How to Find the Best Condo Insurance
Condos are a popular alternative housing option that offers many benefits over home ownership or perpetual renting. One potential benefit of owning a condo is the cost of buying condo insurance, which is typically much less than buying homeowners insurance.
However, understanding how much coverage you actually need on your condo and making sure there are no gaps in coverage between your policy and the condo association’s policy is critical in making sure you’re properly covered if you have a claim. Speaking with a trusted independent insurance agent can be a valuable first step in securing the right type of condo insurance.
How Much Does Condo Insurance Cost?
The average cost of condo insurance in the US is $488 a year. This is considerably less than homeowners insurance, but is also higher than renters insurance. Part of the reason that homeowners insurance is typically more expensive is because of the amount of coverage in both policies. Typically, condo insurance has less coverage than homeowners insurance. There are also typically fewer claims with condo insurance in a given year than there are with homeowners insurance.