Best Condo Insurance In Arizona For 2024

Nationwide provides the top condo insurance policy in Arizona, based on our analysis of coverage options and rates.

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Written by Bob Phillips
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With 13 years of experience as a licensed insurance agent in Arizona, I assure you that you’ve found the perfect source for this essential information. Securing the right condo insurance is crucial—it’s about more than just protecting your investment; it’s about ensuring your peace of mind.

Picture waking up to discover your condo has been damaged by a hurricane, a frequent event in Arizona. Without adequate insurance coverage, the cost of repairs and replacing your belongings could be overwhelming, not to mention the emotional toll. This is why having a comprehensive condo insurance policy is essential—it covers everything from natural disasters to theft.

Failing to act can result in serious consequences. In my 13 years in the insurance industry, I’ve seen many condo owners suffer significant financial losses due to insufficient insurance coverage. Don’t let this happen to you. Let’s explore the world of condo insurance in Arizona, review your options, and make sure you’re fully protected against any eventuality.

Best Condo Insurance Companies In Arizona, 2024

Best Condo Insurance, Arizona 2024

Compare The Best Condo Insurance Companies In Arizona

Best For Overall Rating A.M Best Rating J.D Power Rating Average Monthly Cost Get A Quote
Nationwide

Overall

4.9

A+

816

$914

Instant Quote
Travelers

Discounts

4.6

A

794

$815

Instant Quote
Chubb

High-Value Condos

4.7

A++

809

$973

Instant Quote
Amica

Runner-Up

4.8

A+

849

$1,055

Instant Quote
Scroll to see comparisons

Our Methodology

To identify the best condo insurance companies in Arizona, I used objective data from AM Best for financial strength and J.D. Power for customer satisfaction. Additionally, I considered feedback from consumer sites and drew on my experience as a former licensed property and casualty agent selling condo insurance in Arizona.

138

Quotes Analyzed

27

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

Best Condo Insurance Companies In Arizona


Best For Discounts

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Travelers Insurance is now a popular option for condo insurance in Arizona, especially among those wanting substantial discounts. They present numerous ways to save money, ensuring their policies remain cost-effective while providing ample coverage.

A standout discount choice is their multi-policy option. By combining their condo insurance with a Travelers auto policy, homeowners can enjoy savings of up to 15%. This approach streamlines insurance handling while delivering significant cost reductions.

Travelers also offers extra discounts for homeowners who have compatible smart or connected home systems. This shows the company’s dedication to promoting and rewarding proactive efforts in home upkeep and security.

Travelers stands out as an excellent pick for Arizona condo proprietors due to its inclusive coverage options and attractive discounts. Moreover, Travelers has gained recognition for delivering cheaper home insurance rates than many competitors, all while maintaining similar coverage options.

Benefits & Drawbacks

Benefits
  • Attractive rates
  • Financially stable
  • Package deal options
Drawbacks
  • Restricted availability
  • Possible bans on dog breeds
  • More customer complaints than some competitors

Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

When it comes to protecting your condo, Nationwide is a top choice for insurance in Arizona. They provide comprehensive coverage tailored to meet the unique needs of condo owners, ensuring you are fully and effectively covered.

Nationwide provides extensive protection for condo owners, covering everything from your furniture, clothing, and other personal items against covered losses to reimbursing additional living expenses if a covered loss makes your home uninhabitable.

What distinguishes Nationwide is its exceptional claims service. In times of need, you want an insurer who will be there for you, offering prompt and fair service. Nationwide excels in this, providing a seamless claims process and a dedicated team ready to assist you when you need it most.

Their dedication to customer needs goes beyond basic coverage. Nationwide offers options to cover additions, alterations, fixtures, improvements, and installations, ensuring your investment is well protected.

Benefits & Drawbacks

Benefits
  • Wide-ranging insurance
  • Competitive premiums
  • Top-tier customer care
Drawbacks
  • Unsuitable for low-cost properties
  • Potential extra charges
  • Restricted discount availability

Best Runner-Up

Overall Rating
4.8

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claim Payouts
10/10 Coverage Level

Why We Like Them

Amica is a top choice for comprehensive condo coverage in Arizona. Renowned for outstanding customer service and a variety of coverage options, Amica provides a seamless insurance experience. By bundling condo and car insurance, policyholders can save up to 20%.

Amica offers very competitive rates. Compared to Allstate, Amica provides significantly lower monthly rates. Moreover, Amica has a low complaint rate, indicating high customer satisfaction. The Platinum Choice Home Coverage includes various types of protection, ensuring robust coverage for your condo.

Benefits & Drawbacks

Benefits
  • Provides various coverage plans. . . . . .
  • High levels of customer satisfaction
  • The company is financially secure
Drawbacks
  • Rates are above the industry average
  • No dividend payments to policyholders
  • Maintains a strong AM Best rating, though downgraded in 2017

Best For High-Value Condos

Overall Rating
4.7

Key Statistics

7/10 Affordability
10/10 Customer Reviews
9/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

For Arizona’s high-value condo owners, Chubb is a leading insurance provider. Known for exceptional service and customized coverage for affluent clients, Chubb offers high coverage limits and various perks.

The Masterpiece policy is tailored for high net-worth families, providing extended replacement cost options to ensure complete coverage for your valuable property.

Chubb is recognized not only for its broad coverage but also for unique offerings such as cyber protection and identity theft coverage. Dedicated to addressing the unique needs of affluent households, Chubb provides premium insurance solutions for high-net-worth condo owners in Arizona.

Benefits & Drawbacks

Benefits
  • Outstanding customer care
  • Extended coverage options available
  • Few complaints
Drawbacks
  • Rates above average
  • Not accredited with BBB
  • May not suit average-priced condos

How Much Is Condo Insurance In Arizona?

To assist in making an informed choice, we have provided several comprehensive comparison charts:

Average Cost Of Condo Insurance By City

The following table offers a snapshot of average annual and monthly condo insurance costs in Arizona’s ten largest cities:

City Average Annual Rate Average Monthly Rate
Phoenix $860 $72
Tucson $820 $68
Mesa $880 $73
Chandler $764 $64
Scottsdale $908 $75
Glendale $760 $63
Gilbert $740 $61
Tempe $784 $65
Peoria $804 $67
Surprise $752 $62

These rates are approximate and may change depending on factors such as the exact location of your condo, its structural characteristics, and the coverage amount you need.

Average Cost Of Condo Insurance By Building Property Limits

Condo insurance isn’t a one-size-fits-all solution. The coverage you require will depend on the value of your property and possessions. To assist you in making an informed decision, here’s a comparison chart showing average monthly rates for condo insurance in Arizona according to building property limits

Building Property Limit Average Annual Rate
$40,000 $770
$60,000 $938
$80,000 $1,135
$100,000 $1,354

These rates are estimates and may change depending on factors such as your condo’s location, its structural characteristics, and the coverage amount you need.

Average Cost Of Condo Insurance By Company

The table below displays the average monthly rates from ten major national insurance companies that provide condo insurance in Arizona:

Insurance Company Average Monthly Rate
State Farm $730
Allstate $898
Liberty Mutual $885
USAA $739
Progressive $935
Nationwide $876
Farmers $717
Travelers $820
Erie $778
American Family $975

Keep in mind that these rates are estimates and can differ based on factors like your condo’s location, structural features, and the coverage amount you need. The lowest rate isn’t always the best value. Look for a policy that balances affordable rates, comprehensive coverage, great customer service, and financial stability.

How To Find The Best Condo Insurance Company For You

Securing the right condo insurance to suit your needs requires time and effort, but it’s a valuable investment. Your condo is likely your most significant asset, so safeguarding it and all your belongings is crucial for your family’s long-term financial stability.

Follow these five simple steps to find the best policy for your needs:

  1. Research condo insurers online and narrow your list down to three companies you feel confident in.
  2. Determine the coverage limits you require.
  3. Obtain quotes for the coverage from the three selected insurers.
  4. Choose a carrier based on their coverage options, customer reviews, financial stability, discounts, and rates.
  5. Complete your application for coverage.

The best way to find quality condo insurance in Arizona is by comparing multiple quotes side-by-side. Use Insuranceopedia to get several quotes now.

How To Get An Online Condo Insurance Quote In Arizona

The most efficient method to receive an online insurance quote in Arizona is by using a website that can provide multiple quotes simultaneously, enabling you to compare them side-by-side, such as Insuranceopedia.

When obtaining an online quote, you’ll typically be asked to provide certain information:

  • Condo replacement cost: The cost to rebuild your condo with similar materials if it’s damaged.
  • Personal property value: The limits of your personal property coverage are determined by the value of your personal belongings.
  • Personal information: You will need to provide your name, address, insurance history, the number of occupants in your condo, and other details.
  • Details about your condo: The year your condo was built, its square footage, the materials used for the exterior, the presence of security devices, and other relevant details.

What Does Condo Insurance Cover In Arizona?

In Arizona, a standard condo insurance policy, often referred to as HO6 insurance, mainly protects the interior of the condominium, including fixtures, appliances, and personal items. This means it covers damage to your unit’s walls, floors, cabinets, and fixtures.

It also covers personal property, safeguarding your belongings from theft or damage. Additionally, most policies include loss assessment coverage, usually starting at $1,000, which can be increased with an optional endorsement.

How Much Condo Insurance Is Required In Arizona?

Although Arizona does not mandate condo insurance by law, mortgage lenders and condo associations often require it. Most condo insurance policies offer coverage starting at $100,000 and can go up to $500,000. However, state law recommends that these policies include at least $2,000 for loss assessment, which covers damages to shared condominium areas.

How Much Condo Insurance Do I Need In Arizona?

Choosing the right amount of condo insurance in Arizona involves considering several factors, such as the worth of your personal items, the interior features of your condo, and the specifics of your HOA’s master insurance policy. Arizona law recommends that your condo insurance includes at least $2,000 in loss assessment coverage for common area damages.

How To Save Money On Arizona Condo Insurance

As a condo owner in Arizona, you can save on your condo insurance by raising your deductible. While a higher deductible reduces your premium, it also means higher out-of-pocket costs for claims. Be sure to balance the deductible with your budget.

Enhancing your condo’s resilience to disasters is another way to lower your insurance costs in Arizona. Installing storm shutters or upgrading your security system can protect your home and potentially reduce your premiums through discounts.

Factors That Impact The Cost Of Your Condo Insurance Policy

These are four main factors that affect the cost of condo insurance in Arizona:

Location of Your Condo

A major factor affecting condo insurance costs is the location of your condo. Condos in areas at high risk for natural disasters like hurricanes, floods, or wildfires typically have higher premiums. Arizona, due to its hurricane risk, often sees elevated insurance rates.

Age and Construction Type of Your Condo

The age and construction type of your condo are significant factors in determining your insurance costs. Older condos may have outdated systems like wiring, plumbing, or heating, which increase the risk of damage and lead to higher insurance costs. Likewise, condos built with less durable materials may result in higher premiums.

Replacement Cost of Your Condo

The cost to rebuild your home, known as the replacement cost, influences your condo insurance rates. If the replacement cost is high, your insurance premium will also be higher.

Claims History

Your claims history is another factor that can affect the cost of your condo insurance. Insurers may consider you a high-risk client and charge higher premiums if you have a history of frequent claims. On the other hand, a clean claims record can reduce your insurance costs.

FAQs

How much is condo insurance in Arizona?

In Arizona, the average cost of condo insurance is around $659 annually, or $55 monthly. However, rates can differ widely depending on factors like location, coverage level, and claims history.

How does condo insurance work?

Condo insurance acts as a safety net by covering your personal belongings, the interior of your unit, and liability claims. It also fills in gaps not covered by your condo association’s master policy, protecting you from unexpected financial losses.

Sources

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