---
title: "How Much Is Condo Insurance?"
canonical: "https://www.simplyinsurance.com/how-much-is-condo-insurance/"
description: "Condo insurance, also known as HO-6 insurance, is one of those purchases that seems optional right up until the moment you really need it."
silo: "condo"
published: "2026-05-21"
updated: "2026-07-20"
author: "sa-el"
source: "Simply Insurance"
---
Condo insurance, also known as HO-6 insurance, is one of those purchases that seems optional right up until the moment you really need it. A burst pipe in the unit above yours, a break-in, or a guest who slips on your wet kitchen floor — any of those situations can cost you tens of thousands of dollars out of pocket if you're not covered. This guide breaks down exactly what condo insurance costs, what drives those costs, and how to make sure you're not over- or under-insured.

[See condo insurance rates by state →](https://www.simplyinsurance.com/condo-insurance-rates-by-state/)

## How much is condo insurance?

Condo insurance averages around $506 per year nationally, or about $42 per month, though your actual rate depends on location, coverage amount, and your claims history.

The national average cost of condo insurance is around **$506 per year**, or roughly **$42 per month**, based on industry data drawn from NAIC premium reports covering more than 23 million policy years. That said, what you actually pay can swing pretty dramatically — from under $300 a year in low-risk states to nearly $1,000 in Florida.

A few things put you at the low or high end of that range:

- Where your condo is located (coastal vs. inland, high-crime vs. low-crime)
- How much coverage you carry
- Your deductible
- Your claims history
- What your condo association's master policy already covers

We'll dig into all of those below.

### What is another name for condo insurance?

You'll hear it called HO-6 insurance, unit-owners insurance, or condo unit insurance — they all mean the same thing. It's a policy type designed specifically for people who own a condo unit rather than a standalone home. The "HO-6" label comes from the standard policy form used across the industry.

### Is condo insurance more expensive than homeowners insurance?

Sometimes, yes — and it can be counterintuitive. You might expect that insuring a smaller space would cost less. The thing is, condo insurance covers interior build-out costs (flooring, cabinets, fixtures), personal property, and liability all together. Depending on your coverage limits and location, your premium could be higher than what a homeowner pays in a low-risk area. Shared walls and plumbing also create interdependency risk — your neighbor's disaster can become yours quickly.

## How much does condo insurance cost per month?

Condo insurance averages about $42 a month nationally, though your actual cost depends on coverage level, ranging from around $31 a month for lower limits to $71 for $100,000 or more.

At the national average, you're looking at about **$42 per month**. But that number moves a lot based on coverage level. Industry research shows that policies with coverage limits under $14,000 average around $31/month ($373/year), while policies with $100,000 or more in coverage average about $71/month ($857/year). Here's how that breaks down:

| Coverage limit | Average monthly cost | Average annual cost |
|---|---|---|
| Under $14,000 | $31 | $373 |
| $14,000–$19,999 | $31 | $366 |
| $20,000–$25,999 | $37 | $445 |
| $26,000–$31,999 | $34 | $407 |
| $32,000–$37,999 | $34 | $403 |
| $38,000–$43,999 | $36 | $434 |
| $44,000–$49,999 | $34 | $413 |
| $50,000–$74,999 | $39 | $473 |
| $75,000–$99,999 | $45 | $534 |
| $100,000 and over | $71 | $857 |
| **National average** | **$42** | **$506** |

The jump from the $75,000–$99,999 tier to $100,000+ is pretty significant. That's worth keeping in mind when you're deciding how much building property protection to carry.

### What Factors Influence Monthly Condo Insurance Costs

Several factors can influence your monthly condo insurance costs. These include the age and condition of your condo, the building's construction materials, your credit score, and any additional coverage options you choose. It's essential to consider these factors when budgeting for your insurance premiums.

## How much is condo insurance by state?

Condo insurance costs vary a lot by state, with Southern and Gulf Coast states typically paying the most due to hurricane risk, while Northern and inland states pay less.

Location is one of the biggest cost drivers. Southern states — especially those along the Gulf Coast and Atlantic seaboard — tend to pay the most, largely because of hurricane and severe weather exposure. Northern and inland states generally pay less.

### Most expensive states for condo insurance

Five states stand out at the top of the list:

1. **Florida** — $964/year average ($80/month)
2. **Texas** — $790/year average ($66/month)
3. **Louisiana** — $748/year average ($62/month)
4. **Oklahoma** — $631/year average ($53/month)
5. **Mississippi** — $600/year average ($50/month)

Florida's average is nearly double the national average — a direct result of hurricane risk, flooding, and a historically litigious insurance environment. Texas is similarly exposed to hurricanes along the coast, plus hailstorms and tornadoes inland.

### Least expensive states for condo insurance

The cheapest states are mostly inland, less densely populated, and far from major storm tracks:

1. **Utah** — $269/year average ($22/month)
2. **Wisconsin** — $280/year average ($23/month)
3. **Iowa** — $295/year average ($25/month)
4. **South Dakota** — $307/year average ($26/month)
5. **Hawaii** — $310/year average ($26/month)

Hawaii's low average might surprise you given its geography, but the state sees relatively little severe weather compared to the Gulf Coast and has a competitive insurance market.

### Average condo insurance cost by state

Here's the full breakdown for all 50 states and DC:

| State | Average monthly cost | Average annual cost |
|---|---|---|
| Alabama | $45 | $541 |
| Alaska | $33 | $396 |
| Arizona | $33 | $400 |
| Arkansas | $45 | $539 |
| California | $45 | $535 |
| Colorado | $35 | $417 |
| Connecticut | $33 | $399 |
| Delaware | $36 | $431 |
| District of Columbia | $31 | $369 |
| Florida | $80 | $964 |
| Georgia | $41 | $493 |
| Hawaii | $26 | $310 |
| Idaho | $35 | $420 |
| Illinois | $33 | $398 |
| Indiana | $30 | $354 |
| Iowa | $25 | $295 |
| Kansas | $37 | $439 |
| Kentucky | $33 | $390 |
| Louisiana | $62 | $748 |
| Maine | $29 | $342 |
| Maryland | $26 | $310 |
| Massachusetts | $37 | $444 |
| Michigan | $31 | $369 |
| Minnesota | $26 | $312 |
| Mississippi | $50 | $600 |
| Missouri | $35 | $416 |
| Montana | $32 | $382 |
| Nebraska | $30 | $355 |
| Nevada | $35 | $424 |
| New Hampshire | $28 | $332 |
| New Jersey | $38 | $450 |
| New Mexico | $33 | $397 |
| New York | $46 | $553 |
| North Carolina | $38 | $456 |
| North Dakota | $27 | $320 |
| Ohio | $27 | $319 |
| Oklahoma | $53 | $631 |
| Oregon | $30 | $364 |
| Pennsylvania | $32 | $385 |
| Rhode Island | $42 | $500 |
| South Carolina | $42 | $500 |
| South Dakota | $26 | $307 |
| Tennessee | $39 | $473 |
| Texas | $66 | $790 |
| Utah | $22 | $269 |
| Vermont | $29 | $345 |
| Virginia | $29 | $352 |
| Washington | $31 | $374 |
| West Virginia | $26 | $313 |
| Wisconsin | $23 | $280 |
| Wyoming | $32 | $379 |

Data sourced from NAIC dwelling and homeowners insurance reports.

### How Much Is Condo Insurance in GA

Georgia residents can expect to pay an average of $250 per year for condo insurance. Factors such as the age of the building and the local crime rate can influence this cost.

## How much is HO-6 insurance?

HO-6 insurance typically costs between $100 and $400 per year, though your exact premium depends on your coverage limits, deductibles, and any endorsements you add.

HO-6 insurance, or condo insurance, typically costs between $100 and $400 per year. This range can vary based on the coverage limits, deductibles, and additional endorsements you choose. It's essential to [compare quotes](https://www.simplyinsurance.com/compare-condo-insurance-quotes-online/) from multiple providers to find the best rate for your needs.

What Does HO-6 Insurance Cover?

HO-6 insurance covers personal property, liability, and sometimes the interior structure of your condo. It can also provide additional living expenses if your unit becomes uninhabitable due to a covered loss. Understanding these coverages can help you choose the right policy for your needs.



To give you a clearer picture, here's a table showing the average cost of condo insurance in various states across the U.S.

StateAverage Annual CostCalifornia$300Georgia$250Texas$350Florida$400

These averages can help you get a sense of what to expect, but remember that your specific premium may vary based on individual factors.

### How much Is a Unit-Owners Insurance In Texas

In Texas, the average cost of unit-owners insurance is approximately $350 per year. The state's susceptibility to hurricanes and severe weather events can drive up premiums in certain areas.

## What does condo (HO-6) insurance cover?

A standard condo insurance policy typically bundles several types of coverage together. Here's what each one does:

| Coverage type | What it pays for | Notes |
|---|---|---|
| Building property protection | Interior walls, floors, ceilings, fixtures, built-ins | Covers damage from fire, windstorm, theft, vandalism |
| Personal property | Furniture, electronics, clothes, appliances | Kicks in if items are stolen or damaged in a covered event |
| Liability | Legal fees + medical costs if someone is injured in your unit | Example: guest slips, sues you for $50,000 |
| Medical payments | Guest's medical bills even if you're not at fault | Typically a smaller limit, e.g., $1,000–$5,000 |
| Loss of use | Hotel and living costs if your unit becomes uninhabitable | Covers "additional living expenses" above your normal budget |
| Loss assessment | Your share of damage to common areas billed by your HOA | Often an add-on; critical if your HOA has a high deductible |

### What isn't covered?

Standard policies almost always exclude:

- **Floods** — you need a separate flood policy (through FEMA's National Flood Insurance Program or a private carrier)
- **Earthquakes** — separate endorsement or standalone policy needed
- **Sewer backups** — usually excluded but can be added as a rider
- **Pest infestations** — not covered
- **General wear and tear** — maintenance issues are your responsibility

If you're in a flood-prone area, don't skip the flood policy. A standard HO-6 policy won't touch storm surge or river flooding, no matter how severe.



Condo insurance covers a range of risks, including personal property, liability, and sometimes the interior structure of your unit. It can also provide additional living expenses if your condo becomes uninhabitable due to a covered loss.

Do I need additional coverage for high-value items?

If you own high-value items such as jewelry, art, or electronics, you may need additional coverage beyond what a standard condo insurance policy provides. Consider adding endorsements or riders to your policy to ensure these items are adequately protected.

## Key factors that affect your condo insurance cost

### Location

This is the biggest lever. A condo in Miami Beach is going to cost significantly more to insure than the same-sized unit in Salt Lake City. Distance to the coast, local crime statistics, and how densely built the area is all factor in.

### Building Age and Construction

Older buildings or those constructed with materials that are more susceptible to damage can result in higher insurance costs. Conversely, newer buildings with modern safety features may qualify for discounts.

### Your HOA's master policy type

This one trips a lot of condo owners up. Your condo association carries a master policy on the building, but there are three different types, and what yours covers changes what *you* need to buy:

- **Bare walls coverage** — covers only the building structure and common areas. You're responsible for everything inside your unit: flooring, cabinets, fixtures, appliances, and all personal property.
- **Single entity coverage** — covers everything in bare walls *plus* your unit's original floors, walls, and permanent fixtures. You're still responsible for any improvements you made and all personal property.
- **All-in coverage** — most comprehensive; covers the building, common areas, and original fixtures in your unit. You mainly need coverage for personal property and improvements you've added.

Ask your HOA board which type of master policy they carry before you set your own coverage limits — it could save you from duplicating coverage or, worse, having a gap, and you may also want to review [Liberty Mutual Condo and Auto Insurance Pros and Cons](https://www.simplyinsurance.com/liberty-mutual-condo-auto-insurance-pros-and-cons/).

### Coverage amount

As the table above shows, there's a big difference between carrying $20,000 in coverage (~$37/month) and $100,000+ (~$71/month). Think about the cost to replace your flooring, repaint walls, refit a kitchen, and replace all your furniture and electronics if your unit burned down — that number adds up fast.

## How much coverage do you need as a condo owner?

You'll need enough to cover your personal belongings, interior repair or replacement costs, and liability risk, so assess each factor carefully before choosing your limits.

The amount of coverage you need as a condo owner depends on several factors, including the value of your personal belongings, the cost to repair or replace the interior of your unit, and your liability risk. It's essential to assess your needs and choose coverage limits that provide adequate protection.

Considering Liability Coverage

Liability coverage protects you if someone is injured in your condo or if you accidentally damage someone else's property. Consider your risk factors and choose a liability limit that provides sufficient protection.

### Assessing Personal Property Value

Start by taking an inventory of your personal belongings and estimating their value. This will help you determine the amount of personal property coverage you need.

### Considering Liability Coverage

Liability coverage protects you if someone is injured in your condo or if you accidentally damage someone else's property. Consider your risk factors and choose a liability limit that provides sufficient protection.



Start with these two questions:

1. **What would it cost to rebuild or refurbish the interior of your unit from scratch?** Think flooring, drywall, kitchen cabinets, bathroom fixtures — all of it. In many markets, that figure runs $50,000–$150,000 for an average-sized condo.

2. **What are your personal belongings worth?** Do a quick inventory. Add up furniture, electronics, clothing, jewelry, kitchen equipment. Most people are surprised — $30,000–$50,000 in personal property is common for a furnished condo.

Then check what your HOA master policy covers. If it's all-in coverage, you need less building property coverage. If it's bare walls, you need more.

For liability, most policies start at $100,000. Bumping to $300,000 typically costs very little extra and gives you real protection if someone is seriously injured in your home.

### Do you need extra coverage for high-value items?

Standard policies often cap coverage for jewelry, fine art, and collectibles — typically $1,000–$2,500. If you own a $5,000 engagement ring or a valuable watch collection, add a scheduled personal property endorsement. It's usually inexpensive and covers the item at its appraised value.

## Condo insurance vs. homeowners insurance

Condo insurance and homeowners insurance serve similar purposes but differ in coverage and cost. Condo insurance typically covers personal property, liability, and the interior structure of the unit, while homeowners insurance covers the entire structure and property.

### Is Homeowners Insurance the same as Condo Insurance

No, homeowners insurance and condo insurance are not the same. Homeowners insurance covers the entire property, including the structure and land, while condo insurance focuses on the interior of the unit and personal belongings. Understanding these differences can help you choose the right policy for your needs.

### What Is A Good Deductible For Condo Insurance

A good deductible for condo insurance balances affordability with adequate coverage. Common deductibles range from $500 to $1,000. Choosing a higher deductible can lower your premium but may result in higher out-of-pocket costs in the event of a claim.

### How is condo insurance different from homeowners insurance

Condo insurance differs from homeowners insurance in that it primarily covers the interior of the unit and personal belongings, while homeowners insurance covers the entire structure and property. Condo insurance also typically includes coverage for shared areas and liability within the condo association.

 
 
 

**THE SIMPLY INSURANCE WAY**

## Condo insurance vs. renters insurance

These two get confused a lot. The key difference: if you *own* the unit, you need condo (HO-6) insurance. If you *rent* it, renters insurance is appropriate.

| | Condo insurance (HO-6) | Renters insurance |
|---|---|---|
| Personal property | ✓ | ✓ |
| Liability | ✓ | ✓ |
| Interior structure / build-out | ✓ | ✗ |
| Loss assessment (HOA) | Often included | Not available |
| Required by HOA or lender | Often yes | Varies by landlord |

Renters insurance is cheaper (often $15–$30/month) because there's no building property component. If you're a condo owner, renters insurance won't cut it — you need the HO-6 policy.

### What Are The Key Differences

The key differences between condo insurance and renters insurance lie in the coverage of the unit's structure. Condo insurance covers the interior walls, floors, and ceilings, while renters insurance only covers personal belongings and liability.

## Is condo insurance required by law?

Condo insurance is not typically required by law in America, but your condo association may require it as part of their bylaws. Additionally, mortgage lenders often require condo insurance as a condition of the loan.

Are There Penalties for Not Having Condo Insurance?

While there are no legal penalties for not having condo insurance, failing to maintain coverage can result in financial loss if your unit is damaged or if you are held liable for an accident. Additionally, your mortgage lender may impose penalties or force-place insurance if you do not maintain adequate coverage.

### Are There Penalties for Not Having Condo Insurance

While there are no legal penalties for not having condo insurance, failing to maintain coverage can result in financial loss if your unit is damaged or if you are held liable for an accident. Additionally, your mortgage lender may impose penalties or force-place insurance if you do not maintain adequate coverage.



No law requires you to carry it, but two situations make it effectively mandatory:

1. **Mortgage lender requirements** — if you have a mortgage, your lender almost certainly requires condo insurance as a loan condition. They have a financial interest in protecting the collateral.

2. **HOA bylaws** — many condo associations require unit owners to carry a minimum amount of HO-6 coverage. Check your association's governing documents.

If you let your coverage lapse, your lender can "force-place" insurance on your behalf — which is almost always more expensive than what you'd buy on your own and covers only the lender's interest, not yours.

## How to lower your condo insurance premium

A few moves that genuinely work:

- **Raise your deductible.** Going from $500 to $1,000 can cut your premium noticeably.
- **Bundle with auto insurance.** Most insurers offer multi-policy discounts that can save you 5–15%.
- **Install safety features.** Smoke detectors, deadbolts, a monitored security system, and water leak sensors can all qualify you for discounts.
- **Avoid small claims.** Filing a $600 claim might cost you more in future premium increases than just paying out of pocket.
- **Shop around every couple of years.** Rates change, and loyalty doesn't always pay. Comparing quotes from multiple carriers regularly keeps you from quietly overpaying.

### Increasing Your Deductible

Choosing a higher deductible can lower your premium, but be sure you can afford the out-of-pocket costs in the event of a claim.

### Bundling Policies

Many insurance companies offer discounts if you bundle your condo insurance with other policies, such as auto or life insurance. This can result in significant savings.

### Installing Safety Features

Installing safety features such as smoke detectors, security systems, and deadbolt locks can reduce your risk and may qualify you for discounts on your condo insurance premium.

## How to get condo insurance quotes

Gather your condo's basic details, like age and construction materials, then use an online comparison tool to view rates from multiple providers side by side.

Getting condo insurance quotes is a straightforward process. Start by gathering information about your condo, including its age, construction materials, and any safety features. Then, use an online quote comparison tool to compare rates from multiple providers.

Consulting with an Insurance Agent

Working with an insurance agent can provide personalized assistance in finding the right condo insurance policy. An agent can help you understand your coverage options and ensure you get the best rate possible.

### Your deductible

A higher deductible lowers your premium. Common deductible options run from $500 to $2,500. If you bump your deductible from $500 to $1,000, you might save 10–15% on your annual premium — but make sure you'd actually have that $1,000 available if you needed to file a claim.

### Claims history and credit score

Insurers look at your past claims and, in most states, your credit-based insurance score. A history of frequent claims signals higher risk and pushes your premium up. Keeping your record clean — and maintaining good credit — helps keep costs down.

### Age and condition of the building

An older building with outdated plumbing or electrical systems costs more to insure than a newer one built to modern codes. If your building recently had major renovations or updated fire suppression systems, that can work in your favor.

### Using Online Quote Tools

Online quote tools allow you to input your information and receive quotes from various insurance companies. This can help you quickly compare rates and coverage options to find the best policy for your needs.

### Consulting with an Insurance Agent

Working with an insurance agent can provide personalized assistance in finding the right condo insurance policy. An agent can help you understand your coverage options and ensure you get the best rate possible.



The fastest way to compare rates is through an online quote tool — you'll typically need:

- Your condo's address
- Year the building was built
- Approximate square footage of your unit
- Estimated value of your personal belongings
- Your preferred deductible
- Whether you want replacement cost or actual cash value coverage

Get at least three quotes. Rates for the same coverage can vary by hundreds of dollars between carriers, especially in high-cost states like Florida and Texas.



Using a condo insurance cost calculator can help you estimate your premiums based on various factors. These calculators typically ask for information about your condo, coverage limits, and deductible preferences to provide an estimated cost.

How to Use a Cost Calculator

To use a cost calculator, input details about your condo, such as its location, age, and construction materials. Then, specify your desired coverage limits and deductibles. The calculator will provide an estimated premium based on this information.

### How to Use a Cost Calculator

To use a cost calculator, input details about your condo, such as its location, age, and construction materials. Then, specify your desired coverage limits and deductibles. The calculator will provide an estimated premium based on this information.



Now that you have a comprehensive understanding of condo insurance costs and coverage, it's time to take action. Start by assessing your coverage needs and gathering quotes from multiple providers. Use online tools and consult with insurance agents to find the best policy for your situation. Protect your investment and enjoy peace of mind knowing you're covered.

Frequently Asked Questions

**What is the average cost of condo insurance?**

The average cost of condo insurance ranges from $100 to $400 per year, depending on various factors such as location, coverage limits, and the value of your condo.

**Is condo insurance required by law?**

Condo insurance is not typically required by law, but your condo association or mortgage lender may require it as part of their bylaws or loan conditions.

**What does condo insurance cover?**

Condo insurance covers personal property, liability, and sometimes the interior structure of the unit. It can also provide additional living expenses if your condo becomes uninhabitable due to a covered loss.

**How can I lower my condo insurance premiums?**

You can lower your condo insurance premiums by increasing your deductible, bundling policies, and installing safety features in your condo. Additionally, shopping around and comparing quotes from multiple providers can help you find the best rate.

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About the author 

Sa El

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 16 years of experience in the industry. He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.

## Frequently asked questions

**What is the average cost of condo insurance?**

The national average is about $506 per year ($42/month), based on NAIC data. Your actual cost will vary based on location, coverage amount, and your deductible. Florida and Texas owners often pay $790–$964/year, while states like Utah and Wisconsin average under $300.

**How does my HOA master policy affect what I need?**

It depends on the type. A bare walls policy means you need more interior coverage. An all-in policy means you mainly need personal property and liability coverage. Always ask your HOA which type they carry — it directly affects how much condo insurance you should buy.

**What's a good deductible for condo insurance?**

Most people choose between $500 and $1,000. A $1,000 deductible will save you money on premiums, but make sure you can cover that amount comfortably if you need to file a claim.

**Does condo insurance cover floods or earthquakes?**

No — standard HO-6 policies exclude both. If you're in a flood zone or earthquake-prone area, you need separate coverage for those risks.

**Is condo insurance required by law?**

Not by law, but your mortgage lender and/or your HOA bylaws almost certainly require it. Skipping it and getting caught can result in force-placed insurance, which costs more and protects only the lender.

**What does loss assessment coverage do?**

If your HOA issues a special assessment to cover damage to common areas — say, the roof was destroyed in a hurricane and your share of the repair bill is $3,000 — loss assessment coverage helps pay your portion. It's a relatively cheap add-on that's worth having.

**How can I lower my condo insurance premium?**

Raise your deductible, bundle with auto insurance, add safety features (monitored alarm, water sensors), and compare quotes from multiple carriers every year or two. Small changes can save $50–$150 annually.

## Disclosure

Simply Insurance may receive compensation when readers click partner links and an eligible quote is requested. Our editorial team picks providers based on coverage fit and reader fit, not payout.

## Common Exclusions in Condo Insurance Policies

Condo insurance policies often have exclusions that you should be aware of. Common exclusions include damage from floods, earthquakes, and certain types of water damage. It's essential to review your policy and consider additional coverage if needed.

### Flood and Earthquake Exclusions

Most condo insurance policies do not cover damage from floods or earthquakes. If you live in an area prone to these risks, you may need to purchase separate flood or earthquake insurance to ensure adequate protection.

### Water Damage Exclusions

Some types of water damage, such as sewer backups or gradual leaks, may not be covered by standard condo insurance policies. Consider adding endorsements or riders to your policy to cover these risks.