If you own a condo, your homeowner association will cover exterior damage in the event of a disaster. They will not, however, cover any damage to the interior of your condo or your belongings. That’s where condo insurance comes in: condominium insurance (HO-6 policy), also known as “walls-in coverage,” protects everything within your unit. The best condominium insurance firms were ranked by Businessyield based on affordability, customer happiness, and financial soundness.<\/p>\n\n\n\n
Condominium insurance is comparable to homeowners insurance and renters insurance, but it is specifically created for condominiums. While your homeowner association is usually responsible for any damage to the outside of your building, you are responsible for any damage to the inside of your unit.<\/p>\n\n\n\n
Condo insurance protects your belongings, including appliances, personal belongings, and the apartment itself. It can cover damage from a variety of sources, such as fire and smoke, vandalism, lightning, and more. While you may believe you are adequately protected by your HOA’s master policy, it is still necessary to ensure everything inside your unit prevents damage.<\/p>\n\n\n\n
Another phrase for condominium insurance is an HO-6 policy. Condo insurance and HO-6 insurance are commonly used to refer to the same insurance policy. Basic home insurance is an HO-3 policy, renters insurance is an HO-4 policy, and comprehensive homeowners insurance is an HO-5 policy in the insurance market.<\/p>\n\n\n\n
Understanding your needs and comparing quotes are essential steps in locating the finest condo insurance company. Bankrate considered aspects such as coverage options, pricing, availability, and third-party scores from companies such as J.D. Based on our study, we partnered with Power and AM Finest to identify the best firms. However, keep in mind that your needs are unique to your scenario, therefore the finest condo business for you may vary.<\/p>\n\n\n\n
State Farm’s regular condo plans include all of the fundamental coverages that most people require, as well as an excellent array of supplemental coverage options. If a thief makes a fraudulent transfer from your account or you unintentionally receive a counterfeit bill, counterfeit money, and forgery expense protection can reimburse up to $1,000. Refrigerated products coverage can help pay to replace damaged food in your refrigerator or freezer in the case of equipment failure or a power loss.<\/p>\n\n\n\n
The condo insurance in Erie is very basic, however, they feature some outstanding optional coverage types. These include debris disposal coverage and lock replacement coverage, which pays up to $250 to rekey or replace locks following a crime. Following a covered loss, your Erie policy may also cover temporary repairs to prevent more damage. Erie Insurance also includes a one-of-a-kind feature that covers the expense of emergency first aid for humans or dogs.<\/p>\n\n\n\n
Hippo is a relatively new brand, but it’s worth investigating for condo owners. There are numerous condominium insurance policy options, including coverage for home office equipment, water backup, equipment malfunction, and valuables. You could also save money on your policy by requesting a quote eight or more days before your desired effective date, living in an HOA neighborhood, being mortgage-free, or purchasing a new condo. Hippo Home Care may also assist you with routine maintenance, which can help prevent damage before it occurs.<\/p>\n\n\n\n
While you may believe that your homeowner association covers damage to your condo, this often only covers the exterior of your building and any shared-use spaces. Nothing inside your condo is insured by your homeowner association and requires separate condominium insurance coverage. Condo insurance covers the following:<\/p>\n\n\n\n
In some situations, you may be able to supplement your condominium insurance with additional coverage. If you have exceptionally valuable property, you may want to obtain additional coverage to protect it. If you reside in an area prone to floods, earthquakes, or other natural disasters that aren’t covered by your current policy, you may want to consider adding additional coverage.<\/p>\n\n\n\n
A typical HO-6 condominium insurance policy contains the following coverages:<\/p>\n\n\n\n
This section of your HO-6 policy covers specific hazards such as fire and lightning, wind and hail, vandalism, and so on that cause damage to structural components of your unit’s interior but are not covered by the building’s master policy. Walls, floors, windows, and any attached fixtures or components such as kitchen cabinets, built-in bookcases, and bathroom fittings may or may not be included. To ensure you have adequate coverage for the structure of your unit, request a copy of the building manager’s or owner association’s master policy, which specifies which structural features of the unit are the responsibility of the management or HOA. The level of coverage varies.<\/p>\n\n\n\n
This safeguards your belongings, including clothing, furniture, gadgets, appliances, cookware, jewelry, and so on. In general, you should select a quantity of coverage equivalent to the value of your things. Your insurer will decide claim amounts in one of two ways, depending on the policy:<\/p>\n\n\n\n
If someone is injured in your apartment or you accidentally damage their personal property and are found legally liable, this coverage will cover your legal fees as well as their medical bills. Depending on the insurer, liability limitations often range from $100,000 to $500,000. If your assets are worth more than that, you should consider purchasing an umbrella insurance policy to provide further protection.<\/p>\n\n\n\n
If you are unable to reside in your condo while it is being repaired or rebuilt, your condominium insurance policy will cover expenses such as hotel stays and restaurant meals. This is also known as loss-of-use coverage.<\/p>\n\n\n\n
Your insurance carrier may also provide supplementary coverage in addition to regular coverage. These are some examples:<\/p>\n\n\n\n
Condo insurance does not cover certain perils, hazards, and obligations. These are some examples:<\/p>\n\n\n\n
If you have a mortgage and financed the purchase of your condo or co-op unit, your lender will require you to carry condominium insurance. Your HOA or condominium organization may require insurance coverage even if you own your unit entirely.<\/p>\n\n\n\n
A number of factors influence how much condo insurance you require. These are some examples:<\/p>\n\n\n\n
According to the National Association of Insurance Commissioners 2019 data, the average cost of condominium insurance is $512 per year, the most recent version available. The cost of condominium insurance varies greatly based on where you reside, how much coverage you require, and the deductible you select. Check out your state’s typical condo insurance premium:<\/p>\n\n\n\n Many organizations that sell homeowners insurance also sell condo plans. Consider the following companies that are readily available:<\/p>\n\n\n\n Condo insurance quotes are typically available on the insurers’ websites or by phoning them directly. If you’d rather not do the homework, you can hire an independent agent to compare quotes for you.<\/p>\n\n\n\n There are three main strategies to save money on condo insurance:<\/p>\n\n\n\n HOA insurance covers two types of coverage: liability and property. A master policy’s liability coverage can assist pay medical bills and legal fees if someone is injured in a common area, such as a clubhouse, lobby, or swimming pool, but it does not cover injuries experienced by guests within the walls of your condominium.<\/p>\n\n\n\n Condominium management can select from three different forms of property insurance coverage:<\/p>\n\n\n\n Before obtaining an HO-6 condominium insurance policy, it is important to understand how much coverage the HOA policy already includes. If your complex has an all-inclusive policy, you may not need much dwelling coverage. However, HOA policy exclusions are significant as well. A master policy, for example, may cover the internal construction of your condo but exclude non-standard fixtures you install, such as expensive imported tiling or a custom stained-glass window.<\/p>\n\n\n\n If you have a mortgage on your condo, your lender will almost certainly require you to get insurance for it. Buying insurance is a prudent financial decision. Condo insurance, on the other hand, is not comparable to a regular homeowners insurance policy because it only covers your individual unit and not the building as a whole.<\/p>\n\n\n\n Condo insurance, commonly referred to as HO-6 insurance, is a policy that is designed to work in conjunction with the master insurance policy held by your organization. It protects your personal possessions as well as, in many instances, permanent fixtures in your unit such as appliances that are built-in. In the event that you are sued for negligence or if you need to relocate while disaster repairs are being made, it also helps with the associated costs.<\/p>\n\n\n\n Even if your condo association or landlord does not mandate it, it is still in your best interest to get renters insurance. This is the case whether you are renting an apartment or a home. Renters’ insurance is typically inexpensive and can cover your personal items in addition to liability claims in the event that you are legally accountable for the injuries or property damages of another person.<\/p>\n\n\n\n Your goods, any injuries that may occur on your property for which you are legally responsible, and any temporary living expenses are all covered by condo insurance, just as they are by homeowners insurance. Damage to the outside of your home, including the exterior walls and garages, will not be covered by condo insurance. This is the primary distinction between the two types of policies. In addition, the liability protection against accidents sustained in the common areas of your condo complex (such as corridors, parking lots, and so on) may not be included in your condo policy.<\/p>\n\n\n\n A condo insurance coverage can be an option for you to protect your investment if you buy a townhome that is part of a community that mandates residents join a condo association. On the other hand, if you are in charge of maintaining the exterior of your townhome, you will require a homeowners policy that covers both the interior and exterior of your unit.<\/p>\n\n\n\n Homeowners with HO-3 and HO-6 insurance have different needs. HO-3 insurance is intended for single-family homes, while HO-6 insurance is intended for condominiums. There are some similarities, such as the fact that they both cover personal property, liability, medical payments, and loss of use.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t An HO6 insurance policy is homeowners insurance for condominium or co-op unit owners. You own your condo or co-op apartment and are likely accountable for any damage to it.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t Because it covers additional hazards, a house insurance policy can easily cost twice as much as a condo insurance policy for the same square footage (e.g. your house, gardener, pool, etc). Because you are only safeguarding a piece of the building, you will pay less for condo owner insurance.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\nState<\/strong><\/td> Average annual cost<\/strong><\/td><\/tr> Alabama<\/td> $559<\/td><\/tr> Alaska<\/td> $408<\/td><\/tr> Arizona<\/td> $407<\/td><\/tr> Arkansas<\/td> $549<\/td><\/tr> California<\/td> $563<\/td><\/tr> Colorado<\/td> $431<\/td><\/tr> Connecticut<\/td> $409<\/td><\/tr> Delaware<\/td> $445<\/td><\/tr> Florida<\/td> $997<\/td><\/tr> Georgia<\/td> $516<\/td><\/tr> Hawaii<\/td> $325<\/td><\/tr> Idaho<\/td> $426<\/td><\/tr> Illinois<\/td> $394<\/td><\/tr> Indiana<\/td> $347<\/td><\/tr> Iowa<\/td> $265<\/td><\/tr> Kansas<\/td> $404<\/td><\/tr> Kentucky<\/td> $395<\/td><\/tr> Louisiana<\/td> $765<\/td><\/tr> Maine<\/td> $349<\/td><\/tr> Maryland<\/td> $324<\/td><\/tr> Massachusetts<\/td> $447<\/td><\/tr> Michigan<\/td> $378<\/td><\/tr> Minnesota<\/td> $326<\/td><\/tr> Mississippi<\/td> $617<\/td><\/tr> Missouri<\/td> $403<\/td><\/tr> Montana<\/td> $410<\/td><\/tr> Nebraska<\/td> $358<\/td><\/tr> Nevada<\/td> $444<\/td><\/tr> New Hampshire<\/td> $347<\/td><\/tr> New Jersey<\/td> $457<\/td><\/tr> New Mexico<\/td> $415<\/td><\/tr> New York<\/td> $578<\/td><\/tr> North Carolina<\/td> $502<\/td><\/tr> North Dakota<\/td> $293<\/td><\/tr> Ohio<\/td> $312<\/td><\/tr> Oklahoma<\/td> $655<\/td><\/tr> Oregon<\/td> $375<\/td><\/tr> Pennsylvania<\/td> $393<\/td><\/tr> Rhode Island<\/td> $524<\/td><\/tr> South Carolina<\/td> $504<\/td><\/tr> South Dakota<\/td> $303<\/td><\/tr> Tennessee<\/td> $479<\/td><\/tr> Texas<\/td> $531<\/td><\/tr> Utah<\/td> $271<\/td><\/tr> Vermont<\/td> $354<\/td><\/tr> Virginia<\/td> $371<\/td><\/tr> Washington<\/td> $390<\/td><\/tr> Washington, D.C.<\/td> $377<\/td><\/tr> West Virginia<\/td> $320<\/td><\/tr> Wisconsin<\/td> $258<\/td><\/tr> Wyoming<\/td> $409<\/td><\/tr><\/tbody><\/table> How to Purchase Condominium Insurance<\/h2>\n\n\n\n
How to Reduce Condominium Insurance Costs<\/h2>\n\n\n\n
Condominium Insurance vs. HOA Insurance<\/h2>\n\n\n\n
Do You Need Homeowners Insurance for a Condo?<\/h2>\n\n\n\n
What Insurance Do You Need for a Condo?<\/h2>\n\n\n\n
What if I\u2019m Renting a Condo?<\/h2>\n\n\n\n
What\u2019s the Difference Between Condo Insurance and Homeowners Insurance?<\/h2>\n\n\n\n
Are Townhomes Insured Like Condos?<\/h2>\n\n\n\n
Condominium Insurance FAQs<\/h2>\n\n\n\t\t
What is the difference between HO6 and ho3?<\/h2>\t\t\t\t
What is an HO6 insurance policy?<\/h2>\t\t\t\t
Is condo insurance more expensive than house insurance?<\/h2>\t\t\t\t