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Average Condo Insurance Cost

Average Cost of Condo Insurance

The average cost of condo insurance in the U.S. is $506 per year or $42 per month. It is vital for condo owners to financially protect themselves in the event of a serious injury, theft, vandalism, fire, or significant property damage to the condo unit. Without condo insurance, also known as HO-6 insurance, owners must pay for these costs out-of-pocket, which can potentially reach life-altering amounts. 

Average Cost of Condo Insurance by State

Nationally, the average annual cost of condo insurance is $506. However, this amount may differ significantly depending on your location. The range of average annual costs is as low as $269 in Utah to as high as $964 in Florida. 

StateAverage Monthly CostAverage Annual CostDifference from National Average
District of Columbia$31$369-27%
New Hampshire$28$332-34%
New Jersey$38$450-11%
New Mexico$33$397-22%
New York$46$5539%
North Carolina$38$456-10%
North Dakota$27$320-37%
Rhode Island$42$500-1%
South Carolina$42$500-1%
South Dakota$26$307-39%
West Virginia$26$313-38%

There are a number of factors that may determine the cost of condo insurance, including your condo’s location, how densely populated the area is, exposure to natural disasters, and even exposure to criminal activity. 

Most Expensive States for Condo Insurance

States in the South were among the most expensive places for condo insurance. Eleven of the top 15 most expensive states were all southern states, and states in the Southeast were particularly prevalent, taking up nine of the top 15 spots.

The top five most expensive states for condo insurance are:

  1. Florida, with an average annual cost of $964
  2. Texas, with an average annual cost of $790
  3. Louisiana, with an average annual cost of $748
  4. Oklahoma, with an average annual cost of $631
  5. Mississippi, with an average annual cost of $600

There are certainly many factors taken into account when determining condo insurance, but the location of these particular states seems to play a major role. After all, southern states are prone to severe weather events, including hurricanes and tornados. In fact, eight of the top 10 costliest natural catastrophes in the U.S. were hurricanes, all impacting southern states.

Least Expensive States for Condo Insurance

With far less exposure to natural disasters, the least expensive states for condo insurance are almost all located in the northern region of the United States. The one exception is Hawaii. Many of these states are among the least populated in the country, which may also help to explain their lower condo insurance rate. 

The top five least expensive states for condo insurance are:

  1. Utah, with an average annual cost of $269
  2. Wisconsin, with an average annual cost of $280
  3. Iowa, with an average annual cost of $295
  4. South Dakota, with an average annual cost of $307
  5. Hawaii, with an average annual cost of $310

With less populated cities and fewer chances of a natural disaster, it’s no surprise that these particular inland states offer a lower rate for condo insurance. 

How does coverage level affect condo insurance costs?

Although the cost of your condo insurance is largely determined by your location, another major factor is your coverage limit, which is the highest amount your insurer will pay for a claim. As with most insurance policies, a higher coverage limit often means a higher average cost. This can equate to a significant change in your premium costs. For instance, condo policies with a coverage limit of less than $14,000 had an average annual cost of $373, while policies with a coverage limit of over $100,000 or more had an average annual cost of $857. 

Coverage LimitAverage Monthly CostAverage Annual Cost
$13,999 and under$31$373
$14,000 to $19,999$31$366
$20,000 to $25,999$37$445
$26,000 to $31,999$34$407
$32,000 to $37,999$34$403
$38,000 to $43,999$36$434
$44,000 to $49,999$34$413
$50,000 to $74,999$39$473
$75,000 to $99,999$45$534
$100,000 and over$71$857
National Average$42$506

What’s covered by condo insurance and what’s not?

Condo insurance financially protects you, your condo unit, and your belongings. A standard condo insurance policy typically includes the following forms of coverage:

What determines the cost of condo insurance?

There are a number of factors that determine the final cost of your condo insurance. To get the most accurate estimate, we recommend taking some time to analyze the amount of coverage you need and gather quotes from various insurers. The following are some notable factors that may play a role in your condo insurance price:


AdvisorSmith used data published by the National Association of Insurance Commissioners (NAIC) on countrywide and state-specific premium and exposure information for condo/co-op (HO-6) insurance policies. This data was published in the 2020 NAIC Dwelling Fire, Homeowners Owner Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report, which analyzed data from 2018.

The data for condo/co-op policies that was collected spanned over 23 million house-years, with house-year being defined as policy coverage on a dwelling for 12 months. Data was collected from all 50 states and the District of Columbia.

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