Average Cost of Condo Insurance (2025)
The average cost of condo insurance, also known as HO-6 insurance, is $531 per year.
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However, the cost of condo insurance can vary widely depending on where you live, the amount of coverage you need and the insurance company you choose. Average condo insurance rates fall between $276 and $1,049 per year, depending on which state you live in.
Average condo insurance cost
Condo insurance costs $531 per year, on average. However, average HO-6 insurance prices vary by up to $773 per year, depending on the state you live in.
Condo owners in the most expensive state, Florida, pay an average of $1,049 per year for coverage. Wisconsin is the cheapest state for condo insurance, at $276 per year.
Condo insurance rates by state
State | Annual rate | Difference from average |
|---|---|---|
| Alabama | $629 | 18% |
| Alaska | $435 | -18% |
| Arizona | $448 | -16% |
| Arkansas | $600 | 13% |
| California | $626 | 18% |
States with the cheapest average condo insurance cost
Wisconsin, Utah, North Dakota, Iowa and South Dakota are the five states with the cheapest average condo insurance quotes. All five have rates at least 40% lower than the average across the United States.
Some of the cheapest states for condo insurance are among the least populated in the country, including North Dakota and South Dakota. Iowa and Utah also have smaller-than-average populations.
States with the highest average HO-6 insurance cost
Florida, Texas, Louisiana, Oklahoma and Mississippi are the five most expensive states for HO-6 condo insurance. These states are expensive because they're prone to natural disasters. For instance, hurricanes are common in Florida, Louisiana and Mississippi, and Oklahoma is prone to tornadoes.
The average cost of condo insurance in Florida is $193 more expensive per year than the second-most expensive state, Texas. Condo owners in Florida tend to pay higher rates for condo insurance compared to other states, largely because of the regular hurricanes the state experiences.
HO-6 insurance covers everything in the interior of a condo unit, including walls. That means it can coverG damage to your condo from a hurricane or tropical storm, but that risk is also factored into your prices.
Find Cheap Condo Insurance Quotes in Your Area
How much is condo insurance by coverage limit?
How much coverage you buy for condo insurance will affect the price, too. The average condo insurance rate for a dwelling coverage limit of $75,000 to $99,999 is $571 per year, which is $176 more per year than the rate for a coverage limit of $13,999 and under.
The dwelling coverage limits you choose significantly impact the cost of condo insurance. Generally, the higher your coverage limit, the higher the average condo insurance rate will be.
Condo insurance cost by dwelling coverage limit
Coverage limit | Annual rate |
|---|---|
| $13,999 and under | $395 |
| $14,000 - $19,999 | $397 |
| $20,000 - $25,999 | $402 |
| $26,000 - $31,999 | $427 |
| $32,000 - $37,999 | $452 |
Cost of condo insurance by company
Condo insurance costs can vary by $456 per year depending on the insurance company you choose. State Farm offers the cheapest HO-6 insurance quotes, with an average of $552 per year.
Company | Average monthly rate | |
|---|---|---|
| State Farm | $552 |
| Farmers | $612 |
| Liberty Mutual | $780 |
| Progressive | $1,008 |
Rates are based on quotes for condos located in New York, Dallas and Philadelphia.
How to save money on condo insurance
There are three main ways to lower your condo insurance rates: Shop around for quotes, find discounts and raise your deductible.
- The best way to save money on insurance is to compare condo insurance quotes from multiple companies. Each company uses a different method to determine your HO-6 insurance rates, so your quotes may differ from our averages.
- Next, it's important to research discounts, so you can make sure you're getting all of the discounts you qualify for. Common condo insurance discounts include bundling discounts for insuring your condo and car with the same company, and safety discounts for installing a home security system.
- If you're still struggling to find cheap HO-6 insurance, you can consider increasing your deductible. A higher deductible means you'll have to pay more for repairs after an emergency, which usually means you'll save on the upfront cost of insurance. However, it's important to choose a deductible you'll be comfortable paying in an emergency.
What does condo insurance include?
Condo insurance has four main types of coverage: personal property coverage, building property coverage, liability coverage and loss of use coverage.
Sometimes policies include a sixth type of insurance called loss assessment coverage, which usually costs extra.
However, if your condo association master policy already covers some of these areas, you may not need all the protection available in the most comprehensive condo insurance policies.
Condo association master policy coverage
A master policy is an insurance policy owned by the condo association, and condo owners share the cost with their neighbors.
In addition to your own HO-6 insurance, your condo association almost certainly carries what's called a master policy. This policy protects common areas like hallways, elevators and shared amenities. Also called condo association insurance, this type of policy is managed by your condo's board or management team. Your association dues help pay for the coverage.
Frequently asked questions
How much is condo insurance?
Condo insurance, also known as HO-6 insurance, costs $531 per year across the U.S., on average. However, average rates can differ by $773, depending on the state where you live.
Is condo insurance cheaper than home insurance?
Yes, condo insurance is much cheaper than home insurance. On average, an HO-6 condo insurance policy costs $880 less per year than a standard homeowners insurance policy. That's because most condo insurance policies don't protect the exterior of your home since it's usually covered by your condo association's master policy.
What is the average cost of condo insurance in Florida?
Condo owners in Florida typically pay $1,049 per year for HO-6 insurance. That's nearly double the national average, making Florida the most expensive state for condo insurance.
How much is insurance on a condo in Texas?
The average cost of condo insurance in Texas is $856 per year, which is 61% more expensive than the national average. Texas is the second-most expensive state in the country for HO-6 insurance.
Do you need homeowners insurance for a condo?
If you have a mortgage or home equity loan, your lender will usually require you to buy condo insurance. Even if your condo is paid off, you should still consider buying HO-6 insurance. The cost is fairly cheap, and it can save you a lot of money if your home and belongings are damaged in a covered loss, like a fire or theft.
Methodology
ValuePenguin collected condo insurance rates from the most recent report on condo insurance from the National Association of Insurance Commissioners (NAIC), which provides the average coverage level and premiums for condo (HO-6) insurance across the 50 states and the District of Columbia.
To find the average cost of condo insurance by company, our experts gathered rates from four top companies in Dallas, New York and Philadelphia.
Quotes from specific companies are for the following coverage limits:
Coverage | Limit |
|---|---|
| Building property coverage | $18,000 |
| Personal property protection | $60,000 |
| Liability coverage | $100,000 |
| Deductible | $1,000 |
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