How Much Is Condo Insurance in 2026?
The average cost of condo insurance varies depending on your location and the coverage you need. However, average condo insurance costs fall between $310 and $1,084 annually, with an average of $499, or about $42 monthly.
An independent insurance agent factors in your location, how much coverage you need, your deductible amount, the master policy deductible, and more when determining how much condo insurance costs. Our HO-6 insurance rates are based on $50,000 of personal property coverage, $300,000 of liability coverage, and a $1,000 deductible.
Condo insurance is also referred to as HO6 insurance, so HO6 insurance costs vary in the same way as condo insurance rates. Having condo insurance is critical to protect against property damage, contents damage, and liability costs. So, how much does condo insurance cost? In this guide, we'll break down how condo insurance or HO6 insurance costs are determined and the average rates by location for 2026.
Key Takeaways - Average Cost of Condo Insurance in 2026
Condo insurance costs an average of $499 per year, or about $42 per month, in 2026.
Condo insurance rates are influenced by your location, claims history, coverage level, deductible, and the HOA or condo association's master policy type.
You can save on condo insurance by asking about discounts for bundling your coverage or installing security devices.
Working with a local independent insurance agent is strongly recommended, as they can shop and compare condo insurance quotes from multiple carriers near you to find the best deal.
Average Condo Insurance Cost by State
The table below compares average condo insurance costs by state for 2026.
| State | Average Annual Rate | Average Monthly Rate |
|---|---|---|
| Alabama | $682 | $57 |
| Alaska | $459 | $38 |
| Arizona | $497 | $41 |
| Arkansas | $640 | $53 |
| California | $653 | $54 |
| Colorado | $552 | $46 |
| Connecticut | $420 | $35 |
| Delaware | $507 | $42 |
| District of Columbia | $405 | $34 |
| Florida | $1,084 | $90 |
| Georgia | $643 | $54 |
| Hawaii | $409 | $34 |
| Idaho | $506 | $42 |
| Illinois | $443 | $37 |
| Indiana | $403 | $34 |
| Iowa | $354 | $30 |
| Kansas | $403 | $34 |
| Kentucky | $433 | $36 |
| Louisiana | $873 | $73 |
| Maine | $412 | $34 |
| Maryland | $358 | $30 |
| Massachusetts | $456 | $38 |
| Michigan | $387 | $32 |
| Minnesota | $401 | $33 |
| Mississippi | $699 | $58 |
| Missouri | $475 | $40 |
| Montana | $566 | $47 |
| Nebraska | $403 | $34 |
| Nevada | $488 | $41 |
| New Hampshire | $391 | $33 |
| New Jersey | $455 | $38 |
| New Mexico | $478 | $40 |
| New York | $611 | $51 |
| North Carolina | $582 | $49 |
| North Dakota | $310 | $26 |
| Ohio | $349 | $29 |
| Oklahoma | $682 | $57 |
| Oregon | $419 | $35 |
| Pennsylvania | $425 | $35 |
| Rhode Island | $550 | $46 |
| South Carolina | $570 | $48 |
| South Dakota | $387 | $32 |
| Tennessee | $539 | $45 |
| Texas | $907 | $76 |
| Utah | $314 | $26 |
| Vermont | $385 | $32 |
| Virginia | $420 | $35 |
| Washington | $434 | $36 |
| West Virginia | $370 | $31 |
| Wisconsin | $325 | $27 |
| Wyoming | $545 | $45 |
A local independent insurance agent can help you find affordable condo insurance rates in your area.
Most Expensive States for Condo Insurance
Condo insurance rates are higher in certain areas than they are in others. Condo insurance may be more expensive in certain states because of that area's risk of natural disasters like hurricanes or tornadoes, or other disasters like crime. Property values may also be higher in those areas, increasing the potential cost to rebuild after a disaster.
The most expensive states for condo insurance in 2026 are Florida, Texas, Louisiana, Mississippi, and Alabama. These states are each prone to weather disasters, such as hurricanes in Florida and tornadoes in Texas, that drive up condo insurance rates. If you've been wondering, "How much is condo insurance in Florida?", average rates are $90 per month or $1,080 per year, which are the highest in the nation.
The top 5 most expensive states for condo insurance are:
- Florida: $90 per month
- Texas: $76 per month
- Louisiana: $73 per month
- Mississippi: $58 per month
- Alabama: $57 per month
Least Expensive States for Condo Insurance
Likewise, condo insurance rates are much cheaper in certain states than in others. Rates can be lower in certain areas due to a low risk of natural disasters or crime. Property values may also be lower in these states, creating less of a cost risk for repairs or rebuilding if necessary.
The cheapest states for condo insurance in 2026 are North Dakota, Utah, Wisconsin, Ohio, and Iowa. These states each have a lower natural disaster risk than those in coastal areas. Additionally, these areas have lower average property values, which contributes to cheaper condo insurance rates.
The top 5 cheapest states for condo insurance are:
- North Dakota (tie): $26 per month
- Utah (tie): $26 per month
- Wisconsin: $27 per month
- Ohio: $29 per month
- Iowa: $30 per month
Average Cost of Condo Insurance by Coverage Limit
Your location certainly impacts your condo insurance costs, but the amount of coverage you need, or your coverage limit, is another major factor. We'll break down some average condo insurance costs by coverage limit, or the amount needed to insure a dwelling of a certain value, below.
| Condo Value | Average Monthly Rate | Average Annual Rate |
|---|---|---|
| Less than $150,000 | $17.12 | $205.44 |
| $150,000 to $200,000 | $23.70 | $284.46 |
| $200,000 to $250,000 | $28.01 | $336.17 |
| $300,000 to $350,000 | $38.52 | $462.24 |
| $350,000 to $400,000 | $39.81 | $477.80 |
| $400,000 to $500,000 | $52.97 | $635.58 |
| More than $500,000 | $57.78 | $693.36 |
Note: These values are based on condos in Colorado with a deductible amount of $1,000 and an applicant with a good credit score, using our condo insurance calculator. An independent insurance agent can help you compare average HO-6 insurance costs in your area.
Average Condo Insurance Cost by Company
Where you buy your condo insurance from greatly impacts how much you'll pay for coverage. The table below compares some of our top picks for the cheapest condo insurance carriers in 2026.
| Carrier | Average Annual Rate | Overall Carrier Star Rating |
|---|---|---|
| Travelers | $505 |
|
| Nationwide | $700 |
|
| Auto-Owners | $630 |
|
| USAA | $795 |
|
| American Family | $890 |
|
| Allstate | $520 |
|
An independent insurance agent can also help you compare the average cost of condo insurance by company in your area
How Your HOA's Master Policy Type Affects Your Cost
How much you pay for your condo insurance also depends, in part, on how much coverage is provided by your HOA or condo association's master policy. This determines how much coverage you're responsible for buying on your own to fill any gaps. There are three main condo association master policy types:
- Bare walls coverage: This insures basic building elements, such as the walls, roof, floors, and elevators. So if you cause damage to shared spaces in the condo building, this coverage can pay for associated liability and property repairs. Condo unit owners must obtain separate coverage for items such as countertops, bathroom and kitchen fixtures, flooring, appliances, carpeting, cabinets, wall coverings, and other items in the unit. However, bare walls coverage may also require unit owners to insure the interior walls of their units.
- Single entity coverage: This insures the basic shared elements of a building and standard finishes inside each unit, except for the unit owner’s personal property. Single entity coverage does not cover improvements made at a unit owner’s expense. If, for example, a unit owner updates countertops or installs new carpet or lighting fixtures, the new and more expensive finishes are not covered by the association master policy.
- Modified single entity/all-in coverage: This covers fixtures, installations, or additions/improvements within the interior surfaces of the perimeter walls, floors, and ceilings of individual units. The unit owner’s coverage needs are limited because the association's master policy provides comprehensive coverage for standard or upgraded permanent fixtures and finishes, as well as additions and improvements. Unit owners must purchase separate coverage for their personal property.
- Condo association master insurance policies can have deductibles ranging from $10,000 to $25,000.
- Loss assessment coverage in condo insurance can help fill the coverage gap in your HOA's master policy.
- Some condo associations cover window maintenance and replacement, while others place that responsibility on the condo owner.
- Not all condo master plans provide coverage for damage caused by sewer or drainage backups.
- Some condo associations offer “all-in” master policies that include coverage for interior walls, floors, and ceilings of units.
An independent insurance agent can help you get set up with the appropriate amount of condo insurance that complements your HOA's master policy.
What Factors Affect Condo Insurance Rates?
Condo insurance rates can vary greatly depending on the value of the condominium, the geographic area, and the condo association policy. The primary factors affecting condo insurance rates include:
- How much condo coverage you need to buy for complete protection
- The condominium coverage options you choose
- Your chosen deductible and whether you have master policy deductible coverage
- The location and construction of your condo
- Available deals and discounts
- Location and weather risk
- Coverage level and deductible
- Credit score (where allowed)
- Claims history
- Deductible amount
- Carrier choice
Credit score affects condo insurance rates in most states, but it's not allowed as a rating factor in all of them. In states that use credit as a rating factor, poor credit can raise condo insurance rates by an average of up to 56%.
Are Condo Insurance and HO6 Insurance the Same?
Though condo insurance and HO6 insurance are often used interchangeably, there is a key difference. HO6 insurance is used for both condo insurance and co-op insurance and is a specific, customized type of homeowners insurance for both of these living situations. HO6 insurance protects the parts of your condo not covered by your condo association's master policy.
The interior of your home, or everything inside the walls, along with your personal liability, is covered by an HO6 policy, similar to how condo insurance works. The association's master policy is responsible for covering anything outside the walls of your unit. Whether the master policy includes bare walls or all-in coverage determines how much HO-6 coverage you need. An independent insurance agent can help you determine whether condo insurance or HO6 insurance is right for you. They can further explain your HO-6 policy and help you get set up with the right types of coverage.
How Condo Insurance and Homeowners Insurance Costs Compare
Condo insurance vs. homeowners insurance costs vary considerably. The average cost of condo insurance is $499 per year, while home insurance averages $2,601 per year. Home insurance is more expensive than condo insurance because the HOA covers the exterior of a condo building, and homeowners insurance covers the whole house and property.
| Condo Insurance | Homeowners Insurance |
|---|---|
| $499 per year | $2,601 per year |
How Much Condo Insurance Coverage Do You Need?
When determining how much condo insurance you need, follow these steps:
- Review your HOA or condo association's master policy's declarations page to determine which type of coverage is already provided (i.e., bare walls, all-in, or single-entity).
- Estimate your personal property's total replacement value after conducting a home inventory.
- Look for a policy with at least $100,000 in liability coverage, though $300,000 is strongly recommended.
Independent insurance agents can compare condo insurance rates across multiple carriers near you to find the most affordable coverage. If you're still asking, "How much is condo insurance near me?", a local agent can gather quotes for you.
How Much Is Condo Insurance on a Beach?
Similar to home insurance, one of the biggest factors influencing the cost of your condo insurance is your location. The average cost of condo insurance in the U.S. is $499 per year or around $42 per month. Average condo insurance rates can range anywhere from $26 to $90 per month, depending on which state you live in.
If you live on or near the beach, you can expect to pay near the higher end of the spectrum. Florida, for example, has the highest condo insurance rates in the nation. So, how much is condo insurance in Florida? Rates average $1,080 per year or about $90 per month. Florida is a coastal state with wind, water, and severe weather hazards.
North Dakota and Utah, both inland states, are the cheapest for condo insurance. Condo policies in North Dakota and Utah average just $312 per year, or $26 per month.
How Much Is Condo Insurance in the City?
Just living in the city shouldn't affect the cost of your condo insurance too much, but if you live in a city with a higher crime rate than the national average, it might. The part of town you live in also affects your condo insurance costs. Similar to homeowners insurance, the safer your home and its neighborhood are, the cheaper your coverage is likely to be.
Condos in the heart of a busy downtown area, particularly one that's not considered very safe, can pay a good deal more for their coverage. The current average cost of coverage for condo owners in New York City (NYC) is $610 annually. City rates also vary depending on your location in the city, the insurance company, the value of your condo, and your coverage limits.
In contrast, condo insurance in Indianapolis, IN, currently averages $435 per year, which is below the national average. If you're still asking, "How much is condo insurance?", a local independent insurance agent can compare rates in your city.
How Much Is Condo Insurance for a High-Rise Unit?
You might also be wondering if condo insurance is more expensive if your unit is in a high-rise building. While high-rise condos can face a bigger threat in case of a water leak, the building type specifically doesn't cause much of a price difference from another kind of condo.
As long as your condo's building is well constructed, you can expect to pay close to the average rate for condo insurance. If you've been asking, "How much is condo insurance in a high-rise?", ask your local independent insurance agent to compare rates near you.
How to Lower Your Condo Insurance Cost
Condo insurance can be expensive, no matter where you live. Luckily, many insurance companies typically offer condo insurance discounts. Here are just a few of the most common.
- Safety features discount: Condo owners who install safety devices like alarm systems can earn a discount on their coverage.
- Sprinkler system discount: Condo owners who buy units equipped with sprinkler systems can earn a discount on coverage.
- Bundling discount: Customers who buy their condo insurance as well as another type of coverage, like car insurance, through the same carrier can get a discount on both coverages.
- Paid-in-full discount: Customers who pay for their entire year's premium up front can get a discount on their condo coverage.
- Claims-free discount: Customers who have not filed any claims within the past couple of years are likely to save money on their condo insurance as well.
You can also compare quotes from multiple carriers, increase your deductible, and improve your credit score (in most states) to help reduce your condo insurance rates. Condo insurance deductible savings can mean a lower premium rate, but you'll have to pay more out of your own pocket if you need to file a claim.
An independent insurance agent can help you find any of these discounts and other savings opportunities that you may qualify for on condo insurance. They can pull multiple condo insurance quotes for you at once and offer additional strategies for how to lower condo insurance costs.
Raise your deductible to lower your premium
Raising your condo insurance deductible from $1,000 to $2,500 can reduce your condo insurance costs by about 16%. However, there's a trade-off to consider before choosing a condo insurance deductible. Increasing your deductible can lead to lower premiums, but higher out-of-pocket costs if you file a claim.
How your credit score affects your rate
In most states, insurers use credit-based insurance scores. Condo owners with poor credit can pay approximately 56% more than those with good credit. Improving your credit over time is one of the most effective long-term cost-saving opportunities. An independent insurance agent can further explain how your credit score affects condo insurance rates.
FAQs About Condo Insurance Cost
How much is condo insurance per month?
Condo insurance per month costs an average of $42, or about $499 per year. The average cost of condo insurance is based on a policy with $50,000 in personal property coverage, $300,000 in liability coverage, and a $1,000 deductible. However, rates vary by state, coverage level, and carrier.
What is the average cost of condo insurance in Florida?
Florida condo insurance rates are the highest in the nation, averaging $90 per month in 2026. So, how much is condo insurance in Florida per year? It averages $1,080 annually. The state's hurricane risk, rising reinsurance costs, and insurance market challenges all contribute to more expensive condo coverage.
What is HO-6 insurance and how much does it cost?
HO-6 is the policy form designation for condo insurance. HO-6 insurance costs approximately $499 per year. It covers the unit interior, your personal belongings, personal liability, and loss of use. An independent insurance agent can further explain the coverage of your HO-6 policy.
Is condo insurance cheaper than homeowners insurance?
Yes, the condo insurance vs. homeowners insurance cost is much cheaper, on average. The average cost of condo insurance is $499 per year, compared with approximately $2,610 for homeowners insurance. Condo owners pay less because the HOA master policy covers the building exterior and structure, while homeowners insurance covers the whole house and property.
What factors affect condo insurance rates?
The key factors affecting condo insurance rates include your state and location, coverage limits, HOA master policy type, claims history, credit score, deductible, and carrier. Weather risks and local property values significantly impact condo insurance costs.
How can I lower my condo insurance cost?
You can reduce your condo insurance rates by doing any of the following: compare quotes from multiple carriers, bundle condo and auto insurance with the same carrier, install safety devices in your unit, raise your deductible, maintain a claims-free record, and improve your credit score (in most states). Independent insurance agents can recommend additional strategies for how to lower condo insurance costs.
What is loss assessment coverage and do I need it?
Loss assessment coverage in condo insurance pays your share of an HOA assessment when a covered loss exceeds the master policy deductible (which can reach $10,000-$25,000). Most condo owners should consider adding this coverage.
Get Help Now from an Independent Insurance Agent Near You
When you're ready to find cheap condo insurance near you, no one's better equipped to help than a local independent insurance agent. These agents have access to multiple carriers, so they're free to shop and compare condo insurance quotes and rates to find the best deal. And down the road, your agent can help you file condo insurance claims and update your coverage when necessary.
Sources
https://www.iii.org/article/insuring-co-op-or-condo
https://www.policygenius.com/homeowners-insurance/how-much-does-condo-insurance-cost/
https://www.valuepenguin.com/average-cost-of-condo-insurance
https://www.thehartford.com/aarp/condo-insurance/costs
https://www.insurance.com/home-and-renters-insurance/condo-insurance-in-new-york-ny/
https://www.insurance.com/average-condo-insurance-rates
https://www.nerdwallet.com/insurance/homeowners/learn/condo-insurance-cost