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Discover the best condo insurance companies and learn what makes each one stand out in this review of the top providers.
Although condo insurance is a bit different from typical homeowners insurance policies that cover single-family homes, it’s just as valuable. Condo insurance protects everything inside the walls of your individual condo, including your personal belongings if they’re stolen or damaged, and fills the gaps in your homeowners association’s (HOA) master policy.
We at the Guides Home Team have spent hundreds of hours researching and analyzing the best homeowners insurance companies on the market and have hand-picked the top providers for condo owners.
After in-depth research, we found the following five companies to be the best condominium insurance providers:
Homeowners insurance rates vary based on your location, square footage and other factors. To get your personalized quote, use our free quote tool.
The cost information presented in the chart above was provided by Quadrant Information Services
Lemonade is a relatively new insurtech company that has been providing personal insurance coverage since 2015. It provides pet insurance, term life insurance, renters insurance, homeowners insurance and car insurance in select areas. Its condo insurance policies are customizable and include all of the standard coverages you need, plus a few add-on options.
Lemonade set what it claims to be the world record for the fastest insurance claim, paying it out within three seconds of filing. It uses artificial intelligence (AI) technology with algorithms that analyze the claim and are able to make decisions on some claims without the review of a live representative.
+ Offers bundling discounts with its pet insurance, term life insurance and other products
+ Provides an appliance breakdown coverage add-on that protects your electronics and appliances from mechanical or electrical failure
+ Donates up to 40% of unclaimed premiums annually to charities you choose when signing up for your policy
– May require you to provide a recent inspection report before signing up for a policy on your condo
– Is only available in 25 states
*A.M. Best ratings accurate as of February 2023
Get Your Personalized Quote: Condo Insurance Quote from Lemonade
To Learn More: Lemonade Insurance Review
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Liberty Mutual is another top condo insurance option available nationwide, offering policies you can customize to fit your specific needs and budget. With 24/7 customer service, a website chat and a mobile app, it’s easy to stay connected to this provider that has been serving homeowners for more than a century.
We chose Liberty Mutual for its extensive list of discounts that are commonly available to condo owners across the country, such as savings for signing up online, having protective devices in your condo, having a claims free history and more. However, its policies can be more expensive than some competitors if you don’t qualify for discounts.
+ Can include a 3% or 5% automatic increase to your personal property coverage limits each year to account for inflation
+ Provides optional earthquake insurance coverage, which isn’t offered by many competitors
+ Includes $1,000 of loss assessment coverage in the standard policy
– Can have higher premiums than competitors without discounts applied, according to our sample quotes
– Can require your Social Security number for a personalized quote in some zip codes
Get Your Personalized Quote: Condo Insurance Quote from Liberty Mutual
To Learn More: Liberty Mutual Insurance Review
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Allstate is a top player in multiple insurance spaces, including renters insurance, car insurance and homeowners insurance. It has an A+ (Superior) AM Best rating and one of the highest customer satisfaction ratings by J.D. Power in this review, plus 90 years of experience.
This provider proved itself in our review, scoring highly for its overall coverage, reputation and its online resources to help homeowners get the coverage they need. It also provides 24/7 customer service with its large network of local insurance agents across the country.
Although Allstate has plenty of helpful resources for condo owners, its online quote tool isn’t available in all areas. You may have to reach out to your local agent to receive an estimate and get set up with a policy.
+ Includes loss assessment coverage in standard condo insurance policies
+ Features the Claim RateGuard add-on option that keeps your premium from going up after filing a claim
+ Can provide National Flood Insurance Program (NFIP) flood insurance policies through your local Allstate agent
– Offers fewer additional coverage options for condo insurance policies than many competitors, according to our sample quotes
– Doesn’t provide online quotes in some states, requiring you to speak with a local agent
Get Your Personalized Quote: Condo Insurance Quote from Allstate
To Learn More: Allstate Insurance Review
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Founded in 1927, American Family Insurance serves homeowners with impressive policies delivered and managed by a large network of local agents. It is available in 19 states: Arizona, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oregon, South Dakota, Utah, Washington and Wisconsin.
We recommend American Family for new condo owners who may need extra help understanding their coverage, since its website offers a breadth of resources, such as articles about common claims, a home insurance coverage calculator tool, a personal property inventory tool and more.
Additionally, to keep customers informed, the company accepts direct feedback from customers on its website to continuously improve its online experience and product offerings. Since American Family doesn’t insure homes in all states, it may not be available for your condo.
+ Has the highest J.D. Power customer satisfaction rating in this review
+ Features a detailed first-time homebuyer guide on its website
+ Provides a unique generational discount for homeowners whose parents also have their home insured with American Family
– Is only available in 19 states
– May require you to provide your Social Security number when getting a quote online
Get Your Personalized Quote: Condo Insurance Quote from American Family
To Learn More: American Family Insurance Review
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Travelers is one of the oldest homeowners insurance providers on the market, operating since 1864. Its long experience in the industry and financial strength rating of A++ (Superior) by AM Best, which is the highest possible rating, makes it one of the most reputable providers for your condo insurance policy.
We were also impressed with the company’s decreasing deductible benefit that can be added to your policy. It credits your deductible with $100 upon signing up and each year you go without filing a claim, making your deductible as little as $0 whenever you do need to file a claim.
Travelers may cap your personal liability coverage limits at $500,000, which is a bit lower than other companies, so it may not be best for those looking for higher liability limits.
+ Provides access to OpenHouse, which is a tool for learning about your home’s updates and repair history
+ Offers 10 deductible options to choose from based on our sample condo insurance quotes
+ Provides customizable loss assessment coverage with options between $2,000 and $50,000, depending on your needs
– Has the lowest J.D. Power rating of the providers in this review
– Doesn’t provide personal liability coverage limits beyond $500,000, according to our sample quotes
Get Your Personalized Quote: Condo Insurance Quote from Travelers
To Learn More: Travelers Insurance Review
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Your condo insurance policy protects your home’s interior and your personal belongings from unexpected events that could damage them, such as fires, windstorms, lightning, snowstorms, vandalism and burglary.
It’s similar to a typical homeowners insurance policy, but it provides less reconstruction coverage, since your HOA’s master policy takes care of your building’s overall structure. Here are more details about each common coverage included in condo insurance policies:
Your HOA fees and dues help pay for your HOA’s master insurance policy’s premium, which covers the structures of your building and shared common areas. In addition to general liability for the association and its property, this master policy can come in multiple different coverage levels that can impact how much reconstruction coverage you need on your condo insurance policy.
Some master policies cover only damages to the structural elements behind the bare walls in the building, while other policies are more comprehensive and can be responsible for interior structures, such as cabinets and flooring, and common areas, such as parking garages, swimming pools and tennis courts.
As an individual condo owner, it’s important to carry enough coverage to completely replace your unit in the event of a total loss of the building. That means being able to pay off your mortgage and purchase another similarly valued condo. We recommend checking with your HOA before purchasing your condo insurance policy to review the master condo policy and fill any coverage gaps.
check with your HOA before purchasing your condo insurance policy, since its master policy’s coverage can help you determine how much interior reconstruction coverage you’ll need on your own policy.
The cost of condo insurance varies greatly depending on a wide range of factors, but we found that premiums for a standard policy typically fall between $30 and $100 per month based on the sample quotes we received during our research. In high-risk areas such as Florida, premiums on individual condo policies can be as high as several hundred dollars per month.
Here’s more information about common factors used by condo insurance companies to determine your quoted rates:
Determining the condo insurance company for you depends on your specific preferences and needs. While we recommend Allstate as a top choice for its comprehensive coverage, unique benefits and customer service, you might lean toward Lemonade for fast claims or one of the other providers for their own unique benefits.
Our biggest recommendation is to get quotes from a few providers to compare rates based on your specific details, since quoted premiums are specific to you based on a variety of factors, such as your ZIP code and claims history.
Get instant quotes from insurers by entering your ZIP code here or calling 855-948-5219.
Homeowners insurance policies come with full coverage for a single-family home’s dwelling or structure. However, your condo insurance only needs to cover your home’s interior, since the HOA’s master policy covers unexpected damages to the overall building and shared spaces.
Information about your HOA’s master policy can typically be found in your association’s bylaws or property lease. If you haven’t already been provided with this information, you can typically contact the company’s board or property management agency. We recommend reviewing that information with your insurance agent before purchasing your condo insurance policy since it can help you determine how much coverage you may need.
Although not required by law, if you have a mortgage on your condo, you’ll likely be required by your lender to purchase a condo insurance policy. Even if you’ve paid off your home, you may still be required to have a policy by your HOA. Not having individual condo coverage could be financially devastating to you and your family, especially in the event of a total loss.
Yes, most well-known insurance brands that provide their own auto insurance policies offer bundling discounts for purchasing a condo insurance policy along with your car insurance policy.
Standard condo policies do not include flood coverage. However, it is important coverage to consider if you live near a coastline or in an area prone to flooding. Flood insurance can be purchased through FEMA’s National Flood Insurance Program or dozens of private flood insurers.
Our team surveyed dozens of home insurance providers and created a scoring system to judge each company’s quality and service. We reach out for sample quotes, both over the phone and on the internet, to simulate an authentic customer experience. Here are the factors that account for our provider reviews:
Companies with the best customer service exhibit 24/7 availability, educational resources on their website, useful digital tools and a seamless claims-filing process. Providers that offer extensive discount options, endorsements, customizable coverage options and unique features score significantly higher than those that don’t, putting them toward the top of our recommendations to readers.
A.M. Best Disclaimer
Kristin Peters is a content developer with over seven years of experience researching and writing about various consumer-focused topics. As part of the Guides Home Team, she focuses primarily on home warranties and insurance services that can bring homeowners peace of mind.
Veronika Jelenik is an editor with a background in journalism. She previously has had her work published in the New York Daily News and the Hartford Courant, and she has covered many disparate topics. Veronika has a bachelor’s degree in journalism and social and cultural analysis. When not immersed in home services content, Veronika enjoys spending time with her friends and her Chihuahua, Beanie.
Mark Friedlander is Director, Corporate Communications, at the Insurance Information Institute (Triple-I), a New York-based nonprofit research and education organization focused on providing consumers with a better understanding of insurance. Mark serves as a national spokesperson for the Triple-I, handling a wide array of insurance industry media issues. His responsibilities also include spearheading the association’s hurricane season communications strategy and its member company support and media outreach in Florida, where he is based.
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