Find Cheaper Homeowners Insurance

Best Condo Insurance

Best Condo Insurance

Best Condo Insurance

When shopping for the best condo insurance, you need to take a look at a variety of options, but the process can feel overwhelming because of how many policies there are on the market. Much like homeowners insurance, standard condo insurance includes several different types of coverage.

While you want to be able to find cheap condo insurance, you shouldn’t only focus on finding the lowest price point because you need to find a policy that offers you the right amount of coverage while still fitting your budget.

How to Determine What You Need

Knowing what kind of coverage you need for your condo depends on a few factors, including where you live, what kind of property coverage you need, and what type of policy your condo association carries. Homeowners insurance policies can be fairly similar across the board, but condo insurance can vary greatly because these policies are meant to supplement a master policy.

When you own a condo, your property will be managed by a condo association that oversees the condition and use of shared areas of the building. Because common areas of the building that houses everyone’s condos are considered community property, they need to have a specific policy that protects the building from structural damage.

Condo associations will have a master policy that covers the building itself, and then you need a secondary master policy that covers the structure of your specific condo. These policies can be all-in and or walls-in. “All-in” policies protect all the structural components of your individual condo as well as flooring, appliances and some other elements while “walls-in” policies only cover the structure of your condo and little else.

In addition to supplementing your condo association’s and your personal master policies, your condo insurance policy will also need to match the reimbursement option. Home insurance can operate on two reimbursement types, replacement cost or actual value cost.

Replacement cost policies, which reimburse or cover the full amount to replace, rebuild, or repair covered damages, tend to be the more expensive option. However, actual value cost policies, which take into account depreciation, can only be chosen if your condo association’s master policy uses actual value cost reimbursement, as both your individual master policy and your condo insurance need to match.

Cheap Condo Insurance

If you’re looking for cheap condo insurance, you want to make sure you’re getting the right amount of coverage with a company that has a reputation for excellent service. In the event that your home or property is damaged or lost, you won’t want the headache of dealing with an unresponsive or unreliable company with poor customer service.

Fortunately, many of the companies known for having the best coverage for homeowners insurance policies also offer condo insurance. When starting your condo insurance search, the number of options on the market can feel overwhelming, but you’ll have a solid start to your comparison shopping if you start with the following five insurance companies:

  1. State Farm
  2. Amica Mutual
  3. Allstate
  4. USAA
  5. Country Financial

Whenever considering and comparing the condo insurance policies of these and other companies, make sure to assess your condo association’s master policy so that you can determine which companies offer cheap condo insurance that still provides the right complementary coverage to protect your condo and property.

Depending on where you live, you may need to look into additional policies and coverage add-ons. As with homeowners insurance, condo insurance includes named perils that are considered outside of policy coverage. These will include natural disasters like earthquakes, floods, and hurricanes.

If you live in an area where you need to consider which companies offer the best combination of policies that you need at the right price. While flood insurance is offered at affordable rates through the federal government National Flood Insurance Program, for both condo associations and individual condos, you may need greater coverage than the $250,000 limit on these policies.

In that case or if you need other types of supplemental coverage, you need to carefully consider both the main condo insurance policies and the hazard coverage options, among other add-ons when choosing your insurer. Keep reading to learn what makes each of these companies great options for finding your condo insurance as well as what unique coverages, services, and discounts they offer.

State Farm Condo Insurance: Wide Availability, Face-to-Face Interaction

State Farm’s condo insurance policies are the most widely available and have a decent number of additional coverage options that will allow you to customize your policy. Their customer satisfaction is higher than average, and they have a lower than average complaint ratio, which is particularly impressive given the overall size of the company. 

State Farm holds roughly 1 in 5 of homeowners insurance policies in the U.S. The widespread availability and impressive number of agents and offices they have increases the likelihood for an in-person interaction with an agent or adjuster, which can be especially helpful in the event you need to make a major claim.

Types of Coverage

Standard Condo Insurance:

  • Building Property – Structural coverage that will complement your condo association’s master policy
  • Personal Property Coverage – Clothes, furniture, electronic equipment, and other household items, whether its at home or outside the condo
  • Loss of Use
  • Personal Liability
  • Loss Assessment
  • Medical Payments to Others
  • Refrigerated Products
  • Counterfeit Money & Forgery Expenses
  • Volcanic Action – Not offered by many other companies, but really only valuable to certain areas of the country, like HI and the Pacific Northwest
  • Inflation – Includes coverage of rising building costs that can impact the final replacement cost of material in your condo

Additional Coverages

  • Personal Liability Umbrella Policy
  • Absentee Ownership Coverage
  • Fair Rental Value
  • Personal Articles Policy

Discounts

Although they don’t list specific discount rates or details for how to qualify for each, as they’re variable by area, State Farm offers a number of discounts for policyholders including:

  • Multi-line discount – If you combine condo and auto insurance, you can qualify for discounts on both policies
    • Usually, a current State Farm auto insurance policyholder can purchase a condo insurance policy for only a few dollars a month.
  • Home alert protection discount
  • Automatic sprinkler discount
  • Claims-free discount

Amica Mutual Condo Insurance: Customer Satisfaction, Repair Warranties

Amica Mutual’s condo insurance is highly recommended if you’re looking for the best customer service and peace of mind when it comes to settling major claims. The company has been consistently nationally recognized for quality customer service by both J.D. Power’s annual customer surveys as well as in their low complaint ratio from the National Association of Insurance Commissioners.

What makes their condo insurance policies special is a program called Contractor Connection, which is an exclusive service for home repairs which allows you to either choose a contractor for condo repairs yourself or allow Amica Mutual to search for you. Their network incorporates more than 2,000 contractors who are backed by Amica’s licensing guarantee and a three-year service warranty.

Types of Coverage

Standard Coverage

  • Dwelling Coverage for attached fixtures, appliances, and interior walls, including any upgrades you’ve had done in your condo
  • Personal Property Coverage for damage from fire, windstorms, theft, and vandalism
  • Loss Assessment Coverage with a standard limit of $1,000 (which can be increased depending on availability)
  • Loss of Use Coverage for expenses you incur while your condo is not livable after a covered event
  • Debris Removal
  • Liability Coverage

Additional Options

  • Computer Coverage for laptops, tablets, smartphones and similar devices
  • Personal Property Replacement regardless of depreciation of the value of your belongings
  • Scheduled Personal Property for your valuable property that exceeds general personal property limits (jewelry, art, collector’s items) and is covered for most accidental damage
  • Identity Fraud Coverage for lost or stolen credit cards

Condo owners in California that need earthquake coverage will need to get policies through the California Earthquake Authority (CEA) as of 2018.

Discounts

You can save 20% on your condo insurance policy if you bundle condo and car insurance from Amica Mutual. The company also offers loyalty discounts after you’ve carried a policy with the company for 2+ years. They also have discounts for policyholders who have 3 consecutive, claim-free years, sign-up for auto-pay, and select electronic information delivery for their policies.

Allstate Condo Insurance: For Owners Who Want to Rent Their Space, Highly Customizable Coverage

Allstate condo insurance is great for condo owners interested in renting out their home because their policy features additional coverage for personal belongings even while renters occupy your condo. This is called HostAdvantage and it only costs about $50 a year. That’s a bargain price to have your personal property coverage protect your belongings from theft and other types of damage even while you rent out your home.

Coverage Types

Standard Condo Insurance

  • Unit and Personal Property Protection – Theft, fire and smoke, vandalism, and sudden and accidental damage (resulting from plumbing, water heating, HVAC systems, or appliances)
  • Liability Coverage
  • Personal Property Coverage
  • Guest Medical Coverage
  • Additional Living Expenses (Loss of Use)
  • Building Property Protection – Covers attached condo fixtures, like cabinetry or appliances that are left uncovered by your condo association’s master policy

Additional Coverages (not available in all states)

  • Water Backup Coverage
  • Loss Assessment Coverage
  • Extended Protection Coverage
  • Building Code Coverage
  • Allstate HostAdvantage
  • Identity Restoration Coverage
  • Scheduled Personal Property
  • Extended Coverage for Certain Items (jewelry, watches, furs, silverware camera, instruments, sports equipment, which have limited coverage on standard policies and may need extended coverage for theft or other covered damages)
  • Electronic Data Recovery
  • Green Improvement Reimbursement – This coverage will allow you to be reimbursed for certain additional expenses related to energy-efficient and/or eco-friendly items that need to be repaired or replaced after damage

Discounts

Allstate offers several discounts on their condo insurance policies and explicitly spells how much you can potentially save for some of them:

  • Multi-Policy – Save from 5% to 15% is you build your condo insurance and auto insurance policies with Allstate
  • Protective Devices – Installing protective measures like smoke alarms, fire extinguishers, or a security system
  • 55 and Retired – A discount of up to 25% if you’re retired and not otherwise full-time employed
  • Homebuyer – Condo owners purchasing new construction may be able to decrease their policy’s premium

USAA Condo Insurance: Military Members & Family, Generous Coverage

USAA has received top ratings from the annual JD Power customer satisfaction survey and offers some of the biggest savings and customer satisfaction but, their policies are only available to active or veterans members of the U.S. military as well as direct relatives (spouses, children) of current or former military servicemen.

Their condo insurance provides notably generous coverage than most other policies with higher base coverage limits and features usually reserved for add-on policies with other insurance companies. For example, most loss assessment coverage is $1,000 in a standard policy, but USAA policies include a base coverage of $10,000.

They also have unique coverage that could help enlisted condo owners for damage to personal property caused by the war with a limit of $10,000.

Coverage Types

Standard Condo Insurance

  • Personal Liability
  • Personal Belongings
  • Building Items
  • Assessments for Shared Losses
  • Loss of Use
  • Identity Theft Coverage with $5,000 limit
  • Special Military Coverage of $10,000 limit and no deductible for damage to personal property as the result of war
  • Medical Payments to Others

Additional Coverages

  • Valuable Personal Property Coverage
  • Flood Insurance
  • Umbrella Insurance
  • Pet Insurance
  • Mobile Phone Protection
  • Special Events Insurance – Coverage for events like weddings, special birthdays, family reunions that can recoup lost deposits, cover liability and damages related to the event, among other costs
  • Rental Property Insurance – Includes income replacement, personal liability coverage, home-sharing coverage whether you rent out rooms or your entire condo

USAA’s website features an interactive map that allows you to learn which condo insurance policy details apply to your area. You will also be able to receive a personalized quote after you select what additional types of coverage you need.

Discounts

USAA offers some decent discount options, including:

  • Bundle with Auto – 10% discount on your condo policy premium
  • Protective Device Credit – Special savings if you purchase home security systems through USAA partner ADT
  • Claims-Free – 10% off policy for 5 or more years claim-free

Country Financial Condo Insurance: Customer Service, Customizable Coverage

Country Financial is another insurance company with top-tier customer service. They have the lowest rate of customer complaints relative to their size, and their policy options provide a range of customization options in terms of coverage types and limits to best match their condo insurance to your condo association’s master policy.

The company has also developed a highly-rated mobile app, which would make it much easier to file a claim if your condo is destroyed and you need to live elsewhere for some time. Unfortunately, their policies aren’t available in all states, specifically excluding California, Florida, and Massachusetts.

Coverage Types

Standard Condo Insurance

  • Basic Coverage – Fire, lightning, theft, vandalism, wind, hail and freezing pipes in the plumbing system
  • Premier Coverage – More expensive option, also include protection for countertop burns, paint spillage, power surge damage to appliances
  • Liability Coverage – Choose limit up to $1 million
  • Personal Property Coverage

Additional Coverages

  • Optional Liability Coverage for in-home business RVs, watercraft, rental dwellings
  • Personal Umbrella Liability for coverage over $1 million
  • Medical Payments Coverage
  • Coverage for high-value items to exceed the personal property limits, which are:
    • Jewelry, watches, furs –  $2,500 ($1,500 in GA)
    • Silverware – $2,500
    • Money – $200
    • Firearms – $2,500
    • ATVs and 4-wheelers – $500
  • Identity Theft Coverage
  • Earthquake Damage Coverage – Very unique coverage not often offered as part of a standard policy
  • Sewer Back-Up Coverage
  • Mine Subsidence Coverage for damage resulting from an underground mine collapse
  • Loss Assessments Coverage
  • Landlord Insurance

Discounts

Country Financial only offers one option for discounts, a multi-policy discount that applies when you purchase other qualifying policies, products or accounts from their company, the prices and availability of which can vary by state.

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