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
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