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How Much Does Condo Insurance Cost?
The average cost of condo insurance is about $478 per year, this is just shy of about $40.00 per month. Now, keep in mind that this is a national average and that the cost can vary depending on where you live, your deductible amount, and the other limits you choose.
What Factors Determine The Cost Of My Condo Insurance Policy?
Sample Condo Insurance Quotes By Coverage Amount
On average, a condo insurance policy for $150,000 to $175,000 in coverage is going to run you about $35.00 per month. Houses in the range of $400,000 to $500,000 will run you about $122.00 per month. We cover more sample quotes below:
What Does Condo Insurance Cover?
It’s essential to understand what your condo insurance policy will actually cover, below we go over everything a condo policy covers:
Personal Property
The most important aspect of a condo policy is the coverage of your personal property, if your items are stolen or destroyed by a covered loss such as fire or water damage, your items will be covered.
These policies will usually cover your items on a replacement cost basis, which means the insurance company will pay out what it would cost to replace your item today; not the price of what you originally paid for the item.
Personal liability
If you have ever found yourself watching an episode of Judge Jerry, (Yes, Jerry Springer has a show as a judge now) you might find it odd that family and friends sue each other.
This is exactly why you need this type of coverage; if your friend or family member is injured inside your unit, condo insurance will help pay for their medical expenses and protects you financially if they decide to sue.
Damage to Interior structure
The one thing you have to remember is that when you buy a condo, you only own what’s inside the unit.
This means you still need coverage for your walls, floors, ceilings and counter-tops and these items are specifically covered by your condo insurance.
Loss Of Use
If you can no longer live in your unit because of damage caused by a covered loss, your policy will help cover your living expenses such as a hotel and traveling costs, while your unit is being repaired.
Loss Assessment
If a common area is damaged by a covered loss, and there aren’t enough funds to cover it within the HOA, each unit owner will be responsible for covering their share of the loss.
This is where loss assessment coverage kicks in by taking care of those expenses.
Now that we have a clear understanding of what condo insurance will cover, let’s talk about what it won’t cover.
What Condo Insurance Doesn’t Cover?
While condo insurance does cover a ton of things, there are still a few items that won’t be covered by your condo insurance policy:
What If You Need Landlord Insurance For Your Condo?
Often called buy-to-let home insurance, a Landlord Insurance Policy is insurance for people who rent out a home they own to a tenant. It provides a layer of extra protection because it treats your rental properties as a business.
You don’t have to think too much about the type of coverage you will need, most online quotes will ask what type of home you are insuring so you will have the correct policy.
How Much Condo Insurance Do I need?
Most condo insurance policies come with a minimum of $100,000 in coverage, and on a condo with a mortgage, they usually cover up to the value of your condo un it. However, you should have at least $300,000 to $500,000 if you can afford it. The final amount of homeowners insurance that you need is going to depend on the costs of replacing several things:
Your Home Office
The equipment inside of your home office can’t be forgotten about either. Our home offices are just as equipped as actual offices now days so be mindful of the costs.
Refurnishing Your Home
It’s easy to stack up over $25,000 in furniture when you think about furnishing your home with dining sets, bedroom sets and other types of chairs and ottomans.
Things Like Art
While some people collect coins and stamps, others (like myself), have an action figure collection. Anything that is considered to have Exceptional Value should be covered.
Your Personal Property
Things like your clothes, shoes or other personal property should be accounted for. You don’t want a policy that can’t cover all of your personal items due to a covered loss.
Use Our Calculator For Extra Help
We created a pretty cool condo insurance calculator that you can use to get a more solid understanding of how much coverage you need.
When you are deciding on how much home owners insurance you need, it’s best to act like a detective. You should also determine if you have specific risks like an exotic pet.
Along with the other factors above, come up with a number and if you can afford it, double the amount of coverage, if not, you still have a great starting point.
What Are The Best Condo Insurance Companies?
In my professional opinion, as a licensed agent for over 13 years, the best companies for homeowners insurance are Hippo, Lemonade, and Progressive.
All of them offer an online application process, no waiting periods, and prices that are comparable or sometimes better than the industry standard.
They also have accelerated underwriting processes that allows you to get an instant decision and be covered in minutes.
No-Cost Additional Coverage
Check out our Hippo review
Earthquake Insurance Rider
The Zero Everything Service
Check out our Lemonade review
No sure where to start? We review the best homeowners insurance companies for 2021.
Condo Insurance Vs Home Insurance & Renters Insurance
When it comes to owning a condo or a home and renting a home there is a lot of confusion misunderstanding about what homeowners insurance covers, what condo insurance will cover, and when someone will need renters insurance.
While all of these types of overages will have personal property insurance attached, cover personal liability, and have a replacement cost option, they are three completely different types of insurance coverage and also offer different insurance discounts.
Condo Insurance
Condo insurance is only for your personal property and internal structures, your condo policy will cover:
Homeowners Insurance
Homeowners insurance is the best defense you can give your family from a disaster and usually covers:
As you can see, these policies have just enough differences to make them all necessary, if you own a condo, you will need a condo policy, for your home a home policy and if you are renting, a renters policy.
How To Buy Condo Insurance Online?
Buying condo insurance online has never been easier; regardless of whether you are getting insurance on your first home or looking for lower rates, you can get quotes and coverage in minutes.
Believe it or not, it’s only five steps to go from quotes to being covered:
Why Trust Simply Insurance?
We make things simple. At Simply Insurance, you get to compare only the top online home insurance companies. We’ve done all the hard work and picked out the top companies so that you don’t have to go through all of the top insurance companies in the nation… I mean, no one really has time for that.
Years of licensed experience. As licensed agents, we help our customers navigate the entire insurance buying process. We don’t work on commission and can answer any questions you may have in regards to your insurance policy.
Keeping it in “Plain English.” We pride ourselves on creating content that is easy to understand and that doesn’t have a ton of “insurance-ese”. Insurance education is essential to us and we put our customers needs first.
Frequently Asked Questions
Who has the cheapest Condo insurance?
Hippo is shown to have some 25% lower rates than most traditional condo insurance companies. Along with 60 second quotes and instant online approvals, we pick Hippo!
How much is a typical condo insurance policy?
The average cost of condo insurance is about $478 per year. Some 95% of homeowners in the United States have homeowners insurance, but about 60% are under-insured on their policy.
What is the average monthly cost for condo insurance?
The average monthly cost of condo insurance is about $40 per month; however, several factors play a part in determining how much your coverage will cost.
Who has the best condo insurance?
The Best condo insurance goes to Hippo insurance, they have a fast policy along with affordable rates and a 100% online application.
LEARN MORE ABOUT CONDO INSURANCE TODAY!
Condo Insurance Basics
To learn more about the basics of homeowners insurance you can click here!
Condo Insurance Coverage & Costs
To learn more about the coverage and costs of condo insurance you can click here!
Condo Insurance FAQ’s
Get answers to our most frequently asked questions about condominium insurance by clicking here!
Condo Insurance Best Of
To learn more about the best of condo insurance you can click here!
Condo Insurance Reviews
Read our best condo insurance reviews by clicking here!
