What should condo insurance cost

No partner can guarantee placement or favorable reviews on AdvisorSmith. The average cost of condo insurance in the U. 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. However, this amount may differ significantly depending on your location.

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.

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. There are three types of master policies, as explained earlier. If you have all-inclusive coverage on your master policy, you don't need dwelling coverage.

If you have a bare-walls or special entity policy, in addition to the above, you need to also add dwelling coverage. This covers your cabinets, lighting, bathroom and kitchen features, rugs, laundry facilities and so on. Here are common scenarios that will help you figure out your dwelling coverage amount:. Review rate tables and condo insurance cost estimator calculator. Now that you have an idea of how much coverage you need, review the various rate tables on this page, which show the average cost of condo insurance by month, state and coverage level.

You can also enter your ZIP code into our condo insurance cost estimator tool, which shows average rates, as well as the highest and lowest from up to six major insurance companies.

These rates assume all-in master policies. California is in the middle of the pack compared to the rest of the country, in terms of condominium insurance costs.

Condo insurance costs in Florida are the most expensive in the country, based on Insurance. But you can still save by doing a condo insurance quote comparison. Here are average condo rates in Florida by company.

Just like home and auto insurance, comparing condo insurance quotes from different companies can save you money on your coverage. Each insurance company is calculating the likelihood that you will file claims, or determining how much risk -- or cost -- you pose to them.

They decide what you pay for coverage based on this assessment, which takes into account where you live, the materials your dwelling is made of, and other factors. That means the cost for the same policy will vary significantly among condo insurance companies.

If you don't shop around, you won't know which is the most affordable. What you pay will depend on your condo-owner profile and where you live. Not all of these companies operate in all states. Call our licensed agents toll free Get Quotes. Written by: Chris Kissell Reviewed by: Penny Gusner Penny is an expert on insurance procedures, rates, policies and claims. Want to bundle home and auto insurance for potential discounts?

Condominium insurance covers three main things: dwelling coverage, personal property and personal liability. Instead of cutting corners on coverage, consider taking a larger deductible, which can lower your premium costs. Just like home and auto insurance, compare condo insurance quotes from different companies to save money on your coverage. Average condo insurance rates by state We answer the question: What does condo insurance near me cost?

How much is condo insurance per month? Your condo insurance policy covers a variety of circumstances like the cost of repairs caused by certain perils, liability costs if you are sued for medical issues or property damage by a guest, replacement for damaged or stolen personal property, and temporarily living costs if your unit is uninhabitable.

If the master policy comes with single entity coverage, it will only cover your original appliances and fixtures. If you have made additions or improvements, you might want to purchase dwelling coverage for your policy. Your condo insurance will cover the cost of replacing belongings like furniture, electronics, appliances, and clothing if they are stolen or damaged by a covered peril. Valuable items like jewelry, musical instruments, and artwork have limits placed on them, but additional coverage is available.

Not all disasters or perils are covered by condo insurance. Here are the perils you can expect most policies to cover:. This coverage also applies to the costs associated with a guest suffering personal property damage. This kind of protection covers the costs you incur from living outside of your temporarily unavailable condo unit due to a covered peril.

This protection covers things like accommodations, hotels, transportation, and dining. This type of coverage is not always included. When this happens, individual condo unit owners must contribute. Your loss assessment coverage may partially or completely cover the sum. If your condo is vacant for a long period, in general at least 30 consecutive days, your policy might not cover claims for issues that occur during that period because they are considered higher risk.

Consider purchasing vacant condo insurance if you plan to leave your condo for more than a month.