Condo insurance is more like renters insurance than a homeowners policy, in that it largely covers your belongings, not the physical structure of your property. (That's generally covered by a policy taken out by your condo or homeowner's association (HOA).
Also known as an HO-6 policy, condo insurance can also protect you from liability for damages to others and help pay for temporary accommodations if you need to relocate while your condo is being repaired.
CNBC Select has named the best companies for condo insurance based on rates, coverage options, availability and more. (See our methodology for more on how we made our selections).
Best for affordability: Liberty Mutual
Liberty Mutual Condo Insurance
Cost
As little as $40 a month
Policy highlights
Plans cover damage to belongings and dwelling, personal liability, additional living expenses and damages to belongings while moving.
Terms apply.
Pros
- Discounts for bundling, installing protective devices and remaining claims-free
- Available nationwide
Cons
- Slightly pricier than some competitors
- Low scores on J.D. Power's homeowners insurance survey
Who's this for? Liberty Mutual's policies start at just $40 a month, thanks to an array of condo insurance discounts, including rate reductions for bundling, installing protective devices and going three years claim-free.
Standout benefits: Liberty Mutual's optional inflation adjustment rider automatically changes your limits each year to keep pace with the rising costs of materials and labor.
Best for quick claim approval: Lemonade
Lemonade Condo Insurance
Cost
Starts at $25 a month
Policy highlights
Plans cover dwelling, belongings, personal liability, additional living expenses and medical payments to others. Issues with pests or power, water or heat are not covered.
Terms apply.
Pros
- Affordable rates
- 100% digital process speeds up claims reimbursement
- Can cancel policy at any time
Cons
- Not available in all states
- Cannot enroll over the phone
- Coverage for high-end items must be bought separately.
Who's this for? Lemonade prides itself on the speed with which it provides rates quotes and processes claims. According to the Insuretech firm, about 40% of claims are decided within seconds.
Standout benefits: Policies start at just $25 a month and unused premiums are donated to nonprofits selected by policyholders.
Best for replacement cost coverage: Nationwide
- Offers replacement cost value for belongings,, not counting depreciation
- Discounts for bundling, owning smart home features and living in gated community
- Covers unauthorized transactions on your credit cards, debit/ATM card and checks
- Coverage for water backup, identity theft and high-end valuables costs extra
- Smart home technology discount not available nationwide
Who's this for? Nationwide offers an optional replacement cost value benefit, which reimburses you enough to get a new item rather than subtracting the cost of depreciation.
Standout benefits: For an additional charge, policyholders can add earthquake insurance and coverage for water backup damage.
Best for covering valuables: Travelers
Travelers Condo Insurance
Cost
The best way to estimate your costs is to request a quote
Policy highlights
Plans cover personal property, additions and alterations to unit, as well as additional living expenses, medical payments and property damage to others. Also includes optional loss assessment coverage, which can pay for damages to common areas, carports, garages and other structures
Terms apply.
Pros
- Replacement cost coverage (which doesn't account for depreciation) is available
- Blanket higher-limit coverage for valuables is available without appraisal
- Bundling with Travelers auto insurance can save you up to 10%
Cons
- Online quotes not available in California
- Travelers ranks low on J.D. Power's homeowner's insurance survey
Who's this for? Travelers lets condo owners insure valuable items like jewelry, musical instruments and computers for higher limits than are typically included in a policy and without the hassle of an appraisal.
Standout benefits: Condo insurance with Travelers also includes loss assessment coverage, which can pay out $1,000 or more if damages to the building exceed your condo association's master policy and residents are expected to contribute.
Best for owners who list their condo on Airbnb: Allstate
Allstate Condo Insurance
Cost
The best way to estimate your costs is to request a quote
Policy highlights
Plans cover property, personal liability, additional living expenses, damage and medical payments. Optional add-ons include identity theft protection and coverage for floods, earthquakes, water backup and bringing unit up to code.
Terms apply.
Pros
- Offers replacement cost value, which doesn't account for depreciation.
- Optional HostAdvantage benefit covers theft or damage from home-share guests
- Discounts for bundling, staying claims-free, being new homeowner and more
- Windstorm mitigation discount available in Florida
Cons
- Loss assessment coverage seperate
- Stopped issuing new policies in California
Who's this for? If you rent your unit out on a home-sharing platform, Allstate's HostAdvantage benefit pays to replace stolen or damaged belongings.
Standout benefits: You can get add-on coverage for business supplies kept in your condo, a rarity in the industry.
Best for military members and veterans: USAA
USAA Condo Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Not disclosed
App available
Yes
Policy highlights
Policy covers personal liability, personal belongings, building items, assessments for shared losses, loss of use, fair rental value, identity theft, special military coverage, medical payment to others,
Does not cover
Flood insurance, high-value personal items (can be purchased as an add-on to your policy)
Terms apply.
Pros
- USAA Perks offers discounts for a variety of home-related products and services
- Claims-free discount available
- Auto and condo insurance bundle discount available
- Protected home discount for having a fire alarm or monitored home security device installed
Cons
- Coverage and discounts are not available in all states
- Must become a USAA member in order to get a quote
Who's this for? While most companies charge extra for replacement cost value coverage, USAA condo insurance offers it as a standard part of any policy. You'll get funds to replace a stolen or damaged item without worrying about your insurer deducting for depreciation. Additionally, there's no deductible to replace uniforms and other military gear.
Standout benefits: USAA policies can extend to home-sharing, house exchanges and short-term rentals.
How much is condo insurance?
According to January 2025 data from Nerdwallet, a condo insurance policy averages $455 per year. That's more than the $148 a year average for renters insurance but significantly cheaper than the $2,110 a year average cited for a homeowners policy.
However, rates will vary based on several factors, including the square footage of your unit, the value of your belongings, your claims history and where you live. A condo policy in Ohio averages just $330, while in Florida it's more than three times more expensive, at $1,130.
What does condo insurance cover?
The physical structure of your condominium, including its foundation and exterior, is generally covered by your condo association's master policy, with premiums paid by association fees. The master policy also covers common areas, like the lobby, elevators and club room.
Your individual condo policy covers what's inside the walls of your unit, which is why it's sometimes referred to as "walls-in coverage."
In addition to your belongings and furniture, it can cover flooring, built-in bookcases, upgraded light fixtures and other physical aspects of the condo interior.
Types of condo insurance coverage
- Personal property coverage: Pays to repair or replace possessions that have been damaged or stolen.
- Additional living expenses: If you need to temporarily relocate while your condo or co-op is being repaired, this benefit reimburses you for housing, food, laundry and other necessities.
- Personal liability coverage: This coverage protects you financially if you're held liable for injuries to someone in your condo or if you damage their property — including repairs and legal and medical bills.
Optional endorsements:
- Loss assessment coverage: If repairs to the building's structures or common areas exceed your condo association's master policy, residents are typically required to contribute toward the expense. This benefit pays for this fee, called an assessment, typically up to $1,000.
- Water backup coverage: Pays to repair damage from a backed-up drain or sump pump.
- Identity theft protection: Pays for legal bills, lost wages and other expenses if your identity is stolen.
- Extra coverage for high-value items: Some insurers offer the option of setting higher
- payout limits on jewelry, fine art, computers and other valuables.
How much condo insurance do I need?
To determine how much personal property coverage you need, add up the value of your possessions, appliances, furniture, valuables and other belongings. Be sure to check if you are responsible for repairing or replacing flooring, fixtures, cabinetry and other physical aspects of your unit.
You should get enough liability coverage to at least equal your net worth.
More on the best condo insurance companies
Liberty Mutual
Founded in 1912, Boston-based Liberty Mutual issues condo, homeowners, renters and auto insurance. It ranked below average in J.D. Power's 2024 homeowners insurance survey.
Availability: Liberty Mutual offers condo insurance in all 50 U.S. states and Washington, D.C.
Lemonade
Insurtech company Lemonade scores highly on J.D. Power's rankings, in part because of its efficient claims process. While it's not available in as much of the country as other insurers, its pet insurance, renters insurance and car insurance are all highly rated.
Availability: Lemonade offers condo insurance in 25 U.S. states and Washington, D.C.
Nationwide
Nationwide started out selling auto insurance in 1926 but has expanded to a wide portfolio of insurance products. Condo policies with Nationwide have optional add-ons like earthquake insurance and identity theft protection. J.D. Power regularly ranks Nationwide highly for homeowners insurance.
Availability: Nationwide is licensed to provide condo insurance in all 50 U.S. states and Washington, D.C.
Travelers
Dating to 1864, Travelers has more than 13,000 independent agents across the U.S. It offers optional endorsements like replacement cost coverage and higher limits and additional perils for your belongings. However, it ranked below average for customer satisfaction in J.D. Power's 2024 homeowners insurance survey.
Availability: Travelers issues condo policies nationwide except for Arkansas, Oklahoma, South Carolina, South Dakota and Washington state.
Allstate
Founded in 1931 as an auto insurance provider, Allstate now covers everything from homes to RVs. Its condo insurance includes optional coverage for water backup, loss assessment, extended protection, building code upgrades, home-sharing and identity theft restoration
Availability: Allstate offers condo insurance in all 50 U.S. states and Washington, D.C.
USAA
USAA routinely receives the highest scores on customer satisfaction from J.D. Power, although policies are limited to service members, veterans and their families. USAA condo insurance includes optional earthquake insurance coverage and personal injury liability
Availability: USAA provides condo insurance in all 50 U.S. states and Washington, D.C.
Condo insurance FAQs
What is the difference between HO-3 and HO-6 insurance?
An HO-3 policy is for a single-family home, while an HO-6 policy is for condos and co-ops. An HO-3 plan covers the actual structures on the property, while an HO-6 typically only protects the possessions inside.
What's the difference between renters insurance and condo insurance?
Renters insurance and condo insurance both cover personal belongings. However, condo insurance can cover repairs of things inside your home, like flooring and cabinets. While condo insurance is usually required by lenders, renters insurance can only be required in the terms of your lease.
Do I have to get condo insurance?
You are not legally required by any state to have condo insurance. If you have a mortgage, however, your lender will likely require it. Your condo association OR HOA may also require you to carry a certain amount of coverage even if you don't have a mortgage.
Does condo insurance cover water damage?
Condo insurance may cover sudden and accidental water damage that originates inside the building, such as from a burst pipe. However, it won't cover flooding, defined as water from outside coming in. You'd need a separate flood insurance policy to cover this kind of damage.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
CNBC Select analyzed more than 24 U.S. insurance companies that offer condo insurance, focusing on the following features:
- Cost: While premiums depend on the amount and type of coverage, we gave more weight to providers with lower starting costs.
- Coverage amounts and options: We focused on companies that offer high limits for liability and personal property coverage and that included loss assessment coverage, water damage, water backup and high-value items as add-ons.
- Discounts: We gave more weight to providers that offered discounts for installing safety features, bundling policies, remaining claim-free and more
- Availability: We favored providers who offered condo policies nationwide or in nearly all 50 states.
- Application and claims filing: We considered whether a company offered a convenient online signup process and prioritized providers with an online claims process.
- Customer service: Every insurance company on our list provides customer service via telephone, email, secure online messaging or app. While J.D. Power does not have a specific report for condo insurance, we considered a company's rankings for homeowners and renters insurance.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Based on that criteria, the best companies for condo insurance are:
Liberty Mutual: Best for affordability
Lemonade: Best for quick claim approval
Nationwide: Best for replacement cost coverage
Travelers: Best for covering valuables
Allstate: Best for owners who list their condos on Airbnb
USAA: Best for military members and veterans:
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