Best Condo Insurance Companies: Consumer Reviews, Quotes

Condominium insurance and home insurance policies offer similar protections. Both policy types cover damage and destruction from fire, lightning, hail, theft, vandalism, and more. While homeowners insurance is best when you own a home, condo insurance is a specific coverage type that protects condo owners.

Shopping for the best condo insurance can feel overwhelming. Nearly 2,500 property and casualty insurance companies exist in the U.S. But you can rest easy because we’ve done the hard work for you. Here are the top condo insurance companies for condo owners.

Like condo insurance, the best home insurance will balance coverage options and prices to fit your preferences and budget. Use the comparison tool from Insurify to easily compare home insurance quotes.

The Best Condo Insurance Companies

Your condo association ’s master policy covers the building and common areas like hallways, elevators, electrical systems, and landscaping. Your condo insurance policy should complement the master policy and fill any gaps in coverage.

Finding a condo insurance company with the best coverage and customer service is only part of the equation. Policy premiums are also important.

It’s worthwhile to compare several competitor offerings before committing to a policy. That way, you can get the insurance coverage you need at a price you’re comfortable paying.

Liberty Mutual: Best Condo Insurance Company for Discount Savings

Liberty Mutual is one of the largest insurance companies in the world. It also presents a significant opportunity to save on premiums with condo insurance discounts.

Liberty Mutual Discounts

• Online purchase discount

• Bundle and save

• Paperless policy discount

Your home is likely your most valuable asset. But you don’t have to drain your bank account to protect your investment. A condo insurance policy with Liberty Mutual can safeguard you from destruction and damage due to covered perils.

You could qualify for a discount of up to 12 percent. Coverage offerings and discounts can vary by state. Before signing on the dotted line, compare your quote with other companies to make sure you get the coverage you need.

Travelers: Best Condo Insurance for Most Experience

As one of the oldest companies in the insurance industry, Travelers has been around for more than 165 years. You can review and buy condo and homeowners insurance policies from Travelers online or in person with a local insurance agent.

Travelers Discounts

• Multi-policy discount

• Green home discount

• Loss-free discount

• Protective device discount

Travelers introduced accident insurance in 1864, making it one of the oldest companies with the most experience.

It also brings condo insurance into the 21st century with its modern policy options. The company’s green home discount can cut up to five percent off your condo insurance premiums. It applies if your condo is certified as a “green home” by the Leadership in Energy and Environmental Design (LEED).

State Farm: Best Condo Insurance Company for Add-On Features

State Farm agents are available in all 50 states plus Washington, D.C. It also has some of the most comprehensive add-on options available.

State Farm Discounts

• Multiple policy discount

• Home alert protection

• Automatic sprinklers discount

Your condo insurance policy from State Farm includes all the things you’d expect. It covers the unit, personal property, additional living expenses for loss of use, personal liability, and medical payments to others.

But what you might not expect are the variety of add-on options. You can customize your policy to get the protection you need. Extra coverage for floods, earthquakes, full replacement, umbrella insurance, and more are available.

Amica Mutual: Best Condo Insurance Company for Customer Service

If you’re looking for a condo insurance company with excellent customer service, look no further than Amica.

Amica Mutual Discounts

• Loyalty discount

• Multi-line discount

• Claim-free discount

• Auto-pay discount

• E-discount

• Safety discount

Condo insurance claims may not cover the cost to replace all of your personal property. But Amica offers additional personal property coverage to get more out of your policy. Choose from computer coverage, replacement cost, protection for valuable items like jewelry and fine art, and identity theft coverage.

In addition to the many add-on options, Amica Mutual prides itself on customer service. It has earned the highest customer satisfaction rating from J.D. Power for nine years in a row.

Allstate: Best Condo Insurance for Renting Out Your Home

Home-sharing is a popular way to earn money from your residence. Allstate ’s HostAdvantage option offers additional protection for your belongings if you decide to rent out your home.

Allstate Discounts

• Multi-policy discount

• Welcome and loyalty discount

• Protective device discount

• Easy Pay Plan discount

• Claim-free discount

• Responsible payer discount

As the second-largest homeowners insurance company in the U.S., Allstate has grown to offer many coverage options and discounts. The HostAdvantage program is one example. It’s a unique feature that you won’t find from most condo insurers.

If disaster strikes, you can use the online portal to file and track a claim. The claims process is often frustrating, but this makes it easy to see the progress. The company also scores above average in customer satisfaction, so you’ll likely get some of the best customer service.

USAA: Best Condo Insurance for Military Members and Their Families

The United Services Automobile Association ( USAA ) has great coverage options. However, its insurance products are only available to military members, veterans, and their families.

USAA Discounts

• Bundling discount

• Protective device credit

• Claim-free discount

Military members, veterans, and eligible family members can buy USAA condo insurance policies. The company offers a bundling discount of up to 10 percent when you combine your condo and auto insurance.

Discounts might not be available in all areas, and the company has limited local branches available. But USAA scores high in customer satisfaction, according to J.D. Power.

Hippo: Best Condo Insurance for Tech-Savvy Condo Owners

Hippo was founded in 2015 to make insurance more accessible and more affordable. The streamlined website lets you get condo and home insurance from Hippo.

Hippo Discounts

• Smart home discount

• Claim-free discount

• Gated community discount

• Sprinkler discount

• Home security discount

Even though it’s a new company, Hippo earned an A- from A.M. Best. The process to get a quote is simple and only takes 60 seconds.

However, condo insurance from Hippo isn’t available in every state. Check availability to make sure it’s an option for you.

How to Find the Best Condo Policy

Condo insurance is coverage purchased by the owner of a condo or another co-operative housing unit. Also called an HO-6 policy, it helps protect against losses and repair costs caused by fire, water damage, theft, vandalism, and other covered perils.

The policy that’s right for you depends on where you live and your lifestyle. For example, the best condo insurance in Florida may be different from the best condo insurance in California.

No matter where you live, your coverage should complement your condo association ’s master policy. It should also offer the best protection and rates for your situation.

Consider Your Master Insurance Policy

Your condo association (or HOA ) has a master insurance policy. It covers the building and shared spaces like hallways, fitness centers, pools, and landscaping. But it might cover more (or less!) than you expect.

A master policy comes in three varieties:

• Bare walls coverage: covers the condo building’s structure and common areas; Can provide a minimal amount of protection for your unit, such as drywall, wiring, and plumbing; provides the least amount of coverage

• Single entity coverage: slightly more coverage than what you get with bare walls; includes your unit’s walls, flooring, cabinets, and bathroom fixtures

• All-in coverage: the most comprehensive coverage; includes the entire interior structure of your condo, improvements, upgrades, and alterations you may have made

Your condo policy should fill in your master policy ’s gaps in coverage. For instance, if the master policy is bare walls coverage, the protection is minimal. Make sure your condo insurance covers enough to replace and repair your unit’s structure and your personal belongings.

Know What Your Condo Insurance Covers

Your condo insurance policy protects the interior of your unit and your personal belongings. Coverage typically includes:

• Dwelling coverage: covers the structure of your unit; how much you need depends on the type of policy your condo association has in place

• Personal property damage: clothing, appliances, furniture, electronics, and other belongings

• Personal liability coverage: financial protection against lawsuits and hospital bills if you’re found to be legally responsible for injury to another person or their property

• Loss of use coverage: also called additional living expenses; reimburses you for hotel, meal, and relocation costs if you can’t live in your home while it’s being repaired

• Loss assessment coverage: covers your portion of a loss due to damage to the exterior building or common areas

Condo insurance doesn’t cover damage from floods or earthquakes. Your risk for natural disasters can vary by location. Consider purchasing earthquake or flood insurance as an add-on or as a separate policy.

Best Condo Insurance Companies – FAQs

Which Is the Best Condo Insurance for You?

The right condo policy will balance coverage options, price, and customer service. Compare insurance rates and look for savings like multi-policy discounts when combining your condo and car insurance with the same insurer.

Like home insurance companies, condo insurance providers offer quotes online. You can shop around for the best rate from the comfort of your home. Just make sure you understand what the condo association ’s insurance covers before committing to your condo insurance policy.