Key Takeaways
- Cypress offers the cheapest rates on condominium insurance in Florida.
- Condo insurance rates range from $68 a month in Duval County to $179 a month in Miami-Dade County.
- Citizens is the best option when other companies won't insure your condo unit.
There aren’t as many options for HO-6 condominium insurance in Florida as there used to be. Because of this, it’s more important than ever to shop around and compare quotes to find the best rate and policy for you.
Whether you are a new Florida condo owner or need to switch companies, here are key tips for finding the best HO-6 condominium insurance in Florida.
In this article
- Florida’s best condo insurance companies
- Average cost of condo insurance in Florida
- Expenses that Florida condo insurance covers
- Figuring out how much condo insurance you need in Florida
Best condo insurance companies in Florida
Cypress, Homeowners Choice and Kin are the best companies for HO-6 condo insurance in Florida, based on price, financial strength and availability to new customers.
If you’re not familiar with the term, an HO-6 is home insurance designed specifically for unit owners in condominiums and co-ops.
Cypress offers the state’s cheapest condo insurance, charging rates that average $96 a month, according to filings with the Florida Office of Insurance Regulation (FLOIR). Kin’s rates are not available in FLOIR’s database.
All three companies have an A rating for financial strength from Demotech. The better an insurance company’s financial strength rating, the less likely it is to go out of business.
Castle Key, a subsidiary of Allstate, is the state’s largest condo insurance provider. However, Allstate’s recently reported plans to reduce the number of condo units it insures in Florida may make it difficult to get a new policy from Castle Key.
Many other insurance companies have already scaled back their condo insurance offerings in Florida. Also, some companies don’t insure older condos or those located too close to the coast. If you’re having a hard time finding a company that will insure your condo, Citizens may be your best bet.
A nonprofit insurance company created by the state, Citizens is only available to you if you meet either of the following criteria:
- You are unable to get coverage from a private insurance company.
- The lowest rate available from a private company is 20% higher than Citizens’ price for comparable coverage.
You have to contact a Citizens agent to verify your eligibility. The company offers an agent-lookup tool on its website to help you get started.
| Company | Monthly rate | Financial strength rating |
|---|---|---|
| Cypress | $96 | A (Demotech) |
| Castle Key | $104 | B+ (AM Best) |
| Citizens | $116 | Not rated |
| Homeowners Choice | $121 | A (Demotech) |
| Kin | Not available | A (Demotech) |
| Rates provided by the Florida Office of Insurance Regulation. | ||
Since condo insurance rates tend to vary by customer, it’s best to compare quotes from multiple companies when you shop.
How much is condo insurance in Florida?
The average cost of HO-6 condo insurance in Florida is $1,457 a year, or $121 a month, but rates vary by location.
For example, condo insurance rates average $68 a month in Duval County, compared to $179 a month in Miami-Dade County.
| County | Annual rate | Monthly rate |
|---|---|---|
| Broward | $1,346 | $112 |
| Duval | $812 | $68 |
| Hillsborough | $1,066 | $89 |
| Miami-Dade | $2,146 | $179 |
| Orange | $890 | $74 |
| Palm Beach | $1,668 | $139 |
| Pinellas | $1,133 | $94 |
| State average | $1,457 | $121 |
| Source: Florida Office of Insurance Regulation | ||
Get cheap condo insurance that fits your needs
Condo insurance rate factors
Insurance companies look at many factors when calculating your premium. They include:
- Your location: Your condo's location affects your insurance premium. The distance between your condo and the local fire department or fire hydrant can impact on your insurance rate. If you live in an area that's prone to natural disasters, your rate will likely be higher.
- Age of your unit: Your premium may be lower if you live in a new condo or your insurer may offer a discount to those living in newer units.
- Deductible: If you increase your deductible, your premium will decrease. A deductible is the amount you pay for a claim before your insurance company pays the rest of the claim amount up to your policy limit. Before increasing your deductible, make sure you are prepared to pay the deductible amount if needed.
- Claims history: Your premium may be higher if you've made a claim in the past few years. Your claims history is documented on your CLUE report for up to seven years.
What does condo insurance cover in Florida?
Condo insurance in Florida covers the inside of your unit on a walls-in basis, as well as your belongings, liability claims against you and other expenses.
Your condo’s homeowners association (HOA) should have a master policy that covers damage to the exteriors of buildings in your complex. It should also cover common areas, such as lobbies, hallways, rec rooms and pools.
A typical HO-6 for condo unit owners includes the following coverages:
- Dwelling or building property coverage for structural damage within your unit, including wall coverings, flooring, cabinets and countertops.
- Personal property or contents coverage for your belongings, including your furniture, appliances, electronics, clothing and recreational gear.
- Loss of use for temporary living expenses if covered damage leaves your home uninhabitable during repairs.
- Personal liability for expenses related to injuries or property damage you cause to others by accident, generally while not operating a vehicle.
- Guest medical coverage, which pays for medical treatment for a guest injured while visiting your home, regardless of fault.
- Loss assessment coverage of up to $2,000 for an assessment your HOA may impose to repair covered damage in common areas or shared liability expenses.
Most standard condo insurance policies in Florida cover your unit for a set of named perils that typically include fire, theft, vandalism, falling objects and several others. You can often upgrade to open-perils coverage, which broadens your protection by covering damage from any cause not specifically excluded by your policy.
Whether you choose named- or open-perils coverage, condo insurance typically does not cover damage from floods. You can buy flood insurance separately, though.
In certain coastal regions, condo insurance also excludes wind and hail. You usually need to buy standalone windstorm coverage for protection from these risks in these areas.
Additional condo insurance coverages to consider
While standard HO-6 insurance in Florida covers many of the most common insurance losses a condo unit owner may face, the following additional coverages are also worth considering.
Water backup coverage: A standard HO-6 policy does not cover damage from a backup of your home’s sewer or drainage system, including a sump-pump failure. However, most insurance companies offer a water backup endorsem*nt that is relatively inexpensive to add to your policy.
Flood insurance: Since standard condo insurance does not cover damage caused by flooding, including storm surges, you may want to consider getting flood insurance. If your condo’s HOA already has a master flood insurance policy, this coverage might extend to improvements in your unit. That won’t cover your belongings, though, which you can protect with contents-only flood insurance.
Do I need condo insurance in Florida?
Florida state law does not require you to get condo insurance.
Many lenders require condo insurance for a mortgage, though. As do many condo homeowners associations.
How much condo insurance do I need in Florida?
If you have a mortgage on your condo and your lender requires condo insurance, your building property coverage probably will need to match your unit’s replacement value. Your condo's replacement value is the estimated cost of rebuilding its interior to its specifications and quality grade at the time the loan was issued.
HOA insurance requirements vary by complex. They generally include specified building property and liability limits, though.
If your home is in a high-risk flood zone, your lender might also make you get flood insurance. You may not need it if your condo’s HOA already has a master flood policy that provides enough building coverage for your unit.
How much condo insurance should I get in Florida?
It’s usually best to insure your condo at its replacement value, even if you don’t have a loan. As for your policy’s contents and liability coverages, they depend largely on your belongings and financial situation.
How to choose a building property limit for your condo insurance
Most insurance companies use software to calculate the amount of building property coverage you need. The amount they come up with is based on the replacement value of your condo unit’s interior fixtures.
You generally need to give your insurance agent accurate details about your unit to get an accurate calculation. Most insurers ask for your unit’s square footage, the makeup and quality grade of your floors, wall coverings, cabinets and countertops as well as similar other details.
Your building property limit goes a long way toward determining your insurance rate. In Florida, the average price of a condo insurance policy with a $100,000 building property limit is $231 a month, more than double the rate of a $60,000 policy.
| Building property limit | Monthly rate |
|---|---|
| $40,000 | $77 |
| $60,000 | $90 |
| $80,000 | $114 |
| $100,000 | $231 |
| Source: National Association of Insurance Commissioners | |
If you disagree with the insurance company’s estimate of your unit’s replacement value, you may have to hire an appraiser to provide your own estimate.
How much coverage do I need for my belongings?
Most insurance companies offer default limits for your contents, or belongings, but it usually doesn’t cost much to increase this amount.
The best way to figure out how much contents coverage you need is to create a home inventory or an itemized list of your possessions and the value of each item or set.
If the combined value of your possessions is greater than your insurance company’s default contents limit, you can increase your limit. Doing so should only raise your rate by a small amount.
If you have high-value belongings or items, consider adding a personal property rider to your policy.
Most insurance companies place sublimits on the coverage they provide for jewelry, artworks and other valuables. For example, most standard policies limit the total amount of coverage available for jewelry to $1,500.
Adding a scheduled personal property rider to your policy can cover specific high-value items you own at their full worth.
How much personal liability coverage do I need for my condo insurance?
Most condo insurance policies come with $100,000 in liability protection. You may need a higher limit, though, depending on your earnings and net worth.
The personal liability protection in your condo insurance policy often extends to injuries or damage you may cause away from your home. This can include things such as accidentally hurting someone in a pickup basketball game or starting a kitchen fire in a vacation rental.
If you are found responsible for expenses that exceed your policy’s liability limit, you may have to tap into your retirement savings or other assets to cover the shortfall.
At a minimum, your liability limit should match your net worth plus your mortgage balance. If you have a high net worth and/or earn a high salary, consider an umbrella policy for additional liability protection.
It’s also important to know that the personal liability coverage in condo insurance does not cover business activities. If you conduct business in your condo unit, you may need commercial liability insurance.
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