Best Condo Insurance Companies For 2024

Nationwide is my pick for the best condo insurance company, with an average quote of $480 per year.

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Bob Phillips
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When it comes to safeguarding your home, choosing the right condo insurance company is a decision that can’t be taken lightly. After extensive research and comparison, we’ve found Nationwide stands out as the best option for condo owners. But, we won’t stop with just one recommendation. In this article, we’ll take a close look into the world of condo insurance and review a collection of top insurers to help you make an informed choice.

The absence of a comprehensive condo insurance policy can leave you vulnerable to various risks, from natural disasters to theft, potentially leading to significant out-of-pocket expenses.

In my 15 years of navigating the ins and outs of homeowners’ insurance, including condo insurance, I’ve witnessed firsthand the impact of being well-insured versus the repercussions of inadequate coverage. My personal journey as a condo owner has equipped me with the knowledge to discern what makes an insurance company truly stand out in terms of coverage options, customer service, and claims handling.

Best Condo Insurance Companies, 2024

nationwide-icon-logo
Best Overall - Nationwide
americanfamilyicon-logo
Cheapest - American Family
libertymutualicon-logo
Best For Discounts - Liberty Mutual
Lemonade
Best For Claims - Lemonade
Best Condo Insurance, 2024

Compare The Best Condo Insurance Companies

Overall Rating Best For Average Cost of Condo Insurance J.D Power Rating AM Best Rating Get A Quote
Nationwide
4.8

Overall

$480/year

812

A+

Instant Quote
American Family
4.2

Cheapest

$384/year

813

A

Instant Quote
USAA
4.6

Military Members & Their Families

$420/year

881

A++

Instant Quote
Liberty Mutual
4.0

Discounts

$456/year

789

A

Instant Quote
Allstate
4.5

Extra Coverage Options

$468/year

809

A+

Instant Quote
State Farm
4.6

Customer Service

$504/year

829

A++

Instant Quote
Lemonade
4.1

Claims Process

$420/year

Not Rated

Not Rated

Instant Quote
Scroll to see comparisons

Our Methodology

Our approach to evaluating condo insurance companies is both comprehensive and detailed. We focus on key aspects that matter most to homeowners: coverage options, customer satisfaction, financial strength, and overall value. By examining data from respected sources like J.D. Power and AM Best, alongside input from other review sites, genuine customer reviews, and specific policy details, we paint a clear picture of what each insurer brings to the table.

49

Quotes Analyzed

22

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

The Best Condo Insurance Companies


Best Overall

Overall Rating
4.8

Key Statistics

9/10 Affordability
9/10 Customer Reviews
9/10 Claims
10/10 Coverage Level

Why We Like Them

Nationwide emerges as our top contender in the condo insurance arena, providing broad coverage designed to cater to the varied requirements of condo owners. Its On Your Side® Review is a standout feature, offering personalized policy adjustments in line with life’s changes, highlighting Nationwide’s commitment to tailored service. The combination of adaptable policies, competitive prices, and exceptional customer support positions Nationwide at the forefront of the industry.

The company excels in offering an optimal mix of affordability and thorough coverage. With Nationwide, condo owners are spared from having to pick between saving money and securing comprehensive protection. Competitive pricing and numerous discount options not only make high-quality insurance more attainable but also underscore Nationwide’s commitment to balancing cost-effectiveness with high standards of protection.

Central to Nationwide’s success is its focus on stellar customer service. This insurer takes pride in its responsive support team, dedicated to ensuring policyholders have a smooth journey from selecting a policy to navigating claims. This focus on personalized attention, combined with its affordability and solid coverage options, marks Nationwide as a prime choice for safeguarding your condo.

Benefits & Drawbacks

Benefits
  • Comprehensive coverage options.
  • Personalized On Your Side® Reviews.
  • Competitive pricing with extensive discount opportunities.
Drawbacks
  • Below-average ratings in certain J.D. Power regions.
  • Can be pricey without discounts.
  • Some reports of longer claims processing times.

Cheapest

Overall Rating
4.2

Key Statistics

10/10 Affordability
8/10 Customer Reviews
7/10 Claims
8/10 Coverage Level

Why We Like Them

Securing a condo insurance policy that’s both comprehensive and budget-friendly might seem challenging, but American Family bridges this gap. By offering the most attractive rates alongside comprehensive coverages, American Family rises as the go-to insurer for homeowners who demand high quality without the high cost.

American Family understands the distinct needs of each condo owner, prioritizing policies that can be tailored to individual preferences. This emphasis on personalization allows you to fine-tune your coverage, paying only for what you genuinely need for security and peace of mind. Such customization not only augments the overall value but also empowers you to shape your insurance coverage to your exact specifications.

Opting for American Family for your condo insurance means enjoying both significant savings and dependable coverage. Their commitment to providing affordable, yet comprehensive, protection, paired with the advantage of customizable policies, distinguishes American Family as a prominent choice in the market.

Benefits & Drawbacks

Benefits
  • Highly competitive rates.
  • Customizable coverage options.
  • Friendly customer service.
Drawbacks
  • Limited availability geographically.
  • Fewer discounts compared to other insurers.
  • Longer claim resolution times reported by some customers.

Best For Military Members

Overall Rating
4.7

Key Statistics

7/10 Affordability
10/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

USAA’s tailored services for military members and their families set it apart. With benefits and discounts specifically designed for those in the armed forces, USAA understands and addresses the unique challenges faced by military condo owners. Its top-notch customer service and swift claims process further solidify its position as the best option for military-affiliated condo owners.

In addition, USAA provides an array of financial products and services designed to ease the transition back to civilian life or to assist with the unique financial challenges military families face. From checking accounts for new recruits to savings on personal electronics for barracks and dorm living, USAA ensures that its members are fully supported in every aspect of their lives.

Coupled with their Military Discount Guide, which helps maximize savings across various services, USAA demonstrates a deep understanding of the financial pressures military families endure, making it an invaluable partner for those looking to protect their homes and futures.

Benefits & Drawbacks

Benefits
  • Specialized services for military members.
  • Excellent customer service ratings.
  • Fast and efficient claims processing.
Drawbacks
  • Exclusively available to military members and their families.
  • Limited physical branch locations.
  • Some policy options can be more expensive than competitors.

Best For Discounts

Overall Rating
4.0

Key Statistics

9/10 Affordability
7/10 Customer Reviews
8/10 Claims
8/10 Coverage Level

Why We Like Them

Liberty Mutual sets itself apart through a wealth of discount possibilities that can lower your insurance costs. Whether you’re bundling different policies together or have a history of no claims, Liberty Mutual rewards measures that exhibit responsible property management and efforts to keep your condo safe. This range of discount options, along with versatile coverage plans, positions Liberty Mutual as a favored choice among homeowners looking for value.

But Liberty Mutual’s offerings go beyond mere cost savings to also bolster your sense of security. They provide customizable coverage options to meet the diverse needs of your condo, from safeguarding personal belongings to ensuring liability protection, thus offering the necessary resources to protect your home effectively.

The experience Liberty Mutual offers its customers is crafted for convenience and ease. Through an intuitive online interface and a comprehensive mobile app, policyholders can effortlessly oversee their policies, submit claims, and tweak their coverage as needed. This digital efficiency, combined with a dedication to prompt claim processing, means support and solutions are readily accessible, reinforcing Liberty Mutual’s position as a reliable protector of your home.

Benefits & Drawbacks

Benefits
  • Wide range of discount options.
  • Flexible coverage choices.
  • User-friendly online tools and resources.
Drawbacks
  • Customer service ratings vary by region.
  • Discounts and policies not available in all areas.
  • Some users report higher-than-expected renewal rates.

Best For Extra Coverage

Overall Rating
4.5

Key Statistics

7/10 Affordability
8/10 Customer Reviews
7/10 Claims
10/10 Coverage Level

Why We Like Them

Allstate excels in providing a range of additional coverage options, allowing for policies that align perfectly with individual needs, such as insurance for high-value items or covering extra living expenses during home repairs. Its customizable policies, enhanced by comprehensive online tools and resources, mark Allstate as a top provider of condo insurance solutions.

Allstate is recognized for its extensive coverage choices and its dedication to offering great value and ease to its customers, as reflected in strong customer feedback. With competitive rates and a variety of optional protections, Allstate ensures your insurance plan is as unique as your requirements, crafting a personalized safety net for your lifestyle and belongings.

Moreover, Allstate’s commitment to innovation simplifies policy management through its efficient online and mobile platforms, enabling easy adjustments to coverage, claim filings, and access to essential information. This combination of tailored services, cost-effectiveness, and digital ease affirms Allstate’s leading role in the insurance sector, presenting it as an excellent choice for condo owners in search of dependable, tailored insurance options.

Benefits & Drawbacks

Benefits
  • Extensive extra coverage options.
  • Useful online tools and resources.
  • Discounts for bundling and safety features.
Drawbacks
  • Can be on the pricier side without discounts.
  • Mixed reviews on claims satisfaction.
  • Policy details and options can be overwhelming for some.

Best For Customer Service

Overall Rating
4.6

Key Statistics

8/10 Affordability
10/10 Customer Reviews
9/10 Claims
9/10 Coverage Level

Why We Like Them

State Farm’s stellar customer service reputation is well-founded, thanks to its extensive network of local agents who offer a personal touch and detailed support. This focus on individualized customer interaction, along with attractive pricing and wide-ranging coverage, positions State Farm as a preferred choice for those valuing exceptional service.

At State Farm, you’re more than just a number; you’re part of a community, with local agents committed to understanding and meeting your specific insurance needs. This approach not only garners State Farm high marks in customer satisfaction but also builds a level of trust and reliability that sets it apart from competitors.

Moreover, State Farm distinguishes itself with customizable insurance offerings that cater to diverse needs. From essential protection to enhanced coverage options, you can tailor your policy to fit your requirements, ensuring you’re not overspending on unnecessary features. With State Farm, you’re choosing peace of mind that comes from an insurance plan crafted just for you, underscored by competitive rates and top-notch service.

Benefits & Drawbacks

Benefits
  • Outstanding customer service.
  • Comprehensive coverage options.
  • Strong financial stability.
Drawbacks
  • Not the cheapest option available.
  • Fewer discounts compared to other insurers.
  • Some areas may lack a local agent presence.

Best For Claims

Overall Rating
4.1

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
7/10 Coverage Level

Why We Like Them

Lemonade transforms the claims experience through its AI-powered platform, guaranteeing swift and straightforward resolutions. This pioneering method, combined with clear policy details and attractive rates, distinguishes Lemonade as a top pick for tech-oriented homeowners seeking ease and efficiency in their condo insurance management.

This expedited claims process boosts customer contentment while minimizing the usual stress and ambiguity involved in filing claims. Lemonade’s commitment to quick and simple service is reshaping the insurance industry’s standards, positioning it as an ideal option for individuals who prioritize efficiency.

Benefits & Drawbacks

Benefits
  • Rapid, AI-powered claims process.
  • Transparent, straightforward policies.
  • Competitive pricing and digital-first approach.
Drawbacks
  • Younger company with a shorter track record.
  • Limited coverage options compared to established insurers.
  • May not be the best fit for those preferring traditional service.

How Does Condo Insurance Work?

Condo insurance, often known as HO-6 insurance, is specifically designed for condominium owners, blending home and property insurance elements uniquely suited to the condo living arrangement.

Unlike standard homeowners insurance, condo insurance typically covers the interior of the unit and the owner’s belongings, while the exterior and common areas are usually covered by the condo association’s master policy. This division ensures that you’re not paying to insure parts of the property you don’t own, while still protecting your personal space and possessions.

The coverage provided by your condo insurance can be broken down into several key areas: personal property, liability, and often loss of use, among others. Personal property coverage helps replace your belongings in the event of theft, fire, or other covered disasters.

Liability coverage protects you in case someone is injured in your condo, covering legal fees and medical expenses. Some policies also include loss of use coverage, which pays for your living expenses if your condo becomes uninhabitable due to a covered peril.

What Does Condo Insurance Cover?

Condo insurance offers a comprehensive blend of coverage to protect condo owners from a variety of financial risks associated with property damage and liability claims. At its core, condo insurance typically includes personal property coverage, which reimburses you for the loss of personal items such as furniture, electronics, and clothing due to theft, fire, or other covered perils.

This means if an unexpected event damages your possessions, your insurance can help cover the cost to repair or replace them, ensuring you’re not out of pocket for these unforeseen expenses.

Another critical component of condo insurance is dwelling coverage, which covers the interior structure of your condo unit. This includes walls, floors, cabinets, and built-in appliances, bridging the gap that your condo association’s master policy doesn’t cover.

Essentially, if damage occurs to the interior of your condo due to a covered peril, your insurance steps in to cover repair or replacement costs, safeguarding your investment in your home’s aesthetics and functionality.

Liability protection is also a cornerstone of condo insurance, shielding you from financial loss if you’re found legally responsible for injuring someone or damaging their property. This coverage extends to cover court costs and legal fees, as well as any settlements or judgments against you up to the limits of your policy.

Additionally, loss of use coverage is often included, providing financial assistance for living expenses if your condo becomes uninhabitable due to a covered loss.

How Much Is Condo Insurance?

The average cost of condo insurance varies significantly based on location, the value of personal property, the size of the unit, and the level of coverage selected. However, it’s generally more affordable than homeowners insurance due to the nature of what it covers.

Nationwide, condo owners can expect to pay around $400 to $600 annually, though this can swing higher or lower depending on specific factors such as the condo’s geographic location, susceptibility to natural disasters, the age of the building, and the deductibles and policy limits chosen.

Insurance Company Average Monthly Cost Average Annual Cost
Nationwide $40 $480
Lemonade $35 $420
Liberty Mutual $38 $456
American Family $32 $384
USAA $35 $420
State Farm $42 $504
Allstate $39 $468

How To Find The Best Condo Insurance Policy

Finding the best condo insurance policy involves understanding your specific needs and how they match up with various insurers’ offerings. This requires a mix of personal assessment and market research to ensure you’re adequately covered without overpaying. Here’s a streamlined approach to pinpointing the policy that best fits your lifestyle and budget:

  • Assess Your Coverage Needs: Review your condo association’s master policy to see what’s already covered, and evaluate your personal belongings to determine how much coverage you need.
  • Compare Quotes: Shop around by getting quotes from several insurance providers through Insuranceopedia. Pay attention to the coverage details, not just the price.
  • Check Company Ratings: Research the insurers’ customer service reputations and claim processing efficiency through online reviews and ratings from independent agencies.
  • Consult an Expert: Consider speaking with an insurance agent who can provide personalized advice and clarify any doubts you might have about condo insurance policies.

What Factors Determine Your Rate

The cost of condo insurance is influenced by a variety of factors, making each policyholder’s rate unique. While insurers consider several aspects to determine premiums, understanding these key factors can help you anticipate the potential costs and find ways to optimize your coverage and expenses. Here’s a closer look at what affects your condo insurance quote:

  • Location: Proximity to coastal areas, crime rates, and the likelihood of natural disasters play a significant role in determining rates.
  • Value of Personal Property: The more valuable your personal belongings, the higher the cost to insure them.
  • Coverage Type and Amount: Opting for more comprehensive coverage or higher limits will increase your premium.
  • Deductible Amount: Choosing a higher deductible can lower your premium, but it means paying more out-of-pocket in the event of a claim.
  • Condo Unit’s Age and Condition: Older buildings or those in poor condition may be seen as higher risks, leading to higher premiums.
  • Security and Safety Features: Condos equipped with security systems, smoke detectors, and other safety features may qualify for lower rates.
  • Credit History: In many states, insurers use credit information as part of determining rates, with better credit potentially leading to lower premiums.
  • Claims History: A history of claims can indicate a higher risk and may result in higher premiums.

FAQs

Who has the cheapest condo insurance policy?

American Family is known for offering the most affordable condo insurance policies.

Do I need condo insurance?

Yes, condo insurance is essential for protecting your personal property and interior unit against unexpected events.

What is condo insurance?

Condo insurance covers personal property, interior structures, liability, and additional living expenses for condo owners.

How much condo coverage do I need?

Your coverage should match the value of your personal property and any interior upgrades, plus adequate liability coverage.

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