The Best Condo Insurance of 2023

By: Bob Vila 

When living in a condo building, it’s important for condo owners to have the best condo insurance available to protect their personal belongings and aid with liability claims.

Like standard homeowners insurance, a condo insurance policy offers financial relief if the policyholder’s personal property and belongings are damaged or destroyed by a covered event. This type of insurance also provides liability protection if a guest is injured in the home or if the policyholder is found legally responsible for damages themselves. However, it differs from traditional homeowners insurance in that it likely does not cover damage to the building’s structure, including the roof, hallways, and common spaces such as a parking garage. Generally, the condo association will purchase insurance to cover the physical structure of a condominium building.

Lenders will likely require condo owners to purchase condo insurance to qualify for a mortgage, but the best condo insurance is still a good idea even if condo owners buy their property without the help of financing since it can help pay to replace or repair damaged property. Knowing what a condo policy covers and how much coverage is needed will help in the process of choosing the right homeowners insurance for condo owners.

1. BEST OVERALL: State Farm
2. RUNNER-UP: Allstate
3. BEST POLICY OPTIONS: Amica
4. BEST FOR SERVICE MEMBERS: USAA
5. ALSO CONSIDER: Lemonade

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