How We Calculated Homeowners Insurance Ratings
Condo living comes with perks, but it requires the right insurance to protect what your building’s policy doesn’t cover. From personal property to liability and interior repairs, condo insurance (also known as HO-6 insurance) can fill in the gaps to ensure you have sufficient protection to meet your needs.
Although policy cost is important, finding an insurer that provides sufficient protection in case of damage is essential. We at the MarketWatch Guides team detail our top condo insurance providers, explain how condo insurance works and more to help you find the best homeowners insurance for your condo.
Top Homeowners Insurance Companies for Condos
After in-depth research, we found the following five companies to be the best condominium insurance providers:
- Allstate Best for Discounts
- Progressive Best Customer Experience
- Liberty Mutual Best for Bottom-Floor Condo Owners
- American Family Great Online Policy Management
- Travelers Best for Benefits and Add-Ons
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
| Insurance Company | Star Rating | Average Annual Premium* | J.D. Power Home Insurance Study Score | AM Best** | |
|---|---|---|---|---|---|
|
|
$455
|
631/1,000
|
A+
|
||
|
|
$520
|
634/1,000
|
A+
|
||
|
|
N/A
|
596/1,000
|
A
|
||
|
|
$517
|
638/1,000
|
A
|
|
|
|
|
$473
|
609/1,000
|
A++
|
| Insurance Company | Star Rating | Average Annual Premium* | J.D. Power Home Insurance Study Score | AM Best** | |
|---|---|---|---|---|---|
|
|
$455
|
631/1,000
|
A+
|
||
|
|
$520
|
634/1,000
|
A+
|
||
|
|
N/A
|
596/1,000
|
A
|
||
|
|
$517
|
638/1,000
|
A
|
|
|
|
|
$473
|
609/1,000
|
A++
|
**AM Best scores accurate as of June 2025.
We analyzed quotes for each condo insurance provider we reviewed across 1,000 ZIP codes and compared them to the average annual premium in the United States. According to this data, the average cost of condo insurance is $422 annually. While we consider cost in evaluating providers, all our top picks for condo insurance come in above this national average. Through our research, we determined that the extra cost is worth it for the value these insurance companies provide to condo owners.
Allstate is our top pick for condo owners who want comprehensive, customizable coverage and various discount opportunities. The company offers the option to bundle your condo insurance with auto, motorcycle and even term life insurance, which Allstate also offers. In addition, it provides unique optional add-ons for your condo, such as water backup coverage and a coverage known as HostAdvantage — which covers stolen or damaged belongings if you’re a home-sharing host.
Features more unique add-on options than competitors that we’ve reviewed
Offers National Flood Insurance Program policies through your local Allstate agent
Allows you to bundle your policy with auto, motorcycle and term life insurance
May not offer all available endorsements in all locations
Doesn’t provide online quotes in some states, requiring you to speak with an agent
Discounts:
- Automatic payment
- Claims-free
- Early signing
- Homebuyer
- Multi-policy
- Protective device
- Responsible payer
- Welcome and loyalty
- Windstorm mitigation (for Florida residents only)
Endorsements:
- Building code
- Claim RateGuard
- Electronic data recovery
- Identity restoration
- Water backup
Progressive may suit condo owners seeking a great customer experience. The company earned a higher-than-average customer satisfaction score in our 2025 home insurance survey, offers 24/7 customer service access and has high mobile app ratings. We also like that it provides the option of a single deductible for bundled condo and auto policies if a covered event affects both your condo and your car. However, because Progressive offers policies through various underwriters, which may have different policies, this deductible option may not be available in all areas.
May impose only one deductible in a covered event when you bundle your condo and car insurance
Shows quotes from other providers on its website, making comparison easy
Provides valuable discounts to help lower premium costs
Offers a limited number of endorsements compared to competitors that we’ve reviewed
Doesn’t offer the same level of coverage availability in all areas
Discounts:
- Alarm systems and safety devices
- Multi-policy
- New condo purchase
- Pay in full
- Single deductible
Endorsements:
- Personal injury
- Water backup
Liberty Mutual is another top condo insurer available nationwide. We rated it as the best provider for those who live in a condo that’s on the bottom floor of a building or in other areas susceptible to water damage. It offers helpful add-ons like sump pump overflow and water backup coverage. The company also offers discounts for bundling your condo insurance with an auto policy and a safe homeowner’s program that allows you to save when you remain claims-free for at least three years.
Is authorized by the Federal Emergency Management Agency to provide optional flood insurance
Provides optional earthquake insurance coverage
Includes $1,000 of loss assessment coverage at no extra cost
May require you to speak to a customer representative to purchase certain types of coverage
May require your Social Security Number for a personalized quote
Discounts:
- Early shopping
- Education and employment
- Multi-policy
- Protective devices
- Safe homeowner
Endorsements:
- Additional belongings
- Automatic annual coverage increases
- Computer and smartphone
- Earthquake protection
- Extra blanket jewelry
- Identity fraud coverage
- Personal property replacement costs
- Water backup
We gave American Family our superlative of Great Online Policy Management. It may be ideal for new condo owners who need extra help understanding their coverage, since its website offers resources, such as articles about common claims, a personal property inventory tool and more. The company offers various discounts, including a unique generational discount. It also provides a diminishing deductible add-on that rewards you for remaining claims-free: homeowners can receive a $100 credit each year, up to the maximum limit of the policy. You’ll also start with an $100 credit on your first day with the paid add-on.
Has a high claim approval rate according to our survey
Creates helpful resources for first-time homebuyers
Provides a unique generational discount for homeowners whose parents also have their home insured by American Family
Is available only in 19 states
May require you to provide your Social Security Number for an online quote
Discounts:
- Insurance payment
- Multi-policy
- No claims
- Safe, secure or smart home
Endorsements:
- Diminishing deductible
- Equipment breakdown
- Sump pump or water backup
- Credit theft protection and monitoring
- Hidden water damage
We named Travelers as the Best for Benefits and Add-ons. We were especially impressed with the company’s decreasing deductible benefit — Travelers credits your deductible with $100 upon signing up and every year with no claims, which can lower your deductible to as little as $0. The company also provides add-ons, like extra coverage for valuable items, personal property and contents replacement cost coverage.
Extends a vanishing deductible benefit to condo owners
Offers 10 deductible options, according to the quotes we requested
Provides customizable loss assessment coverage with options between $2,000 and $50,000, depending on your needs
Has the second-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
Discounts:
- Claims-free
- Green home
- Homebuyer
- Multi-policy
- Protective devices
Endorsements:
- Additional coverage package (loss assessment, personal injury and more)
- Decreasing deductible
- Equipment breakdown
- Identity theft protection
- Personal property replacement cost
How Does Condo Insurance Work?
Your condo insurance policy protects your home’s interior and your personal belongings from unexpected events that could cause damage, such as fires, windstorms, lightning, snowstorms, vandalism and burglary.
While similar to a typical homeowners insurance policy, condo insurance provides less reconstruction coverage since your homeowners association’s master policy takes care of your building’s overall structure.
Learn more about common coverages included in condo insurance policies:
- Dwelling: This usually covers the replacement, repairs or reconstruction needed for the interior of your home. For example, if a fire destroys your kitchen cabinets and countertops, this coverage will help pay to rebuild them.
- Personal property: This covers your personal belongings within the home, such as your furniture and electronics. It offers money to replace them up to their actual cash value or replacement cash value, depending on which one you choose, when they’re lost, stolen or damaged. Note that some high-value items are excluded from standard personal property coverage.
- Additional living expenses: Also referred to as loss of use coverage, this coverage reimburses you for expenses you may incur if you can’t live in your home after a damaging covered peril like a fire or vandalism. These costs could include lodging expenses, restaurant meals and extra gas for commuting to your job.
- Personal liability: Protecting your finances goes beyond just covering your property. Personal liability coverage helps cover damages and legal fees if someone gets injured inside your condo while visiting and you are at fault.
- Medical payments to others: This coverage helps pay medical bills for a guest who gets injured on your property, regardless of who was at fault for the incident.
- Loss assessment: Although not always included in standard condo insurance policies, this coverage option helps you pay for damage to your property’s common areas when the cost of an unexpected loss is split up among all property owners.
What Does my HOA’s Master Insurance Policy Cover?
Your HOA fees and dues help pay for your HOA’s master insurance policy’s premium, which covers the structure 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, including the plumbing, in the event of a total loss of the building. We recommend checking with your HOA before purchasing your condo insurance policy to review the master condo policy and fill any coverage gaps.
How Much Does Condo Insurance Cost?
The cost of condo insurance varies greatly depending on a wide range of factors, but the average cost of condo insurance is $422 annually, or $35 monthly, according to our research.
Condo Insurance Cost by Company
The following chart displays the average annual premium of condo insurance for the major providers available in the United States. We found that the cheapest national condo insurance provider is State Farm, with policies averaging just $330 per year.
| Insurance Company | Annual Premium |
|---|---|
| State Farm | $330 |
| Nationwide | $400 |
| Erie | $480 |
| Armed Forces Insurance | $471 |
| Travelers | $473 |
| Allstate | $455 |
| Farmers | $461 |
| American Family | $517 |
| Progressive | $520 |
| USAA | $484 |
What Factors Affect Condo Insurance Rates?
Here’s more information about common factors used by condo insurance companies to determine your quoted rates:
- Location: Your ZIP code affects your premium since your location can suggest the environmental risk of your property, in addition to estimated materials and labor costs for repairs. Additionally, companies use local crime data to assess the risk of your personal belongings being stolen.
- Claims history: Just as with auto insurance, if you’ve filed a claim within the last five years, you’ll likely have higher condo insurance rates. In general, someone who’s filed a home insurance claim is more likely to file another one compared to someone with no claims history.
- Creditworthiness: In states that allow it, companies often run soft credit checks to generate a credit-based insurance score before providing you with your condo insurance quote. The credit check references portions of your credit report and will have an impact on your policy’s pricing.
- Building age: If your condo is located in an older building, your policy will likely be higher due to its increased risk of incurring damage from covered perils.
- Discounts: Most companies offer plenty of discount opportunities to help homeowners save on their premiums by having home security devices, fire safety devices, a doorman or security guard, a clean claims history and more.
- Policy customization: Once you’ve received your initial quote, you’ll also be able to customize your premium by selecting different coverage limits and deductibles. Higher deductibles and lower coverage limits can significantly reduce your rates but result in higher out-of-pocket costs after a claim.
Frequently Asked Questions
Below are common questions about condo insurance:
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. If you haven’t already been provided with this information, try contacting the HOA board or property management agency. We recommend reviewing that information with your insurance agent before purchasing your condo insurance policy — your building’s master policy can help you determine how much coverage you may need.
Although not required by law, most mortgage lenders require condo owners to have home insurance. Even if you’ve paid off your home, your HOA may still require you to have a policy. Living without individual condo coverage could be financially devastating to you and your family, especially in the event of a total loss.
Yes, most national insurance companies selling car and condo insurance offer a bundling discount.
Standard condo policies do not include flood coverage. However, it is important to consider this coverage 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.
