Best Condo Insurance Companies (2024)
- Expertise: Auto insurance, home insurance and renters insurance
- Education: University of California-Berkeley (BA in History)
Rob Bhatt is a licensed insurance agent and joined the staff of Lending Tree in 2021. Previously, he spent more than 20 years writing for and editing regional publications in California, Nevada and Washington. Rob enjoys helping readers understand how different coverages work so they can make informed purchasing decisions, and he specializes in producing research-backed content for LendingTree about auto, home and renters insurance. His work has been cited by ABC, Business Insider, MSN and Yahoo.
- Travelers is the best company for cheap condo insurance quotes (a.k.a. HO-6 insurance quotes).
- Travelers rates average $521 a month, or $43 a month.
- Amica has better customer service ratings, but it also tends to charge higher rates.
Cheapest condo insurance companies
Travelers has the cheapest condo insurance rates. It charges an average of $521 a year for condominium insurance — also called HO-6 policies — which works out to about $43 a month.
State Farm has the next-best condo insurance rate, averaging $720 a year, followed by Progressive at $730 annually.
Cheapest major condo insurance companies
| Company | Annual rate |
|---|---|
| Travelers | $521 |
| State Farm | $720 |
| Progressive | $730 |
| AAA | $878 |
| USAA* | $955 |
| U.S. average | $975 |
| Lemonade | $1,002 |
| Farmers | $1,060 |
| Allstate | $1,076 |
| Nationwide | $1,085 |
| Amica | $1,093 |
| Liberty Mutual | $1,217 |
What is HO-6 insurance?
An HO-6 is a form of homeowners insurance for covering condo units, as well as cooperative housing units. Most homeowners insurance companies can give you an HO-6 insurance quote for your condominium or co-op.
However, if you rent a condo unit from someone else, you’ll probably only need renters insurance. And if you rent your own unit out to long-term tenants, you should consider getting landlord insurance.
Best condo insurance companies
Travelers is the least expensive among the best condo insurance companies we surveyed.
Amica has the best customer service ratings, while State Farm, USAA and Lemonade each stand out for other reasons.
Best condo insurance companies at a glance
| Best for | Company | Annual rate | Complaint rating (lower is better)* | Overall satisfaction** |
|---|---|---|---|---|
| Cheap rates | Travelers | $521 | 0.85 (good) | 790 (below average) |
| Customer service | Amica | $1,093 | 0.33 (excellent) | 844 (excellent) |
| Large company fans | State Farm | $720 | 1.05 (average) | 829 (above average) |
| Military families | USAA | $955 | 0.33 (excellent) | 881 (excellent) |
| Tech lovers | Lemonade | $1,002 | 3.54 (poor) | Not rated |
*Complaint ratings are based on confirmed, or substantiated, complaints tracked by the National Association of Insurance Commissioners (NAIC). Lower ratings are better.
**Overall satisfaction ratings are based on customer surveys by J.D. Power. Higher scores are better.
Best cheap company: Travelers
Travelers condo insurance rates are just a little over half the price of the national average.
You could save even more by bundling your car and condo insurance with Travelers, as well as through a discount if you’ve purchased your unit within the past 12 months.
Travelers offers most of the basic protections you need for your condo unit and belongings. This includes two different options for protecting your jewelry and other valuables.
The company also offers a replacement cost upgrade for your belongings. This pays to replace stolen or damaged items with new ones, with no deduction for depreciation.
| Pros | Cons |
|---|---|
| Rates are 47% lower than the national average Good NAIC complaint rating Customizable coverage for your belongings Discounts for recent home buyers | Below-average customer satisfaction rating |
Best customer service: Amica
Amica has a better complaint rating and overall satisfaction score than the other major condo insurance companies we surveyed. It had a third of the average number of complaints for its size in 2023, according to the NAIC.
In addition to basic coverages, Amica offers a few extras for more peace of mind. For example, its computer coverage increases your protection for laptop and desktop computers, tablets and smartphones.
| Pros | Cons |
|---|---|
| Excellent satisfaction score and complaint rating Extra coverage available for electronic devices Offers replacement cost coverage for belongings | Charges more than national average |
Best large company: State Farm
A strong satisfaction rating and competitive rate make State Farm best among the largest companies for condo insurance.
Its condo insurance rates are 26% lower than the national average, and it also offers low car insurance rates. If you bundle your condo and auto insurance with State Farm, you can save more on both policies, though some rivals offer more discount options.
State Farm’s wide network of exclusive agents is another plus. In most parts of the country, it’s easy to find a State Farm agent near you for personalized service. You can also request quotes online.
| Pros | Cons |
|---|---|
| Rates are well below the national average Above-average satisfaction rating Standard policies include all the basics Exclusive agents offer personalized service | Only offers a few discounts Complaint rating is slightly worse than average |
Best for military families: USAA
In addition to low rates, USAA offers a few perks that most other condo insurance companies don’t. However, it’s only available to current and former members of the military and their families.
For example, it offers replacement cost coverage for your belongings as a standard feature. Plus, its condo policies include up to $5,000 in identity theft protection at no extra charge.
USAA also offers important optional coverages, including water backup coverage. This pays to clean and repair damage from a backup of your sewer or drainage system, which can get quite messy.
Further, USAA’s optional electronics coverage provides extra protection for computers, smartphones, TVs, drones and other devices.
The company’s website and smartphone app make it easy to manage your policy online. You can contact its call center for live assistance. However, you don’t get a personal insurance agent to work with on an ongoing basis.
| Pros | Cons |
|---|---|
| Highly rated for overall satisfaction Excellent complaint rating Rates are below the national average Offers valuable perks at no extra charge | Only available to military families Lack of personalized service |
Best for tech lovers: Lemonade
Lemonade’s digital shopping platform makes it easy to get a condo insurance quote within minutes. This can come in handy for comparison shopping.
The company was established in 2015. Currently, it only offers condo insurance in 25 states, plus the District of Columbia, but it plans to expand to more areas soon, according to its website.
The Lemonade app allows you to manage your policy and file claims with your smartphone. But while these conveniences are nice, the company’s poor complaint rating may be cause for concern.
| Pros | Cons |
|---|---|
| Convenient online shopping platform User-friendly smartphone app It’s a certified benefit corp that supports charities | Poor complaint rating Higher-than-average condo insurance rates Only available in 25 states and Washington, D.C. |
How to save on condo insurance
Shopping around for quotes and searching for discounts are good ways to save money on condo insurance.
The price you pay depends on factors such as:
- Your home’s location and construction features
- Your insurance and credit history
- The amounts of insurance you need
- Any discounts you may be eligible to receive
Each company weighs these factors differently and offers different discounts. Comparing quotes from multiple companies is a good way to find the cheapest rate.
Best condo insurance discounts
The various discounts that condo insurance companies offer can add up to significant savings.
The biggest rate cuts usually come from bundling your condo insurance with an auto policy. Other discounts to look for when you shop include:
- Protective devices: You can usually get a small discount just for having deadbolt locks and smoke detectors. Monitored security systems and smartphone-linked detection systems can often get you larger discounts.
- Recent homebuyers: Travelers and Progressive are among the companies that give you a discount if you’ve purchased your unit within the past year.
- Mature/retired homeowner: AAA offers a discount to mature and/or retired condo owners. You usually have to be at least 50 or 55 years old to qualify, depending on the state.
- Loss free: Several companies give you another discount if you haven’t had any insurance claims within the past few years.
- Green home: Travelers offers a discount to condo owners with LEED-certified “green homes.”
- Payment discounts: Paying in full for your policy upfront can often save you a little money. Most insurance companies offer additional discounts for setting up auto-pay and going paperless.
Condo insurance discount comparison
| Discount | Travelers | Amica | State Farm | USAA | Lemonade |
|---|---|---|---|---|---|
| Bundling | Yes | Yes | Yes | Yes | Yes |
| Loss free | Yes | Yes | No | Yes | No |
| Protective devices | Yes | Yes | Yes | Yes | No |
| Green home | Yes | No | No | No | No |
Note that the names used for these and other discounts vary by company, and the discounts each company offers vary by state.
As you review quotes, each proposal should show the discounts that have been applied to your rate. It’s good to ask if any additional rate reductions may be available before you purchase your policy.
How to get HO-6 condo insurance quotes
A little preparation can streamline the process for getting HO-6 condo insurance quotes. Most home insurance companies offer them upon request, and you can usually ask for them online.
Here’s what insurance companies usually need in order to give you an accurate quote:
- Your unit’s address and the date you want your policy to begin
- Safety and security devices in your unit or complex (for possible discounts)
- The type of coverage your condo association’s master policy provides
- The amounts of dwelling and personal property coverage you need
How much dwelling coverage do I need for a condo?
The amount of dwelling coverage you need depends largely on your condo association’s master policy. The master policy covers damage to building exteriors and common areas, while your own condo policy covers damage inside your unit, plus your belongings.
The most common types of master policy include:
- Bare walls: Most master policies only cover damage outside of the bare walls of your condo. These require you to get a walls-in policy, which covers all fixtures and furnishings inside your unit. These include wall coverings, flooring, cabinets, countertops and built-in appliances, like furnaces and water heaters.
- Single-entity: This covers original fixtures and furnishings in your unit. You may still need dwelling coverage for any improvements, and possibly to cover your master policy’s deductible.
- All-in: These cover all the fixtures and furnishings in your unit, including improvements. In this case, you may only need enough dwelling coverage for the master policy’s deductible.
How much personal property coverage do I need for my condo?
Your personal property limit — also known as your “contents limit” — should match the combined value of all your possessions. This includes your furniture, clothes, electronics, recreational gear and appliances that aren’t built into your unit. Contents coverage usually covers plug-in appliances, like refrigerators and ovens.
You can get an accurate estimate by creating a list of your possessions and the value of each item or set. If you use a ballpark estimate for a quote, make sure to document your possessions. If you ever have to file a claim, you’ll need to provide details of your belongings in order to get an insurance check.
What else affects my condo insurance quote?
The rest of the coverages in your condo insurance quote are usually offered with default limits. These usually include coverages for:
- Loss of use
- Personal liability
- Guest medical payments
- Loss assessment
The default limits for these coverages vary by company, and you can usually adjust them. As you compare quotes, make sure to note any differences in these coverages from each company’s proposal.
Frequently asked questions
It depends. You probably need condo insurance if your homeowners association (HOA) has a master policy that covers structural damage to your townhome. But if you don’t have an HOA, or if your HOA’s policy doesn’t cover your townhome, then you’ll typically need homeowners insurance.
Your homeowners association should be able to give you a copy of its master policy. If you’re getting a mortgage, your lender should also get a copy of your HOA’s master policy. Your lender can share this information to make sure you get enough insurance.
No. Flood insurance is separate insurance you can purchase to protect your condo unit and possessions from flood damage. A condo association can also get flood insurance for an entire complex. However, these association flood policies don’t cover your possessions and may only provide partial building coverage for your unit.
Dwelling coverage is the biggest difference between renters insurance and condo insurance. If a fire or windstorm damages the inside of your rental unit, your landlord’s insurance pays for repairs. But when you own a unit, the dwelling coverage in your condo insurance pays for these types of repairs.
Condo insurance is usually cheaper than standard home insurance. Condo units typically require less dwelling coverage than detached homes, and this usually translates into cheaper prices.