Although condo insurance is a bit different from typical homeowners insurance policies that cover single-family homes, it’s just as valuable. Condo insurance protects the structure of your condo, covers your personal belongings if they’re stolen or damaged and fills the gaps in your homeowners association’s (HOA) master policy.
We at the Home Media reviews team have spent hundreds of hours researching and analyzing the best homeowners insurance companies on the market and have hand-picked the top providers for condo owners.
5 best condo insurance providers
After in-depth research, we found the following to be the best condominium insurance providers:
Homeowners insurance rates vary based on your location, square footage and other factors. To get your personalized quote, use our free tool below.
Lemonade condo insurance
- Our rating: 91.75
- AM Best rating: N/A
- J.D. Power rating: N/A
Lemonade is a relatively new insurance company that’s been around since 2015. It provides pet insurance, term life insurance, renters insurance, homeowners insurance and car insurance in select areas. Its condo insurance policies are customizable and include all of the standard coverages you need, plus a few add-on options.
Lemonade set what it claims to be the world record for the fastest insurance claim, paying it out within three seconds of filing. It uses artificial intelligence (AI) technology with algorithms that analyze the claim and are able to make decisions on some claims without the review of a live representative.
Homeowners should be aware that Lemonade currently faces a class-action lawsuit related to its alleged collection of biometric data. Despite the legal matter, we still view Lemonade as a reputable company and found that, overall, many customers leaving reviews on third-party sites are generally satisfied with Lemonade’s fast claims and overall policies.
Pros and cons of Lemonade condo insurance
+ Offers bundling discounts with its pet insurance, term life insurance and other products
+ Provides an appliance breakdown coverage add-on that protects your electronics and appliances from mechanical or electrical failure
+ Donates up to 40% of unclaimed premiums annually to charities you choose when signing up for your policy
– May require you to provide a recent inspection report before signing up for a policy on your condo
– Isn’t available in 25 states
Discounts: Lemonade offers a few discounts to help you save on your premium for factors such as having a doorman in your condo building; installing protective devices, such as home security, fire alarms and water-leak detectors; living in a gated community and having a property management company run your building.
Endorsements: With Lemonade, you can add coverage for loss assessment charges from your HOA to help pay for damages to shared spaces, water backup coverage, appliance/equipment breakdown coverage and coverage for your unmarried significant other who lives with you in your home.
Get your personalized condo insurance quote from Lemonade.
Allstate condo insurance
- Our rating: 96.75
- AM Best rating: A+
- J.D. Power rating: 829/1,000
Allstate is a top player in multiple insurance spaces, including renters insurance, car insurance and homeowners insurance. It has an A+ (Superior) AM Best rating and one of the highest customer satisfaction ratings by J.D. Power in this review, plus 90 years of experience.
This provider proved itself in our review, scoring highly for its overall coverage, reputation and its online resources to help homeowners get the coverage they need. It also provides 24/7 customer service with its large network of local insurance agents across the country.
Although Allstate has plenty of helpful resources for condo owners, its online quote tool isn’t available in all areas. You may have to reach out to your local agent to receive an estimate and get set up with a policy.
Pros and cons of Allstate condo insurance
+ Includes loss assessment coverage in standard condo insurance policies
+ Features the Claim RateGuard add-on option that keeps your premium from going up after filing a claim
+ Can provide National Flood Insurance Program (NFIP) flood insurance policies through your local Allstate agent
– Offers fewer additional coverage options for condo insurance policies than many competitors, according to our sample quotes
– Doesn’t provide online quotes in some states, requiring you to speak with a local agent
Discounts: When we secret-shopped for an Allstate condo insurance policy, it offered discounts for having a home security alarm system, a fire alarm that reports to the local fire department, fire sprinklers, a 24-hour staff of security in the building and a smart-home system. It also offers discounts for signing up before your current policy expires, signing up for auto pay and having a clean claims history.
Endorsements: In our sample quote, we were offered only water backup coverage and the Claim RateGuard benefit as add-ons to our policy. However, the Allstate website mentions more options may be available in your area, such as identity restoration coverage, electronic data recovery and building code coverage.
Get your personalized condo insurance quote from Allstate.
American Family condo insurance
- Our rating: 94.5
- AM Best rating: A
- J.D. Power rating: 831/1,000
Founded in 1927, American Family Insurance serves homeowners with impressive policies delivered and managed by a large network of agents. It is available in 19 states: Arizona, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oregon, South Dakota, Utah, Washington and Wisconsin.
We recommend American Family for new condo owners who may need extra help understanding their coverage, since its website offers a breadth of resources, such as articles about common claims, a home insurance coverage calculator tool, a personal property inventory tool and more.
Additionally, to keep customers informed, the company accepts direct feedback from customers on its website to continuously improve its online experience and product offerings. Since American Family doesn’t insure homes in all states, it may not be available for your condo.
Pros and cons of American Family condo insurance
+ Has the highest J.D. Power customer satisfaction rating in this review
+ Features a detailed first-time homebuyer guide on its website
+ Provides a unique generational discount for homeowners whose parents also have their home insured with American Family
– Isn’t available in 31 states
– Sometimes requires you to provide your Social Security number when getting a quote online
Discounts: American Family condo insurance often offers discounts for being within certain distances of your local fire station and fire hydrant, having parents who also insure with American Family, bundling with other policies, being a new homeowner, having smart-home devices and having a recently renovated condo.
Endorsements: For an optional addition to your policy, American Family provides equipment breakdown coverage, sump pump or water backup coverage, credit theft protection and monitoring to ensure you don’t fall victim to cyber attacks or fraud, hidden water damage coverage and a diminishing deductible add-on benefit.
Get your personalized condo insurance quote from American Family.
Travelers condo insurance
- Our rating: 94
- AM Best rating: A++
- J.D. Power rating: 800/1,000
Travelers is one of the oldest homeowners insurance providers on the market, operating since 1864. Its long experience in the industry and financial strength rating of A++ (Superior) by AM Best, which is higher than many competitors, makes it one of the most reputable providers for your condo insurance policy.
We were also impressed with the company’s decreasing deductible benefit that can be added to your policy. It credits your deductible with $100 upon signing up and each year you go without filing a claim, making your deductible as little as $0 whenever you do need to file a claim.
Travelers may cap your personal liability coverage limits at $500,000, which is a bit lower than other companies, so it may not be best for those looking for higher liability limits.
Pros and cons of Travelers condo insurance
+ Provides access to OpenHouse, which is a tool for learning about your home’s updates and repair history
+ Offers 10 deductible options to choose from between $500 and $50,000, based on our sample condo insurance quotes
+ Provides customizable loss assessment coverage with options between $2,000 and $50,000, depending on your needs
– Has the lowest J.D. Power rating of the providers in this review
– Doesn’t provide personal liability coverage limits beyond $500,000, according to our sample quotes
Discounts: Travelers often offers discounts for proximity to a fire hydrant, your building’s construction type, having security systems, having monitored fire alarms or smoke detectors, having a good credit history, buying a new home, bundling with other policies and being claims free.
Endorsements: When we secret-shopped for our Travelers condo insurance policy, we were offered additional coverage options for personal property replacement cost; the Additional Coverage Package, which adds loss assessment coverage, personal injury and more; equipment breakdown coverage, identity theft protection and the decreasing deductible add-on.
Get your personalized condo insurance quote from Travelers.
Liberty Mutual condo insurance
- Our rating: 90.75
- AM Best rating: A
- J.D. Power rating: 806/1,000
Liberty Mutual is another top condo insurance option available nationwide, offering policies you can customize to fit your specific needs and budget. With 24/7 customer service, a website chat and a mobile app, it’s easy to stay connected to this provider that has been serving homeowners for more than a century.
We chose Liberty Mutual for its extensive list of discounts that are commonly available to condo owners across the country, such as savings for signing up online, having protective devices in your condo, having a claims free history and more.
Liberty Mutual also uniquely includes ordinance or law coverage in its standard policy, along with a few other features. However, its policies can be more expensive than some competitors if you don’t qualify for discounts.
Pros and cons of Liberty Mutual condo insurance
+ Can include a 3% or 5% automatic increase to your personal property coverage limits each year to account for inflation
+ Provides earthquake insurance coverage, which isn’t offered by many competitors
+ Includes $1,000 of loss assessment coverage in the standard policy
– Can have higher prices than competitors without discounts applied, according to our sample quotes
– Can require your Social Security number for a personalized quote in some zip codes
Discounts: You could be eligible for a wide range of discounts from Liberty Mutual. Discounts may be available for factors such as having deadbolt locks on exterior doors, having a certain education level and employment status, having a claims-free history, shopping early for your policy before your current one expires, bundling with auto insurance and having protective devices in your home, such as fire alarms and burglar alarms.
Endorsements: In our sample quotes, Liberty Mutual offered optional coverage for water backup, personal property replacement costs, earthquake protection, additional belongings, automatic annual coverage increases, identity fraud coverage, computer and smartphone coverage and extra blanket jewelry coverage.
Get your personalized condo insurance quote from Liberty Mutual.
Which condo insurance provider is best for you?
Determining the condo insurance company for you depends on your specific preferences and needs. While we recommend Allstate as a top choice for its comprehensive coverage, unique benefits and customer service, you might lean toward Lemonade for fast claims or one of the other providers for their own unique benefits.
Our biggest recommendation is to get quotes from a few providers to compare rates based on your specific details, since quoted premiums are specific to you based on a variety of factors, such as your zip code and claims history.
Get instant quotes from insurers by entering your zip code here or calling 855-948-5219.
How does condo insurance work?
Your condo insurance policy protects your home’s interior and your personal belongings from unexpected events that could damage them, such as fires, windstorms, lightning, snowstorms, vandalism and burglary.
It’s similar to a typical homeowners insurance policy, but it provides less reconstruction coverage, since your HOA’s master policy takes care of your building’s overall structure. Here are more details about each common coverage included in condo insurance policies:
- Home reconstruction: This usually covers the replacement, repairs or reconstructions needed for the interior of your home. For example, if a fire destroys your kitchen cabinets and countertops, this coverage will help pay to rebuild them.
- Personal property: This covers your personal belongings within the home, such as your furniture and electronics. It offers money to replace them up to their actual cash value or replacement cash value, depending on which one you choose, when they’re lost, stolen or damaged.
- Additional living expenses: Also referred to as loss of use coverage, this coverage reimburses you for expenses you may incur if you can’t live in your home after a damaging covered peril. These costs could include hotel fees, meals and extra gas for commuting.
- Personal liability: Protecting your finances goes beyond just covering your property. This coverage helps pay for medical expenses and legal fees you’re required to pay if someone gets injured inside your condo while visiting and you are at fault.
- Medical payments to others: This coverage helps pay medical bills for a guest who gets injured on your property, regardless of who was at fault for the incident.
- Loss assessment: Although not always included in standard condo insurance policies, this optional coverage option helps you pay for damage to your HOA’s owned and shared property when a payment for a loss is split up among all property owners.
What does my HOA’s master insurance policy cover?
Your HOA fees and dues help pay for your HOA’s master insurance policy’s premium, which covers the structures of your building and shared common areas. In addition to general liability for the association and its property, this master policy can come in multiple different coverage levels that can impact how much reconstruction coverage you need on your condo insurance policy.
Some master policies cover just damages to the structural elements behind the bare walls in the building, while other policies are more comprehensive and can be responsible for interior structures, such as cabinets and flooring.
It’s important to check with your HOA before purchasing your condo insurance policy, since its master policy’s coverage can help you determine how much interior reconstruction coverage you’ll need on your own policy.
What factors affect condo insurance rates?
The cost of condo insurance varies greatly depending on a wide range of factors, but we found that premiums for a standard policy typically fall between $30 and $100 per month based on the sample quotes we received during our research.
Here’s more information about common factors used by condo insurance companies to determine your quoted rates:
- Location: Your zip code affects your premium, since your location can suggest the environmental risk of your property, in addition to estimated materials and labor costs for repairs. Additionally, companies use local crime data to assess the risk of your personal belongings being stolen.
- Claims history: Just as with auto insurance, if you’ve filed a claim within the last five years, you’ll likely have higher condo insurance rates, since insurance companies use your claims history to assess risk.
- Credit score: Some companies run soft credit checks before providing you with your condo insurance quote, and your credit score will have an impact on your policy’s pricing.
- Building age: If your condo is located in an older building, your policy will likely be higher, due to its higher risk of taking damages during covered perils.
- Discounts: Most companies offer plenty of discount opportunities to help homeowners save on their premiums for having home security elements in the condo, having fire safety devices, having fire sprinklers, having a doorman or security guard in the building, having a clean claims history, setting up electronic billing and more.
- Policy customization: Once you’ve received your initial quote, you’ll also be able to customize your premium by selecting different coverage limits and deductibles. Higher deductibles and lower coverage limits can significantly reduce your rates, but it could result in higher out-of-pocket costs during a claim.
Methodology: Our system for ranking the best home insurance companies
Our team surveyed dozens of home insurance companies and created a scoring system to judge each company’s quality and service. We reached out for sample quotes, both over the phone and on the internet, to simulate a real customer experience. Here are the factors that account for our provider reviews:
- Coverage (20%)
- Customer service (15%)
- Technology (15%)
- Reputation (15%)
- Additional benefits (15%)
- Cost (20%)
Companies with the best customer service exhibit 24/7 availability, educational resources on their website, useful digital tools and a seamless claims-filing process. To score reputation, we compare data from each company’s Better Business Bureau page, customer reviews, registered complaints and years of experience.
Additionally, we dig into specific quotes and policy details to determine the value that each company offers in coverage, cost and additional benefits. Providers that offer extensive discount options, endorsements, customizable coverage options and unique features score significantly higher than those that don’t, putting them toward the top of our recommendations to readers.
*Ratings listed in this article are accurate as of Dec. 22, 2021.