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Condo insurance is an important tool for protecting one of your most valuable assets. Our analysis found that Erie Insurance is the best company for those looking to purchase condo insurance overall, while State Farm is the best national company.

Erie earned the highest overall score — 4.5 out of 5 — in’s analysis of both national and regional insurers that sell condo insurance. 

Buying the right insurance policy from a top-quality insurer is vital to ensuring that your condo is fully protected. 

“As an owner, you’ll want to make sure that your coverage and limits protect your place and personal belongings — typically everything within the walls of your unit,” says Michelle Tennant, vice president of product management, home insurance, at Erie Insurance. 

“Common areas of the building that you share with neighbors like parking areas, lobbies, stairways or elevators are generally covered by the condo association’s insurance policy,” she says.

Choosing the right insurance company for this policy is crucial to ensuring that your unit and personal possessions are covered. Learn more about the top condo insurance companies of 2024.

Key Takeaways

  • Erie Insurance is the top-ranked condo insurance provider. Auto-Owners and State Farm round out the top three; State Farm is the top provider offering nationwide coverage.
  • State Farm offers the lowest price on condo insurance among major providers. West Bend Mutual offers the best price among all insurers surveyed. 
  • Amica has the lowest complaint ratio among condo insurers. 

Our take: Best and cheapest condo insurance of 2024

According to’s analysis, Erie Insurance is the top-ranked company for condo insurance, earning an overall score of 4.45. 

Rounding out the top three were Auto-Owners (4.44) and State Farm (4.22). Among the top three, State Farm is the only company with nationwide availability and is, therefore, the top national company. ranked insurers based on several metrics, including: 

  • Average annual premium 
  • AM Best ratings
  • National Association of Insurance Commissioners (NAIC) complaint ratio
  • The company’s score in our 2024 Best Insurance Companies survey of customers

Compare the best and cheapest condo insurance companies

Here is a breakdown of the best condo insurance companies, ranked by their overall score:

CompanyRankSurvey score (out of 5)AM Best ratingNAICAverage annual premiumOverall Score (out of 5)
State Farm34.37A++0.95$4414.22
American Family44.25A0.37$5784.19
Amica 54.22A+0.23$6634.16

Ranking by only national companies*, the score breaks out as follows:

CompanyRankSurvey ScoreAM Best RatingNAICAverage annual premiumOverall Score
State Farm14.37A++0.95$4414.22
Amica 24.22A+0.23$6634.16

*To be considered national, a company must offer coverage in at least 40 states.

Of the regional insurers, the ranking is as follows:

CompanyRankSurvey ScoreAM Best RatingNAICAverage annual premiumOverall Score
American Family34.25A0.37$5784.19

Best companies in individual categories

Some companies excel in particular areas. To help you choose the best one for you, here are the best companies by individual category: 

  • Best overall: Erie
  • Best for cheapest insurance: State Farm
  • Best for complaints: Amica 
  • Best from the survey: Erie

How we picked’s top-rated condo insurance companies

In choosing the top-rated insurance companies for condo insurance, looked at nearly 11 million coverage quotes from 143 companies. We considered third-party ratings for customer complaints and financial stability, as well as the survey results from our 2024 Best Insurance Companies survey of customers.

We used a sample policy with $60,000 in contents coverage and $300,000 in liability coverage. The deductible was $1,000. 

Cheapest condo insurance companies

State Farm offers the lowest annual rates of any major insurer in the survey. 

Here are the top condo insurance companies ranked from cheapest to most expensive: 

CompanyAverage annual rateAverage monthly rate
State Farm$441$37
American Family$578$48
Amica $663$55

Smaller insurers were not ranked due to a lack of data and limited availability. However, many small insurance companies offer low rates. Among smaller insurers, West Bend Mutual has the lowest rates. Here are a selection of regional insurers with the lowest costs: 

CompanyAverage annual rateAverage monthly rate
West Bend Mutual$124$10
Sentry Insurance$151$13
IMT Insurance$168$14
Cumberland Insurance$180$15
Frankenmuth Insurance$198$16
Franklin Mutual$244$20
Kemper Insurance$254$21
Iowa Farm bureau$254$21
Nodak Insurance$255$21
Co-operative Insurance$271$23
Farmers Mutual of Nebraska$278$23
Vermont Mutual$283$24
Acuity Insurance$285$24
Quincy Mutual$288$24
Indiana Farmers$291$24

Most expensive condo insurance companies

Our review of rates found these companies to be the most expensive. This list combines smaller and larger companies for comparison. See rates in the table below.

CompanyAverage annual rateAverage monthly rate
Citizens Property Insurance$2,372 $198 
HCI Group$1,469 $122 
Michigan Farm Bureau$1,388 $116 
Louisiana Farm Bureau$1,315 $110 
AIG$1,035 $86 
Mercury Insurance$962 $80 
Idaho Farm Bureau$867 $72 
USAA*$854 $71 
Progressive$833 $69 
Western National Mutual$787 $66 
Travelers$776 $65 
Heritage Insurance$763 $64 
American Integrity Insurance$761 $63 
Farmers$733 $61 
Southern Farm Bureau$728 $61 

How much does condo insurance cost in your state?

Where you live can play a big role in how much you pay for condo insurance. Here is a breakdown of how much you can expect to pay in your state: 

State Average annual rate Average monthly rate
Washington, D.C.$503$42
North Carolina$882$73
North Dakota$373$31
New Hampshire$502$42
New Jersey$484$40
New Mexico$408$34
New York$656$55
Rhode Island$581$48
South Carolina$569$47
South Dakota$389$32
West Virginia$373$31

Factors to consider when choosing a condo insurance provider

When choosing a condo insurance provider, you want to make sure you get the coverage you need at the best possible price. Every condo policy will have standard coverages, such as: 

  • Liability. This covers injuries to another person or damage to that person’s property for which you are responsible.
  • Personal property. This reimburses you for damage to or replacement of personal property that is damaged or destroyed. 
  • Building property. This covers structural elements in your unit that the master policy does not cover. 
  • Additional living expenses. This reimburses some of your costs for alternative living arrangements if your condo unit is damaged by a covered peril and is temporarily uninhabitable.   

Beyond that, it’s important to ask about extras and coverage options when considering a provider. A company that gives you more for your money is always a good pick.

Also, ask about discounts the insurer offers for its condo insurance policies, and find out if you are eligible for them. You might even get a discount for purchasing your unit coverage from the same insurer that provides your condo’s master policy coverage. 

Some condo owners might consider purchasing extra coverage – “unit assessment” or “loss assessment” coverage. This type of coverage reimburses you for charges that your condo community might assess to owners in the event of a major covered loss, such as damage from a fire in a hallway or to a roof after a hurricane. 

“It is a relatively cheap endorsement on the policy, and a personal insurance advisor likely will recommend buying as much loss assessment coverage as the carrier will offer,” says David Wojtusik, vice president and director, private client and professional athlete group at the Insurance Office of America. “This will help offset covered assessments the association could levy on the unit owners, many of which are unexpected.”

Aside from the available coverage, it’s vital to review the insurance company’s reputation and 

Tips for saving on condo insurance

There are many different steps you can take to cut the cost of your condo insurance policy, such as:

  • Shopping around. Comparing quotes from several providers is the best way to get a good deal on condo insurance. 
  • Asking about discounts. Most insurers offer discounts. Find out what they are and whether you qualify for them. 
  • Bundling your coverage. You can save on auto and condo insurance when you bundle them with the same company.
  • Raising your deductible. Agreeing to a higher deductible should lower your premium costs. However, remember that you must pay your deductible before your coverage kicks in, so make sure you can afford it. 

The bottom line: Best condo insurance providers in 2024

Erie Insurance is’s choice for the best overall condo insurance company, while State Farm takes the top spot among national companies. Before you purchase insurance, make sure you understand your insurance needs. 

“Before considering condo insurance options, it’s important to carefully read your condo association’s master policy and bylaws so you understand both the association and owners’ responsibilities,” Tennant says. 

If you are unsure how much coverage you need, talk to an insurance agent. 

“The best way to make sure your condo coverage meets your needs and your budget is to discuss insurance coverage with a local agent,” Tennant says. 

Methodology commissioned condo insurance rates from Quadrant Data Services in all 50 states and Washington D.C. for a policy with $60,000 in personal property coverage, $300,000 in liability coverage and a $1,000 deductible. Rates were fielded from 142 companies in 34,588 ZIP codes.

To rank companies, we used current scores from AM Best for financial stability and the NAIC complaint ratio index, where 1.00 is considered average. We also used the results of our 2024 Best Insurance Companies survey, which asked home insurance customers about their experience with customer service, policy offerings, claims handling and ease of service. The responses to these questions, based on how many customers said they were satisfied, were used to create the overall survey score. See the Best Home Insurance companies page for the full methodology used in that ranking.


What our expert says

Q:What should you know before you buy condo insurance?

Michelle TennantVice president of product management, home insurance, at Erie Insurance.
“Before considering condo insurance options, it’s important to carefully read your condo association’s master policy and bylaws so you understand both the association and owners’ responsibilities.”
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Chris Kissell
Contributing Researcher


Chris Kissell is a Denver-based writer and editor with work featured on U.S. News & World Report, MSN Money, Fox Business, Forbes, Yahoo Finance, Money Talks News and more.