is typically referred to as “from the studs in,” which includes the walls, floors, ceilings, upgrades, and built-in, permanent fixtures.
Personal belongings: Personal belongings coverage protects your furniture, clothing, electronics, and other items inside your condo.
Liability protection: Liability insurance covers legal expenses and medical bills if a guest injures themselves in your unit or you accidentally damage someone else’s property.
Loss of use: Loss of use coverage pays for temporary living expenses if your condo becomes uninhabitable due to a covered loss.
Depending on where you live and the value of your assets and personal property, you may want more coverage for your condo. Optional add-ons to consider include high-value item coverage, identity theft protection, replacement cost coverage, and loss assessment to cover your share of HOA losses.
Condo insurance doesn’t cover everything. Knowing what you don’t have coverage for can help you avoid surprises and decide if you need extra protection.
Exterior building damage: Damage to roofs, walls, or common areas usually falls under the HOA’s master policy rather than your HO-6 policy.
Earthquakes and floods: Standard condo insurance typically excludes natural disasters like floods and earthquakes. But you can usually add an endorsement to your policy or get separate flood insurance.
Maintenance-related issues: Condo insurance doesn’t cover wear and tear, mold from poor upkeep, or pest infestations.
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An HOA master insurance policy works alongside your personal HO-6 condo insurance coverage. But knowing what each one covers can help you avoid coverage gaps.
Your condo policy covers the inside of your unit, personal belongings, and liability. The condo association’s master policy covers the building and shared common areas.
Most HOA master policies cover the following:
Building structure: Your HOA’s policy covers the exterior walls, roof, and shared systems like electrical, plumbing, and heating, ventilation, and air conditioning (HVAC).
Common areas: The HOA master policy also covers lobbies, hallways, gyms, pools, parking lots, and other community spaces.
Liability for common areas: Your HOA is liable for damages and injuries that occur in shared spaces.
HOAs typically have one of two types of master policies: an all-in policy or a bare walls-in policy. An all-in policy covers everything, including built-in original condo unit features. A bare walls-in policy covers only the building’s shell.
If you own a condo, it’s a good idea to review your HOA documents to see exactly what the master policy includes so you can tailor your condo policy accordingly.
The national average cost of condo insurance is $239 per month for $300,000 worth of coverage. If you’re looking for the cheapest condo insurance, consider the following companies, which have some of the lowest condo insurance rates, according to Compare.com data.
Company | $200,000 Dwelling Coverage | $400,000 Dwelling Coverage |
|---|---|---|
| Allstate | $152 | $264 |
| Amica | $96 | $167 |
| COUNTRY Financial | $226 | $367 |
| Farmers | $161 | $299 |
| Mercury | $152 | $263 |
| Nationwide | $196 | $360 |
| State Farm | $184 | $280 |
| Travelers | $150 | $265 |
Several factors affect your condo insurance premium, including:
Location: Rates vary by your state, city, and even your neighborhood. The risk of natural disasters, such as hurricanes, also affects premiums.
Unit value and size: Larger units or units with upgrades generally cost more to insure.
Deductible amount: Choosing a higher deductible usually lowers your monthly cost, but you’ll pay more if you file a claim.
Claims history: Insurers consider your claims history when setting rates. Being claims-free can help lower your premium.
Security and safety features: Smoke detectors, security systems, and fire sprinklers can help lower rates.
Coverage limits: Higher property insurance rates and extra coverages increase how much you pay for condo insurance.
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Buying condo insurance doesn’t have to be confusing. Follow the steps below to get the coverage you need at the best price.
Start by reviewing what your HOA master policy covers to see whether you need to cover walls-in or just upgrades to your unit. If you’re unsure, ask your homeowners association, insurance agent, or mortgage lender for help.
Make a home inventory to determine how much coverage you need for your personal belongings and the cost to replace your unit’s fixtures and upgrades. Consider your net worth when determining how much personal liability coverage you need.
Breaking down your coverage needs helps you get accurate quotes.
Get condo insurance quotes from multiple companies. Compare coverage limits, deductibles, optional add-ons, and premiums. Look at customer reviews and ratings for claims service and financial strength to determine which insurer is the best fit.
Ask companies about discounts for safety features and being claims-free. Bundling your condo and car insurance could save you up to 20% on premiums, depending on the company.
Read the policy thoroughly before you buy. Check what you have coverage for, what you don’t, and any limits on valuable items. Make sure the building, personal property, and liability limits meet your needs.
Confirm that the policy includes any optional add-ons you need, like water backup, loss assessment, or identity theft coverage. Check to make sure it also includes all your discounts.
Once you pick a policy, complete the paperwork and set up your payment. Keep your policy documents handy, and review them at each renewal. Make sure to update your coverage if you make renovations or upgrades, buy expensive items, or your HOA changes its master policy.
Get the coverage you need for your home at the best price.
If you rent a condo, your HOA’s master policy or landlord’s condo insurance doesn’t protect your personal belongings and liability.
Renters insurance is the best way to cover your appliances, clothing, furniture, electronics, and any accidental injuries or property damage you might cause to others. You can typically add optional coverage for valuable items and water backup.
Most renters insurance policies are affordable, usually costing between $20 and $43 per month, depending on your coverage limits and location.
We answered common questions people ask about getting the best condo insurance. Check them out below.
Condo owners need an HO-6 policy to cover the interior of their unit, personal belongings, liability, and additional living expenses. It works alongside the HOA’s master policy, which typically covers the building’s exterior and common areas.
Condo insurance typically costs $239 per month for $300,000 worth of dwelling coverage, according to Compare.com. But premiums vary based on where you live, your unit’s size, coverage limits, and optional add-ons like water backup and personal property coverage.
Amica is one of the best insurance companies for condos, according to Compare.com. The company has excellent customer service, good claims handling, and superior financial stability. Allstate is a good pick if you’re looking for discounts, and Liberty Mutual offers great basic coverage.
Shelter has the cheapest condo insurance, at $362 per month for $300,000 of coverage, according to Compare.com data. But your Insurance costs depend on your coverage limits, deductible, safety and security features, claims history, and ZIP code.
No. Condo insurance often costs less than home insurance because the HOA covers the building’s exterior and common areas. Your condo insurance premium is based on your unit’s interior, your personal property, and liability coverage needs.
No. Condo insurance doesn’t protect from flood damage. If you want coverage for floods, you need to buy a separate flood insurance policy.
The HOA’s master policy typically covers the building’s structure, common areas, and shared systems, like plumbing and electrical. It may also cover the interior of your unit as it was originally built, so you only have to cover upgrades and renovations. Check with your HOA about its specific policy.
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Licensed property and casualty insurance agent
NPN: 21630969
Licensed property and casualty insurance agent
10+ years editing experience
NPN: 20461358
At Compare.com, it’s our mission to give you the tools to find the best (and most affordable) insurance for your unique needs and budget. We strive to provide information that’s helpful, clear, and unbiased, and we believe that comparing insurance companies should never put you at risk of spam. Our editorial team — which is made up of experienced writers, editors, insurance agents, and data analysts — has spent thousands of hours researching and creating the coverage overviews, side-by-side comparisons, and detailed reviews you see across our site.
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