Best Condo Insurance Companies
Finding the right condo insurance to protect you and your unit from unexpected events or liability claims can be challenging, especially with so many home insurance providers on the market.
The This Old House Reviews team researched the best home insurance providers available and compared coverage options, pricing, and benefits to help you find the best insurer for your home.
7 Best Condo Insurance Providers
Here are the top providers of the best condo insurance:
- Lemonade: Easiest Sign-Up
- State Farm: Best Endorsements
- Allstate: Best Coverage Options
- Travelers: Most Experience
- Liberty Mutual: Best Discounts
- Farmers: Most Customizable Coverage
- USAA: Best Membership Perks
Lemonade: Easiest Sign-Up
- J.D. Power Rating: N/A
- AM Best Rating: NR
If you’re looking for a provider with unique technological features and the fastest sign-up tool in the industry, consider Lemonade. In addition to its user-friendly mobile app that has instant insurance claim-filing capabilities and its charitable giveback program, the company offers higher reconstruction coverage limits for your condo. For example, we received a quote of $52.25 per month on a 1,200-square-foot unit in Philadelphia, Pennsylvania, which included $100,000 of reconstruction coverage.
If your homeowner’s association (HOA) has a bare wall master policy, Lemonade may be your best choice to maximize coverage. You can also save with Lemonade’s bundling discounts by carrying more than one type of insurance policy with them.
Pros and Cons of Lemonade Condo Insurance
✓ Has a mobile app with artificial intelligence (AI) software for claim filing
✓ Donates a portion of your unused premiums to the charity of your choice
✓ Covers portable electronics in standard policies
✘ Is fairly new to the industry, with just being founded in 2015
Get My Quote: To take advantage of this value, get a quote online.
Learn More: Lemonade Home Insurance Review
*AM Best ratings accurate as of August 2023
State Farm: Best Endorsements
State Farm offers a variety of endorsements, including water backup, home systems protection, personal injury protection, and more. When you request a quote from State Farm, you’re instantly connected with a local agent in your area that can help you determine your coverage. The company’s local agents can also offer add-ons for extra services, such as daycare, to help you fine-tune your policy.
Pros and Cons of State Farm Condo Insurance
✓ Local agents offer a personalized insurance experience
✓ Offers an extensive list of endorsements for additional coverage
✓ Its website offers helpful resources for determining necessary coverage limits
✘ Customer service can be difficult to reach depending on your local agent
Get My Quote: Call State Farm at 1-360-262-2561
Learn More: State Farm Home Insurance Reviews
Allstate: Best Coverage Options
Allstate is an impressive insurance company for its combination of coverage including car insurance, renters insurance, and home insurance policies. On top of that, its customer service availability, discount opportunities, and additional coverage options make it even better.
It’s also one of the most affordable providers based on the sample quote we received of $46.23 per month on a 1,200-square-foot unit in Philadelphia. Although its online quote tool is typically unavailable for condo insurance, Allstate has plenty of local insurance agents to help you get the coverage you need at the best prices. You can expect great service as they hold one of the highest customer satisfaction ratings from J.D. Power.
Pros and Cons of Allstate Condo Insurance
✓ Sells unique add-ons, such as green improvements and electronic data recovery
✓ Offers 24/7 customer service
✓ Features the Claim RateGuard, which keeps premiums from rising after you file a claim
✘ Customers may have to speak to an agent to receive a condo insurance quote
Get My Quote: Get a customized quote on the company’s website.
Learn More: Allstate Home Insurance Review
Travelers: Most Experience
With industry experience comes heavily optimized policies for homeowners and condo owners, alike. Travelers has more than 160 years of experience, building an excellent reputation through comprehensive policies with unique benefits, such as a Decreasing Deductible add-on, which lowers your deductible each year that you keep your policy.
Pros and Cons of Travelers Condo Insurance
✓ Offers claims reporting 24/7, including on holidays
✓ Has more than 160 years of experience in the insurance industry
✓ Offers up to $10,000 in medical payments to others coverage
✘ Includes fewer discount opportunities than competitors
Get My Quote: Find out how much insurance from Travelers would cost you by getting a free quote.
Learn More: Travelers Home Insurance Review
Liberty Mutual: Best Discounts
Our favorite thing about Liberty Mutual is its extensive list of discounts that it offers to all homeowners. For example, you can save money for purchasing a policy online, having a higher level of education, having a full-time job, having safety features in your home, recently purchasing your condo, bundling home and auto insurance, or signing up for paperless billing. The company is also available nationwide so you should not have trouble getting a policy due on location.
Pros and Cons of Liberty Mutual Condo Insurance
✓ Offers an earthquake coverage add-on
✓ Its policies include 24-hour emergency repair service
✓ Guarantees your insurance rate for 12 months
✘ Its coverage can be more expensive without discounts
Get My Quote: Visit Liberty Mutual’s website for a personalized quote.
Learn More: Liberty Mutual Home Insurance Review
Farmers: Most Customizable Coverage
Finding a policy with customizable insurance coverage is important for condo owners, since the necessary coverage limits depend on your HOA’s master policy. With Farmers, you can set your personal property coverage to the exact amount you need, your loss of use coverage can be anywhere from 10% to 100% of your building property coverage, and your liability coverage limit can reach $1 million if necessary.
Pros and Cons of Farmers Condo Insurance
✓ Features discounts for employment, fire alarms, burglar alarms, and payment history
✓ Offers high liability coverage and customizable loss of use limits
✓ Has an easy online quote tool that’s available in most states
✘ Its premiums can be high compared to competitors
Get My Quote: Compare costs with other companies by getting a customized quote from Farmers.
Learn More: Farmers Home Insurance Review
USAA: Best Membership Perks
If you or a family member are currently serving in the military or are a veteran, you may be eligible for a membership with one of the best financial services and insurance companies in the country, USAA. Not only does a membership with USAA qualify you for banking and quality insurance products, including condo insurance, but it also provides you with added benefits and perks, such as financial advice, credit cards, and discounts on local shopping, car rentals, and home security services.
Pros and Cons of USAA Condo Insurance
✓ Has an online customer service chat tool
✓ Sells flood insurance endorsements
✓ Its website features detailed resources to help prepare for natural disasters
✘ Only available to military members and their families
Learn More: USAA Home Insurance Review
Whether you want an insurance company with years of experience like Travelers or an insurer with customizable coverage like Farmers, any of the insurance providers listed in this review can provide condo insurance that meets your specific coverage needs.
Comparing the Best Condo Insurance Providers
What Does Condominium Insurance Cover?
Condo insurance offers similar coverage to a homeowners insurance policy, with the main difference being that it doesn’t typically cover the replacement or rebuilding of the entire dwelling—instead, it covers the reconstruction of any damaged walls or structures within your unit.
Main Coverage Types Included Under a Condo Insurance Policy:
- Personal property: This form of protection covers your personal belongings, such as electronics, furniture, and appliances. While you can customize your coverage limit, condo owners typically need around $30,000–$50,000 for their belongings.
- Building property or reconstruction: This covers repairs or rebuilding to the built-in interior of your condo from a covered peril. Your coverage limit for this protection is often customizable and can vary depending on your home.
- Personal liability: This covers attorney fees or medical bills related to an incident where someone gets injured in your unit under your responsibility. Coverage limit options for this type of protection usually fall between $100,000 and $500,000, but some home insurance companies offer up to $1 million.
- Loss of use: Also called additional living expenses coverage, this type of protection covers any extra costs you may accrue if you’re forced to temporarily relocate from your home after a covered peril. For example, if a fire damages the walls in your condo, you may need to stay in a hotel while the walls are being repaired. Your insurer will pay for your hotel fees, food, gas, and other related living expenses.
- Medical payments to others: This covers any medical bills associated with someone else getting injured on your property from an incident you’re not liable for. This coverage is around $1,000–$5,000 per policy.
Common Add-on Coverage Options for Condo Insurance Policies
- Loss assessment: If there’s damage to your building or the surrounding areas that isn’t included in your HOA’s master policy, the condo owners have to help pay for these extra costs. If you purchase a loss assessment add-on with your condo insurance policy, your provider will pay these costs up to the agreed amount.
- Water backup: This covers any damage from sewage or drainage backup in your condo.
- Identity theft protection: This helps you get back on track after an identity fraud incident, covering any losses associated with the theft up to the coverage limit. Purchasing basic protection typically covers between $10,000–$25,000.
- Extra high-value property coverage: If you have jewelry, furs, or other valuables, you may want specific protection for them, since they may not be replaced under your standard personal property coverage.
The covered perils included in condo insurance are similar to those covered by homeowners insurance. While flooding isn’t covered, other natural disasters and unpredictable accidents are.
Here are some examples of covered perils in your policy:
- Lightning and electrical currents
- Wind and hail storms
- Burst pipes
- Damage from aircrafts
- Damage from vehicles
- Falling objects
Learn More: What is Condo Insurance & How Much Does it Cost?
What To Know About Your Condo Association’s Master Policy
The HOA fees and dues that you pay annually help to pay for your HOA’s master insurance policy premium. This policy will cover the structures of your building and any shared common areas.
Understanding what’s included in your HOA’s master policy is an important factor when searching for condo insurance. The amount of coverage you need largely depends on the type of policy the HOA has on your building.
Check with your HOA to determine which of the following primary types of policies it has before purchasing your condo insurance:
- Bare Walls: As the least comprehensive coverage for HOA master policies, this covers only minimal structural issues dealing with materials behind the walls, including insulation, drywall, building frames, plumbing, and wiring. It also covers personal property belonging to the association, but it doesn’t protect any personal belongings.
- Single Entity Coverage: As the most common type of master coverage, this covers the same areas as bare walls, but it also includes the interior structural elements of your home, such as fixtures, flooring, and cabinets.
- All-in: If your HOA has an all-in master insurance policy, you probably don’t need to add any amount of dwelling coverage to your condo insurance. This type of protection covers the whole interior structure, including appliances and any alterations you’ve made, such as installing built-in bookshelves or extra cabinets.
What Impacts Condo Insurance Rates?
Condo insurance prices are generally cheaper than homeowners insurance, since a condo insurance policy is paired with your HOA’s master policy and doesn’t require complete coverage of the building. Based on the sample quotes we received from these companies, the typical monthly premium is around $40–$70 per month.
Common factors that could impact your premium:
- Credit score and payment history
- Number and type of pets
- Pets’ biting history
- Value of personal property
- Proximity to fire hydrants and a fire station
- Proximity to the coast
- Number of safety features in your home
- Claims history
Because these factors could increase your premium, we recommend getting your own custom quote to compare pricing.
Frequently Asked Questions
How do I get the best condo insurance?
To find the best condo insurance policy, first find out what your HOA master policy covers, then compare rates from several providers for the additional coverage that you need.
Who has the cheapest condo insurance?
For the cheapest and easiest condo insurance we recommend getting a quote from Lemonade.
Is condo insurance required by law?
Carrying condo insurance is not required by law, though if you have a mortgage, you will most likely be required by the lender to carry a condo insurance policy. Once you have paid off your condo, your HOA may still require you to have a policy.
What’s the difference between condo insurance and homeowners insurance?
The primary difference between these two is the dwelling coverage. Homeowners in a single-family house need dwelling coverage close to or equal to the value of the home for rebuilding or repairing it after a covered peril. Condo owners only need a small amount of dwelling coverage for the interior structures of the unit, since the HOA insurance policy covers the rest of the building.
How does condo insurance work?
Condo insurance pairs with your condo association’s master policy, primarily paying for your personal property, the interior structures of your unit, and any personal liability claims. Check with your HOA to be sure you’re getting the right coverage based on what the master policy provides.
How do I file an insurance claim with my condominium insurance provider?
Filing a claim from these top providers is usually a simple process. You’ll either call the claims center or fill out a form online to start the process, then an adjuster will handle the information and determine how much of your property is covered. Lemonade has one of the easiest tools to help you file and process a claim.
Other Insurance Resources
- Best Homeowners Insurance Companies
- Best Pet Insurance Companies
- Best Mobile Home Insurance
- Which Insurance Company is Best at Paying Claims?
Our Rating Methodology
The This Old House Reviews Team is committed to providing comprehensive and unbiased reviews to our readers. This means earning your trust through transparency and having the data to back up our ratings and recommendations.
With that in mind, we created an objective rating system to score each home insurance company. Here’s what that review process looked like:
- We analyze the information on each company’s website. This allows us to determine what products and services are offered by each home insurance provider.
- We get a sample quote from the companies by either talking to a sales representative or by using the online quote tool. This tells us what a policy looks like and costs.
- We test customer service by talking to a company representative, finding out their hours of operation, and determining what technological features are available for customers.
- We update all of this information on a continuous basis, storing it in a proprietary database that allows us to compare dozens of home insurance companies against each other.
With this data, we created a rating methodology to score each home insurance company. Our rating system is a weighted, 100-point scale based on the following factors:
- Coverage (30): We rated home insurance companies higher if they offered the six main types of homeowner protection—dwelling, other structures, personal property, loss of use, liability, and medical payments to others coverage.
- State availability (7.5): Companies scored higher if they covered more states than their competitors.
- Customer service (15): This factor is based on our communications with the company representatives, as well as the companies’ claims and quotes processes, availability throughout the week, and customer service information found on their websites.
- Technology (12.5): Technology can increase the efficiency of filing and tracking home insurance claims. Companies scored higher if they had technology options like mobile apps and online chat functions.
- Reputation (20): We gauged trustworthiness based on years of experience, financial strength and Better Business Bureau ratings.
- Additional benefits (15): Companies that offered optional features, like discounts and endorsements, scored higher than competitors that didn’t.
The This Old House Reviews Team has a full-time researcher who collects and regularly updates data points from every company to help us compare them on key factors such as coverage, service, and dependability.
To share feedback or ask a question about this article, send a note to our Reviews team at firstname.lastname@example.org.
Ratings listed in this article are accurate as of October 2022.