Best Condo Insurance In Arizona 2024
Nationwide is renowned for offering the best condo insurance in Arizona.
We’ve saved shoppers an average of $450 per year on their home insurance.
This guide will help you discover the best condo insurance in Arizona. From my time as a licensed insurance agent in the state, I can’t stress enough how crucial it is to secure adequate coverage, which protects you financially and offers peace of mind.
Rather than avoiding insurance, choose a comprehensive condo insurance policy that covers all possible risks, such as theft and natural disasters. Read on to find out how to get the best protection for your condo and yourself.
Best Condo Insurance In Arizona, 2024
Compare The Best Condo Insurance In Arizona
| Best For | Overall Rating | A.M Best Rating | J.D Power Rating | Get A Quote | |
|---|---|---|---|---|---|
| Nationwide |
Overall |
|
A+ |
816 |
Instant Quote |
| Chubb |
High-Value Condos |
|
A++ |
809 |
Instant Quote |
| Amica |
Runner-Up |
|
A+ |
849 |
Instant Quote |
| Travelers |
Discounts |
|
A |
794 |
Instant Quote |
Best Condo Insurance Companies In Arizona
Best For High-Value Condos
Key Statistics
Why We Like Them
⇅Chubb’s Masterpiece policy offers luxury condo owners extended replacement cost coverage and the option to add extra protections like identity theft and cyber security.
If you own a high-value condo in Arizona, Chubb is a great choice for insurance, with solutions crafted for high-net-worth homeowners.
Benefits & Drawbacks
⇅- Extended Coverage Options Provided
- Excellent Customer Care
- Few Complaints from Customers ✓
- More Expensive than Leading Competitors
- Higher Costs for Lower-Value Properties
- Lacks BBB Accreditation ✘
Best Overall
Key Statistics
Why We Like Them
⇅Arizona condo owners should consider Nationwide as a leading insurance option due to its comprehensive coverage and valuable add-ons, such as the ability to cover fixtures, additions, installations, improvements, or alterations.
In addition to personalized protection for your unit, belongings, and yourself, Nationwide also compensates you for extra costs if damage to your home makes it uninhabitable.
The company excels with a quick and easy claims process. Their customer service team is committed to delivering prompt and fair resolutions, which enhances customer satisfaction.
Benefits & Drawbacks
⇅- Best for extensive coverage
- Low-cost pricing
- Few customer issues ✓
- Premiums may increase
- Discounts might be temporary
- Less ideal for condos of lower value ✘
Best Runner-Up
Key Statistics
Why We Like Them
⇅Amica, known for its exceptional customer service and extensive coverage options, is a great option for condo insurance. The company provides broad coverage, with up to 20% savings when bundling auto and condo policies. Their Platinum policy offers extra protection through additional and extended coverages.
They stand out with competitive rates, often priced lower than top competitors like Allstate. Additionally, their low complaint level reflects strong customer satisfaction.
Benefits & Drawbacks
⇅- Numerous coverage options
- Solid financial strength
- High satisfaction among customers ✓
- AM Best rating declined in 2017
- Dividend policies unavailable in Arizona
- Premium rates above average ✘
Best For Discounts
Key Statistics
Why We Like Them
⇅Travelers Insurance is a top option for those wanting to cut costs. It provides various discounts for condo owners, leading to lower insurance premiums without compromising on the quality of coverage.
Travelers Insurance offers a multi-policy discount that can save you up to 15% on your condo insurance when bundled with car and other policies. This approach not only reduces your expenses but also simplifies your insurance management.
Benefits & Drawbacks
⇅- Affordable pricing
- Stable financial standing
- Provides bundling discounts ✓
- Higher complaint rate than key competitors
- Availability may be restricted
- Possibility of a restricted dog breed list ✘
How much condo insurance is required in Arizona?
While insurance isn’t legally required for condo owners in Arizona, mortgage lenders or condo associations typically mandate it. Most condo insurance policies provide liability coverage between $100,000 and $500,000.
What does condo insurance cover in Arizona?
HO6 insurance, commonly used for condos in Arizona, typically safeguards everything within the unit, including walls, floors, fixtures, cabinets, and personal belongings, from damage and theft. Additionally, many policies offer coverage for common areas under loss assessment, with endorsements starting at $1,000 and often being adjustable.
How much condo insurance do I need in Arizona?
The amount of condo insurance you should have in Arizona is determined by factors like your condo’s structure, the value of your personal belongings, and the scope of your condo association’s master policy. You can also opt to add loss assessment coverage to assist with expenses for damage or loss in shared areas.
How to get an online condo insurance quote in Arizona
To get the right coverage for your Arizona condo, it’s best to request quotes from several home insurance providers in the state. I recommend checking out Insuranceopedia to compare different insurers and their policy offerings.
For the most accurate quotes, you’ll need to offer certain information, like:
- Personal information: This includes your name, address, insurance history, and the number of people residing in your condo.
- Personal property value: What is the value of the personal belongings you wish to insure?
- Replacement cost of your condo: What is the estimated cost of rebuilding your unit using similar materials if it’s damaged?
- Condo details: You’ll need to provide details about your condo, including its age, square footage, type of exterior walls, and safety features.
How to find the best condo insurance company for you
Considering your condo may be your most prized asset, it’s important to get the right coverage to protect against financial loss. Finding a policy tailored to your specific needs will take time and effort. To assist you in this process, here are five steps you can take to safeguard yourself, your family, and your belongings:
- Determine how much condo insurance coverage is necessary for your needs.
- Research condo insurance companies online and pick three that you trust the most.
- Ask each of them for a quote.
- Compare the coverage options, rates, financial strength, customer satisfaction, and discounts.
- Apply for coverage with the company that offers the best overall value.
How Much Is Condo Insurance In Arizona?
Because condo insurance varies for each individual, I’ve prepared these cost comparison tables to help you make an informed choice:
Average Cost Of Condo Insurance By City
The following table reveals the average condo insurance costs on a monthly and annual basis for residents in 10 of Arizona’s biggest cities.
| City | Average Annual Rate | Average Monthly Rate |
| Phoenix | $860 | $72 |
| Tucson | $680 | $57 |
| Mesa | $765 | $64 |
| Scottsdale | $815 | $68 |
| Glendale | $730 | $62 |
| Gilbert | $741 | $61 |
| Chandler | $765 | $64 |
| Tempe | $799 | $67 |
| Peoria | $671 | $57 |
| Surprise | $650 | $55 |
Average Cost Of Condo Insurance By Building Property Limits
Choosing the correct condo insurance amount depends on the value of your condo and personal property. The initial table compares the average annual rates for various building property limits in Arizona.
| Building Property Limit | Average Annual Rate |
| $40,000 | $740 |
| $60,000 | $833 |
| $80,000 | $952 |
| $100,000 | $1,030 |
Average Cost Of Condo Insurance By Company
This final table compares the yearly condo insurance costs in New York, highlighting rates from 10 of the top national insurance companies.
| Insurance Company | Average Monthly Rate |
| State Farm | $511 |
| USAA | $855 |
| Farmers | $1,015 |
| Nationwide | $784 |
| Allstate | $856 |
| Travelers | $1,570 |
| American Family | $990 |
Note that the figures provided in the tables are approximate and may change depending on factors such as how much insurance you need, the location of your condo, and its structural specifics.
Don’t focus only on cost when selecting a policy. Ensure you also get comprehensive coverage and pick an insurer with high financial strength ratings and good customer service.
Find Condo Insurance In Arizona
Factors That Impact The Cost Of Your Condo Insurance Policy
These four factors have a major impact on how much you pay for condo insurance in Arizona:
Physical Address
If your condo is located in a Arizona neighborhood with high crime or severe weather risks, you’ll likely pay more for insurance. Additionally, the state’s frequent wildfires contribute to the high cost of condo insurance.
Age and Building Materials
Higher premiums are typical for older condominiums due to their increased susceptibility to damage from outdated systems. The materials used in construction also affect premiums; for example, condos with fire-resistant materials may see reduced rates in Arizona.
Replacement Cost
Replacement cost refers to the projected cost of rebuilding your condo unit if it gets damaged. An increase in replacement value usually drives up your insurance premiums.
Claims History
If you’ve filed insurance claims in the past, insurers may consider you a higher-risk customer, which could lead to higher premiums for your condo insurance. A clean claims history, however, might reduce your premiums.
Our Methodology
I assessed the top condo insurance companies in Arizona by considering J.D. Power’s customer satisfaction scores, AM Best’s credit ratings, consumer feedback, and my own experience as a former licensed property and casualty agent in Arizona, where I sold condo insurance.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
FAQs
How much is condo insurance in Arizona?
Condo insurance in Arizona generally costs about $75 per month or $902 a year on average. However, your rates might vary based on factors such as where you live, your claims history, and the coverage limits you select.
How does condo insurance work?
Condo insurance covers the costs of repairing or replacing the interior of your unit and your personal belongings if they are damaged or stolen. It also includes liability protection and fills in gaps left by your condominium’s master policy, ensuring you are protected against financial loss.
Sources
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