Best Pennsylvania Condo Insurance
- Best Pennsylvania Condo Insurance
Condo owners need the right insurance protection in Pennsylvania, or else you risk paying for tens of thousands of dollars worth out of your own pocket. Besides potentially saving you money, the best condo insurance in Pennsylvania will save you from stress and headaches.
Finding the right provider isn’t always easy, so we made this guide to help Pennsylvania condo owners old and young.
Read below for average rates and helpful information regarding condo insurance in Pennsylvania.
How Much Is Condo Insurance in Pennsylvania?
Condo insurance in Pennsylvania costs about $487 annually or about $41 per month, with rates ranging from $31 to $77, depending on your coverage amounts.
The exact cost of policies varies due to a few factors, such as location, building characteristics, and personal considerations. Two units in the same building could have differing rates.
Nevertheless, we’re able to observe average condo insurance rates in Pennsylvania based on different coverage amounts people get. The table below lists monthly and annual average condo insurance in Pennsylvania.
Average Cost of Condo Insurance in Pennsylvania
$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
$100,000 or more in coverage is a lot for condo insurance. You’d only need limits that high if you have a very expensive unit or many costly fixtures or belongings. Most people will make do with $20,000 to $75,000 of coverage, so you’ll likely pay somewhere between $31 and $49 per month, much closer to the state average.
What Does Condo Insurance in Pennsylvania Cover?
Condo insurance in Pennsylvania covers your unit from several sources of possible damage called perils. Some of the most commonly encountered covered perils are theft, fire damage, windstorm damage, and water damage.
Condo insurance protects your property and unit from these perils in various ways. It also covers your finances in different situations, so you don’t have to pay out of pocket. Policies contain:
Personal Property Coverage
Personal property coverage covers your belongings from peril damage. Covered items include your furniture, clothing, electronics, jewelry, tools, bicycles, and more.
Loss of Use Coverage
Loss of use coverage helps cover living expenses if you’re ever forced to move out of your unit after it sustains major property damage. While waiting for your place to get fixed, your provider can cover temporary lodging, gas, groceries, and more.
Liability coverage financially protects you if you’re ever found liable for injuring someone or causing property damage. Your insurer can cover medical expenses, legal fees, and more.
Medical Payments Coverage
Medical payments to others covers minor injuries someone can suffer regardless of fault. It has much smaller limits than liability coverage.
Loss Assessment Coverage
Loss assessment coverage helps cover special assessments your condo association charges you if the complex suffers peril damage that exceeds the association’s insurance policy.
Building Property (Dwelling) Coverage
Dwelling coverage in condo insurance guards permanent fixtures in your unit, like counters, light fixtures, and cabinets, from covered peril damage.
How to Get the Best Condo Insurance in Pennsylvania
The best condo insurance in Pennsylvania will satisfy your coverage needs at a price you can afford. The company that provides this policy can vary by person, so shopping around to find the best deal is essential.
Before getting quotes, you should understand common coverages and exclusions. Know that your policy won’t cover certain instances of damage, like flooding. Your policy also won’t cover the exterior of your unit because your association’s master insurance policy covers that.
How the HOA Insurance Affects Your Coverage
Condominium complexes have master insurance purchased by the homeowners association (HOA) that covers building exteriors and common areas like the clubhouse, hallways, stairwells, and more. You help pay for this insurance through your monthly HOA dues.
Some master policies have “walls-in” coverage, meaning the HOA plan covers built-in features of your unit, like countertops, cabinets, and light fixtures. Other HOA plans have “walls-out” coverage, which means your association’s policy covers nothing in your unit.
If your association has walls-out coverage, you should take special note of dwelling coverage in your HO-6 policy. Without it, much of your unit is exposed. Even with walls-in coverage, check if your HOA plan covers improvements you made in your unit. Sometimes, a master policy will only cover installations that were there originally. So, if you made renovations after you moved in, you may need dwelling coverage to protect them.
Recognize Actual Cash Value vs. Replacement Cost
You should note the way your policy covers losses. Condo insurance typically pays out claims at either actual cash value or replacement cost.
Having actual cash value coverage means your carrier will deduct depreciation when reimbursing you for damaged property during a claim. This lowers the amount you receive as everything depreciates. You’ll likely never get back what you paid for an item.
Alternatively, replacement cost coverage enables your insurer to reimburse you for what you paid for an item, no matter its age. The best condo insurance in Pennsylvania will have replacement cost coverage, but it’s also the more costly option, so it may not be possible for all. Note how your policy covers you so you’re not surprised during a claim.
Tips on Getting the Cheapest Condo Insurance in Pennsylvania
Some ways to maximize your chances of getting cheap condo insurance in Pennsylvania include:
- Shopping around
- Asking for discounts
- Adjusting policy details
Compare policies and rates from several companies when looking for coverage. You’ll save money by seeing who offers the best rates. You’ll also be able to assess customer service and website experience to see if these are positives or negatives for a company.
Ask About Discounts
Every carrier has discounts for their policyholders. See which ones you qualify for when quoting. Common discounts include building, having a security system, being a veteran, being retired, and many more.
Adjust Policy Details
Adjust your limits to rates you can afford without underinsuring yourself. Make a home inventory that lists your items and their cost. The total cost of your belongings is how much personal property coverage you need. You can also change your liability, loss of use, and dwelling coverage limits.
A quick way to lower your premiums is to way raise your deductible. Your deductible is the amount of money property damage must exceed before your insurer picks up the tab. Deductibles typically range from $500 to $2,000.
Having a higher deductible means you’re responsible for a larger amount of property damage. You lower the possible payout of your provider. As a result, your insurer lowers your monthly premiums.
Is Condo Insurance Required in Pennsylvania?
While no law makes condo insurance mandatory in Pennsylvania, mortgage lenders and condo associations can require unit owners to get coverage.
If you bought your condo with a mortgage, your lender will always require you to keep condo insurance until you pay off your loan. It protects their investment in your unit. If you fail to get your own policy or stop paying your premiums at any point, your lender can force-place coverage on you.
Even if you purchased your condo with cash, you may be required to get HO-6 insurance by your association. Some complexes want all residents to have coverage to have extra liability protection on top of the master policy.
How to Get Condo Insurance Quotes in Pennsylvania
It’s essential to compare rates and companies when looking for condo insurance quotes in Pennsylvania. At Clovered, we want to help you save time and money when insurance shopping. As an independent insurance agency, we exist to help you find the right coverage.
Take advantage of our online quoting tool to shop from top providers in your area with ease. All you must do is provide some basic information about yourself and your condo, and you can compare Pennsylvania insurance quotes in minutes.
Getting Condo Insurance in Pittsburgh
Pittsburgh is the largest city in western Pennsylvania and the second-largest in the state. Condos are common in the town, and condo insurance is necessary for all unit owners.
You’ll pay more for condo insurance in Pittsburgh if you have high-end valuables or fancy fixtures in your unit. Although market value doesn’t directly equate to insurance cost, nicer, more expensive places tend to need more insurance coverage.
Be sure to look into what discounts you can receive when shopping for coverage. Get multiple quotes to find the best deal. Fortunately, the cost of condo insurance is almost always cheaper than homeowners insurance.
Getting Condo Insurance in Philadelphia
Philadelphia, on the opposite side of the state than Pittsburgh, also has some considerations to note when looking for condo insurance in the city.
Condo insurance in Philadelphia will likely be more expensive than condo insurance in Pittsburgh and other areas of the state. Condo insurance in Philadelphia may be on the higher end due to high crime rates in some neighborhoods of the city. Philly is also closer to the Atlantic coast, causing windstorm damage from nor’easters or hurricanes to be more likely.
These factors increase the risk of covering your property and raise insurance rates. But, as long as you shop around for coverage, you should be able to find a company that provides the coverage you need at an affordable price.
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.