Cheapest & Best Condo (HO-6) Insurance in Florida

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  • Cheapest & Best Condo (HO-6) Insurance in Florida

Although it might be easy to be swayed to sleep by the palm trees and warm weather once you get to the Sunshine State, you shouldn’t overlook the need for insurance. As young and old residents flock to Florida, many find condos to call home. 

Unfortunately, living in Florida carries the risk of property damage from several types of weather hazards. Condo insurance is the only way to get peace of mind and protection for your unit in paradise. Read here to learn how to find the best and cheapest condo insurance in Florida.

How Much Is Condo Insurance in Florida?

The average condo insurance cost in Florida is $1,092 per year or $91 monthly. Condo insurance rates in Florida are among the highest in the country, although exact premiums will vary depending on location, desired coverage amounts, and more.

When it comes to condo insurance, Florida residents will be glad to know it typically costs less than homeowners insurance in Florida since condo owners don’t have to insure their whole dwelling. Condos have complex association master insurance plans covering building structures and common areas. On the other hand, homeowners are responsible for insuring their entire home.

Unfortunately, the costs of the association’s master insurance plan get divided among residents as part of HOA dues monthly, so you still see some of that expense. Nevertheless, this does help lower Florida condo insurance rates, pictured below, at different coverage levels.

Average Cost of Condo Insurance in Florida


$20,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 and over

Avg. Annual Rate


Avg. Monthly Rate


When you get condo insurance quotes in Florida, you choose the amounts of coverage you need. The higher the limits you pick, the more your coverage will cost. Residents with more items or valuable belongings should get higher limits to protect themselves even though it costs more.

However, most people can likely make do with under $100,000 in coverage, so you’ll likely pay between $71 and $114 for your contents insurance on a Florida condo.

A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn’t with a custom condo insurance policy at an affordable price.

What Is HO-6 Insurance in Florida?

Condo insurance is formally called HO-6 insurance, a type of insurance plan designed specifically for condominium unit owners. Unlike traditional homeowners insurance (HO-3) policies, which cover a house’s structure and contents, HO-6 insurance in Florida focuses on covering the condo unit’s interior and personal belongings only.

When it comes to HO-6 insurance, Florida insurers may protect the unit from sources of damage called perils, such as fire, theft, water damage, and wind damage. The coverages that protect you from these perils look like this in your policy:

Personal Property Coverage

Personal property coverage in condo insurance financially guards your belongings against covered perils. Your furniture, clothes, electronics, tools, bicycles, art, and more are protected under personal property coverage.

Loss of Use Coverage

Loss of use coverage helps pay for additional living expenses if your condo is damaged by a covered loss and rendered uninhabitable, forcing you to move out. Loss of use coverage can cover lodging, gas, food, and more.

Liability Coverage

Liability coverage protects you financially if someone is injured in your unit or you accidentally damage someone else’s property. If you’re found liable, your liability coverage can pay for medical expenses, legal fees, and more.

Medical Payments Coverage

Medical payments also assists with expenses arising from injuries. Medical payments is designed for minor injuries with much smaller limits than liability coverage.

Loss Assessment Coverage

Loss assessment coveragecan help cover you if your HOA passes costs onto residents if liability or property damages in a common area exceed your HOA’s insurance policy limits.

Building Property (Dwelling) Coverage

Optional in condo insurance, dwelling or building property coverage protects fixtures and features in your unit that your master policy won’t cover. This includes countertops, light fixtures, cabinets, and more.

How to Get the Best Condo Insurance in Florida

To get the best condo insurance in Florida, you should know your coverage needs, which involves understanding your HOA’s master policy. Once you know what protection you need, compare quotes from multiple Florida condo insurance companies.

Determine Your Coverage Needs

Be familiar with your association’s master policy. Every HOA has a master insurance policy that covers common areas. Some policies also protect original fixtures and installations inside units, such as countertops and appliances. These are known as all-in plans. Some associations will opt for a cheaper, more basic master policy known as bare walls coverage, which won’t cover anything inside units. 

If your association has an all-in master policy, you can save money on personal condo insurance because your plan won’t need the dwelling coverage that we described above. However, if your HOA has a bare walls policy, you should include dwelling coverage in your policy.

You should also seriously consider loss assessment coverage for the best condo insurance in Florida. This is optional from most providers, but you should try to include it if you can fit it into your budget. Your condo complex is at risk from storm damage every year. If your HOA tries to pass costs onto you for weather-related damage from a covered peril, you’ll be glad you have loss assessment coverage.

An assessment for a new roof after a hurricane or tropical could easily cost tens of thousands, depending on the damage. Instead of stretching your wallet to cover such assessments, your insurance company can cover much of it for you. Keep this in mind when getting condo insurance in south Florida or other especially hurricane-prone areas of the state.

Actual Cash Value vs Replacement Cost

You should also recognize how your personal property is covered in your plan. Providers have two methods of insuring belongings: at actual cash value or replacement cost.

Actual cash value coverage means your insurer will deduct depreciation before reimbursing you for your damaged or stolen items, meaning you’ll never fully recoup the value of the lost item.

This is in contrast to replacement cost coverage, which enables your provider to pay you what you paid for an item after damage, regardless of its age. Replacement cost coverage pays you more, but it’s more expensive.

What Are the Best Condo Insurance Companies in Florida?

The best condo insurance companies in Florida will cover you sufficiently at the price you want. It’s hard to recommend one provider in general since rates will vary by location, and your choice of provider may change depending on where you are. 

Florida has a high percentage of condo insurance plans, with 10% of property insurance policies in the state being HO-6 policies. You can get a condo insurance policy from any provider that meets your coverage needs while falling within your budget. The largest home insurance companies in Florida are:

  • Citizens Property Insurance 
  • Universal Property and Casualty
  • State Farm
  • Tower Hill
  • Progressive

One common name you might come across in Florida is Citizens Insurance. Citizens is the largest home insurer in Florida, but it’s run by the state and is meant to be only an insurer of last resort, which unfortunately is becoming a reality for more condo owners as many carriers have non-renewed or raised premiums as inspections and safety requirements tighten in the wake of the Surfside condo collapse in 2021 and the recent effects of devastating Hurricane Ian in 2022.

Try to avoid Citizens, if possible. They offer lower coverage limits than you can get at a standard insurance company and exclude coverage for certain events. 

The largest private home insurer in Florida, Universal Property and Casualty, has been writing coverage in the state since 1997 and has many condo policies. Well-known providers like State Farm, Progressive, and USAA are also popular in the state, as is regional provider Tower Hill.

Condo insurance rates in the state are unstable, so you may need to switch carriers after your policy term if you see renewal increases to maintain cheap HO-6 insurance in Florida. Don’t hesitate to shop for coverage.

A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn’t with a custom condo insurance policy at an affordable price.

Tips for Getting the Cheapest Condo Insurance in Florida

No single provider will always offer the cheapest condo insurance in Florida. However, there are steps you can take to lower your premiums. Here are some tips to acquire cheap condo insurance in Florida.

Make a home inventory list. To determine the exact amount of personal property coverage you need, you should create an inventory of your things and how much they cost. This will help you avoid overpaying for extra unnecessary coverage and come in handy if you file a claim.

Compare quotes. Comparing quotes is the only way to verify you’re getting a good deal. Insurance rates will vary by company as underwriting practices differ. Know the details of your unit and building needed for a quote, and reassess your coverage options periodically, especially if you experience a rate increase.

Raise your deductible responsibly. Your deductible is the amount you’re responsible for paying in a claim before your insurer pays the rest. Common deductibles range from $500 to $2,000, and opting for a higher deductible will lower your monthly premiums since you’re vowing to pay more for the damage out of your own pocket and decreasing the financial liability of your provider. Raising your deductible can quickly lower premiums, but keep it an amount you can afford if needed.

You may be able to forego wind coverage in your policy, which brings rates down. Depending on where you are in the state and your unit’s location in your complex, having windstorm coverage may be less essential. Sometimes, you can forgo this protection for cheap HO-6 insurance in Florida, although this would put you on the hook for any hurricane damage personally.

Factors That Determine the Average Condo Insurance Cost in Florida

The average condo insurance cost in Florida is about $91 per month. Certain factors influence how much you pay for premiums because they determine the risk profile of your unit. Riskier residences have a greater chance of property damage. Insurance companies will charge such companies higher premiums to offset that damage risk.

Some important factors of Florida condo insurance rates are:

  • Location
  • Building characteristics
  • Claims history

Condo units closer to the coast will have higher premiums due to the increased risk of hurricane and tropical storm damage. The risk of hurricanes is the primary driver of high property insurance rates in Florida. 

Additionally, condo units in flood zones and crime-prone areas may have higher premiums. Alternatively, you may see a discount if you’re close to a fire station or hydrant.

Older buildings tend to have higher insurance premiums. Older buildings have more wear and tear and dated construction elements (old wiring, old pipes, etc.) that break down more easily and lead to claims. They’re also less resistant to wind and water damage. As a result, residents in older condo units can experience higher rates than someone in a new building up to the latest construction and safety codes.

Having a history of filing claims will cause your insurance rates to go up as well. Insurers ask you about precious claims you’ve filed, and someone who has filed many claims in the last three to five years will likely experience higher rates than someone with a clean history.

Higher coverage limits will also translate to higher premiums, as mentioned earlier. Policies with more coverage will cost more. Also, your deductible directly influences how much you pay -you can raise or lower it to see how it affects your premiums.

A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn’t with a custom condo insurance policy at an affordable price.

Is Condo Insurance Required in Florida?

While condo insurance isn’t required by law in Florida, lenders will mandate insurance coverage on mortgaged properties. Many condo owners associations also require their tenants to have condo insurance coverage.

When lenders help you purchase a property by putting money down, they’ll want to protect their money in case of damage so they can recoup their investment. They achieve this with insurance. By requiring you to keep insurance, you and your lender can turn to your insurance policy for reimbursement after major damage.

Even if you don’t have a mortgage, you may have to purchase condo insurance if your association requires tenants to have a policy. Many condo associations want tenants to keep coverage to limit the liability of the association as well as other residents. Everyone maintaining their condo owner insurance in Florida makes everyone safer financially.

How to Get a Condo (HO-6) Insurance Quote in Florida

You should compare quotes in Florida to find the best deal. With Clovered, compare Florida condo insurance quotes online quickly and easily with our proprietary tool. Just input some basic information about yourself and your property, and you can review your HO-6 insurance quote from top providers in minutes.

As an independent insurance agency headquartered in Fort Lauderdale, we live to make insurance in the state easier for you. If you want to speak to a licensed agent for your HO-6 insurance in Florida quote, call one of our in-house team members at 833-255-4117. You can also send us an email with any questions about your condo insurance quote in Florida at

Getting Condo Insurance in South Florida

Condo insurance in South Florida will have some of the steepest premiums in the state and country. South Florida property insurance rates are notably high due to the extreme risk of hurricanes and flooding.

Condos on or near the beach, like the many buildings lining the shores from Miami to Boynton Beach, are at the highest risk of wind and water damage. These buildings will likely have the most costly premiums, and you’ll likely have to pay for flood insurance, too, whether on your own or through your HOA.

Despite these relatively high premiums, condo insurance in South Florida is still almost always cheaper than homeowners insurance in the region. Small condos away from the water can have even more affordable rates.

A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn't with a custom condo insurance policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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