Last updated: March 2026
How Much Does Condo Insurance (HO-6) Cost?
Cost Breakdown by Type
| Type / Procedure | Without Insurance | With Insurance |
|---|---|---|
| Standard Condo Insurance (monthly) | $0 – $0 | $25 – $60 |
| High-Value Condo Insurance (monthly) | $0 – $0 | $50 – $100 |
| Condo + Loss Assessment (monthly) | $0 – $0 | $30 – $75 |
What Affects the Cost
- Your age, location, and health status
- Coverage level and deductible chosen
- Provider or carrier
- Claims history
- Credit score (for some insurance types)
- Discounts available (bundling, loyalty, safe driver, etc.)
Insurance Coverage
Typical coverage: Condo insurance covers the interior of your unit, personal property, liability, and loss assessment. The HOA master policy covers the building exterior and common areas.
Insurance costs vary widely based on coverage level, location, age, and claims history. Shopping around and comparing quotes is the single most effective way to save money on insurance premiums.
How to Save Money
- Compare quotes from at least 3-5 providers
- Bundle policies (home + auto) for 10-25% discounts
- Choose higher deductibles for lower monthly premiums
- Ask about all available discounts
- Review coverage annually during open enrollment
- Consider employer-sponsored plans which subsidize 50-80% of premiums
Related Procedures & Costs
Frequently Asked Questions
Condo insurance costs $25 to $100 per month or $300 to $1,200 per year. It is significantly cheaper than homeowner's insurance because the HOA covers the building structure.
Condo insurance is not legally required but is typically required by mortgage lenders and recommended by financial advisors. Your HOA master policy does not cover your unit interior.
Loss assessment coverage pays your share if the HOA levies a special assessment for damage to common areas that exceeds the master policy limits.