Condominium Insurance Costs for 2025
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In the United States, the average cost of condo insurance is around $55 per month, or approximately $656 per year. However, this figure can vary significantly depending on the city and the insurance provider.
NerdWallet's analysis of data from over 100 insurance companies reveals that the most expensive states for condo insurance are Florida, Louisiana, Arizona, Georgia, and California. On the other hand, the cheapest states are Wyoming, Vermont, Maine, West Virginia, and North Dakota.
Miami, Florida, stands out as the city with the highest average rate of condo insurance among the 25 largest U.S. cities, at $2,280 per year. In contrast, Minneapolis, Minnesota, boasts the lowest average rate at $430 per year.
The average rates for three levels of personal property coverage are $490, $570, and $645 per year, respectively. These rates may change depending on the coverage required and the insurer chosen.
State Farm has the cheapest average annual rate for condo insurance among the insurers analysed, at $360. Other insurers with relatively low rates include Allstate, Travelers, and Nationwide, with average annual rates of $460, $470, and $645, respectively. However, American Family has the most expensive average annual rate at $835.
It's worth noting that insurers may offer discounts for bundling policies, installing safety features, autopay, claim-free history, living in a gated community, or being a retiree. An independent insurance agent can help find local or regional options that may be more affordable than the well-known national insurers.
Insurers often use a credit-based insurance score to set condo insurance rates. Condo owners with poor credit pay about 54% more on average than those with good credit. Raising the deductible can also save about 7% on condo insurance.
Loss assessment coverage can help pay for shared association expenses in case of a covered event. Condo insurance policies typically include coverage for dwelling, personal property, loss of use, personal liability, medical payments, and loss assessment.
Comparison with home and renters insurance costs by city provides useful context. For instance, Los Angeles averages $2,112 annually for homeowners insurance, while renters insurance averages $252 per year. These rates reflect higher dwelling coverage but indicate regional cost differences that likely influence condo insurance prices too.
In summary, while the average cost of condo insurance in the U.S. is around $55 per month, it can be expected to be higher or lower depending on the city, regional risks, and insurer. Urban areas with higher property values, crime rates, or disaster risk tend to have higher insurance costs. For exact rates by city, contact local insurers or use quote tools, as coverage specifics and deductibles greatly influence final costs.
[1] Source: NerdWallet's analysis of data from more than 100 insurance companies. [2] Source: Insurance Information Institute [3] Source: InsuranceQuotes [4] Source: ValuePenguin [5] Source: Insurance.com
- When comparing insurance providers for personal condo insurance, one should analyze the costs across different states as rates can significantly vary, with Florida, Louisiana, Arizona, Georgia, and California being the most expensive, and Wyoming, Vermont, Maine, West Virginia, and North Dakota being the cheapest.
- In the realm of personal finance, saving money on condo insurance can be achieved by comparing rates across various levels of personal property coverage and choosing affordable insurers like State Farm, Allstate, Travelers, or Nationwide, while avoiding American Family, which has the highest rates.
- Just as seeking a mortgage involves comparing interest rates, you should compare condo insurance policy rates and check for discounts offered by insurers for factors such as bundling policies, safety features, autopay, and good credit history.
- Personal wealth management could help minimizing costs in the long run, as responsible insurance coverage like condo insurance can protect one's assets and investments, and a thorough financial analysis can uncover potential savings opportunities.
- In addition to saving money, it's essential to consider the coverage one requires, such as loss assessment, dwelling, personal property, loss of use, personal liability, medical payments, and other benefits that can shield your finances and business in turbulent times.
- By making just a small change like raising the deductible, you could potentially save around 7% on your condo insurance premium.
- Although condo insurance costs on average around $55 per month in the United States, the actual cost can differ significantly within each city, making it important to analyze specific city rates before making a purchase, weighing them against other expenses like home and renters insurance.
