The Best Condo Insurance in Florida of 2023

Protecting the investment owners have made in their homes is the primary reason for getting insurance. Condo insurance can provide the coverage they need to not only repair the interior of the unit, but also to replace any personal belongings damaged by a covered peril. It also provides some coverage if someone visiting the home is injured, regardless of fault, and can help pay for living expenses if the owner cannot live in their home during repairs after a covered loss.

The best condo insurance in Florida can provide the right coverage for a wide range of condo owners in the Sunshine State. In addition, the best insurance companies can offer competitive rates and great customer service in the event the policyholder needs to file a claim. Finding the right fit requires condo owners to shop around and compare what each company has to offer, so it’s a good idea to assess the products and capabilities of even the best condo insurance companies operating in Florida before making a choice.

1. BEST OVERALL: State Farm
2. RUNNER-UP: Allstate
3. BEST ENDORSEMENTS: Kin Insurance
4. BEST FOR LOW RATES: Tower Hill Insurance
5. ALSO CONSIDER: Florida Peninsula Insurance

What to Consider When Choosing One of the Best Condo Insurance Companies in Florida

When shopping for homeowners insurance or condo insurance, it’s important for potential policyholders to find insurance companies that offer the right amount of coverage. This may include a wide array of policy options that can be customized as well as affordable rates to suit a condo owner’s budget. Additionally, a high AM Best rating may speak to a company’s financial strength and ability to pay claims, making this a key factor for shoppers to consider when searching for a company they can trust.

Coverage Amount

Florida condo insurance covers the interior of the condo unit as well as the policyholder’s personal belongings. Condo insurance policies can also include loss of use coverage in the event the unit is left uninhabitable after a covered loss and medical payments to others coverage protection if someone visiting the condo is injured, regardless of fault. It’s very likely the condo owners association (COA) carries a master insurance policy on the building itself as well as all common areas, such as the lobby, hallways, storage areas, and swimming pools. Therefore, for dwelling coverage, condo owners will likely need a coverage amount equal to the cost of returning the condo unit to its original condition in the event it needs to be completely rebuilt. Some COAs may require condo owners to purchase a minimum coverage amount, though. Also, if there is a mortgage on the unit, the condo owner’s lender will likely also require them to carry enough insurance to pay for a total rebuild of the condo unit.

Condo owners may want to conduct an inventory of all their personal belongings in order to determine how much coverage they need to repair or replace them after a covered loss. With regard to liability coverage, it’s important for a policyholder to purchase enough coverage to protect their financial interests in case they are found liable for damages or injuries to a third party. For instance, liability coverage could help pay for legal fees or medical bills if a handyman repairing a furnace slips and falls in the condo, breaking their arm, and decides to sue the condo owner. This coverage can also extend to the policyholder’s pets, so if their dog bites a jogger and the policyholder is sued to pay for the resulting medical bills, then their liablity coverage could pay those expenses (as well as any related legal costs or damages). Maximum coverage limits can vary from one insurance company to another, so those who need more coverage will want to pay close attention to available coverage amounts as they compare their options.

Policy Options

When purchasing condo insurance, Florida residents will likely get the following standard coverage:

• Dwelling coverage for permanent fixtures inside the unit (think walls, floors, fixed cabinets, etc.)
• Personal property coverage
• Liability coverage
• Loss of use coverage
• Medical payments to others coverage

Standard coverage is provided if the damage occurs due to named perils such as fire, theft, windstorms, and vandalism. Condo owners could opt for open perils coverage, if available, which provides coverage for any peril except those expressly named in the policy.

For personal property coverage, insurance companies typically offer either replacement cost coverage or actual cash value coverage. With replacement cost coverage, the insurance company pays the policyholder the amount it would cost to replace an item at today’s prices. With actual cash value coverage, the insurance company pays out based on the depreciated value of an item, which reflects the amount the item is currently worth, not what it would cost to replace it. That means the condo owner could have to pay more money out of pocket to replace covered items.

Insurance Premiums

Like Florida homeowners insurance, condo insurance has premiums that customers must pay to keep their policy active. Insurance companies weigh several factors when determining premiums for condo insurance. These factors include:

• The size, age, and location of the condo.
• The type and amount of coverage purchased.
• The policyholder’s previous claims history.
• The deductible on the policy.

Premiums go up as policyholders purchase more coverage. Deductibles affect insurance premiums as well, as higher deductibles often result in lower premiums and vice versa. While some factors such as the unit’s age and location cannot be changed, condo owners can make changes to the type and amount of coverage purchased to lower their premiums.

Quote Process

To determine the cost of condo insurance, it’s a good idea for Florida condo owners to get rate quotes for policies from at least three different insurance companies. Many companies offer quotes using an online rate tool or by giving potential policyholders the option of talking with an agent on the phone or in person. To obtain a quote, condo owners will need to provide some basic information about the unit such as its size, age, and location. This is also an opportunity for condo owners to select different coverage options to see how those selections will impact the final cost of their insurance policy. When shoppers are using a rate quote tool, it’s important to keep in mind that the quote provided is an approximate cost for the policy. It could change once additional information is provided. Speaking with an agent may result in a shopper receiving a more accurate price estimate because the agent can collect more details about the potential policyholder, the property, and the policy desired.

Claims Process

Ideally, when a policyholder files a claim in Florida, home insurance or condo insurnace should be easy to navigate, and the company should pay out claims in a timely manner. Therefore, it’s important for shoppers to look for insurance companies that offer a variety of ways to file a claim, which may be through the company’s mobile app, via the company website, and over the phone. Shoppers will also want to look for companies that make it easy to check the status of a claim, whether that’s online or through the mobile app. Most importantly, it’s a good idea to try to find out how quickly the company responds to claim submissions and pay out funds on approved claims. If possible, it’s also helpful for potential policyholders to speak with current and former customers of the company to find out what their experiences were like when filing a claim.

Deductibles

Like homeowners insurance in Florida, condo insurance policies include a deductible that can impact the size of a payout on an insurance claim. Contrary to popular belief, policyholders do not pay condo insurance deductibles themselves; rather, this amount is deducted from the approved payout amount before the insurance company disburses funds to the policyholder. For instance, if a condo owner files a claim for $10,000 on a policy with a $2,000 deductible, then their insurance company would give them $8,000 if the claim is approved. The deductible amount varies based on the policy, but policyholders have some wiggle room to choose one that fits their budgets. As noted, choosing a high deductible typically leads to lower insurance premiums (and vice versa), so policyholders will want to consider how their deductible selection will impact their insurance rates. Also, some insurance coverage may come with a separate deductible for specific perils, such as hurricane or wind damage.

Additional Policies

In addition to condo insurance, Florida residents may need to purchase additional coverage to fully protect their unit and personal property. For example, Florida condo insurance excludes water damage resulting from flooding water in most cases. Residents in flood-prone areas will need to purchase a separate flood insurance policy if they want this form of protection. Condo owners interested in bolstering their coverage in this way may want to consider getting a separate policy with one of the best flood insurance providers in Florida.

Many condo owners also prefer to work with just one insurance company, so they may want to look for companies that sell other types of insurance such as auto, life, and pet insurance. In addition, companies may offer sizable discounts to shoppers who bundle policies, which can make the idea of using one provider for all insurance needs even more appealing. Moreover, using one insurance company for different types of policies can make it easier for policyholders to keep tabs on coverage terms, outstanding claims, and other aspects of their insurance, since they may only need to go through one account or agent to manage their insurance.

Discounts

Residents purchasing Florida condo insurance want to get the best policy possible for a low rate. In Florida, the average cost of condo insurance may be higher due to the threat of hurricanes and other natural disasters. To help lower costs, it’s a good idea for condo owners to ask insurance companies for a complete list of available discounts that can help them maximize savings. While many people are familiar with common discounts such as those for bundling auto and home insurance, insurance companies often offer many more discounts. These include discounts for installing security systems and other protective devices, not filing claims for a certain time period, enrolling in paperless billing, and setting up automatic payments.

AM Best Rating

Condo owners want to work with insurance companies they can trust and rely on to be there when they need to file a claim. A great indicator of a financially strong company is its AM Best rating. AM Best reviews an insurance company’s financial information to determine its creditworthiness and issues a rating reflecting the company’s ability to meet its financial obligations.

AM Best ratings range from A++ (Superior) to D (Poor). Ideally, condo owners will want to look for companies with an A++ rating; however, companies with a B+ (Good) rating may also be a good choice. If the company does not have an AM Best rating, that does not necessarily mean the company has poor financial strength; it only means AM Best has not rated the company.

Our Top Picks

As we were determining the best condo insurance in Florida, our research considered companies that offer a wide variety of coverage, high coverage amounts, a streamlined claims process, and a high AM Best rating, among other features that can benefit condo owners.

Best Overall

State Farm

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Why It Made the Cut:

State Farm has a high AM Best rating, an award-winning mobile app for claims and policy management, online resources for condo owners, and a free fire safety monitoring device.

Receiving AM Best’s highest rating of A++, State Farm could be a terrific option for condo owners looking for a stable and reliable insurance provider. The company also has an award-winning mobile app that customers can use to file and track claims, retrieve insurance info, upload pictures and documents to support claims, make payments, and contact their designated agent. While the company does not offer an online rate quote tool for condo insurance in Florida, the website does have a number of online resources to help condo owners determine their insurance needs, take care of their home, and prevent common threats that might damage a condo.

In addition, State Farm condo insurance policyholders can receive a free Ting smart device that monitors the home for signs of electrical fire. It also comes with 3 years of free monitoring services, so eligible customers will be able to better protect themselves against the threat of fire.

Specs

• Quote process: Phone, agent
• Claims process: App, online, phone, agent
• Deductibles: Unknown
• Discounts: Multipolicy, home alert protection (fire, smoke, burglar alarm, home monitoring system), automatic sprinkler
• AM Best rating: A++

Pros

• User-friendly policy and claims management via award-winning mobile app
• Helpful online resources to educate condo owners
• Smart-technology fire safety devices available for free
• A++ AM Best rating

Cons

• Online quote not available

Runner-Up

Allstate

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Why It Made the Cut:

Allstate offers numerous discounts, a user-friendly mobile app, online personal information protection and monitoring services, and a wide variety of other insurance policies available to bundle or purchase.

While Allstate does not offer online quotes for Florida condo insurance, condo owners can take advantage of the many discounts the company offers to reduce their insurance premiums. These include discounts for buying a new condo, enrolling in automatic payments, going an extended period of time without filing a claim, paying insurance premiums on time, and bundling multiple policies. Allstate policyholders can also download the company’s dedicated mobile app to manage various aspects of their condo insurance, such as filing claims, making payments, uploading images, viewing policy details, and contacting the designated agent on their policy.

In addition, policyholders can add Allstate Digital Footprint to their policy, which is an additional service that monitors customers’ online accounts to check what personal information could potentially be exposed by a data breach. This service also includes identity theft protection and credit monitoring support. Plus, condo owners can use Allstate for many—if not all—of their insurance needs since the company offers a variety of insurance, including flood, pet, and travel insurance.

Specs

• Quote process: Phone, agent
• Claims process: App, online, phone, agent
• Deductibles: Unknown
• Discounts: Multipolicy, welcome, loyalty, protective device, home buyer, automatic payments, early signing, claim-free, responsible payer
• AM Best rating: A+

Pros

• User-friendly policy and claims management via mobile app
• Wide variety of discount opportunities available
• Wide selection of additional policies available
• Optional online personal information protection

Cons

• Online quote not available

Best Endorsements

Kin Insurance

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Why It Made the Cut:

Kin Insurance includes standard replacement cost coverage with condo insurance policies, offers numerous endorsements to enhance a policyholder’s coverage, and has various deductible options to consider.

Although Kin Insurance does not have an AM Best rating, the company offers plenty of reasons for Florida condo owners to consider it for their insurance needs. For instance, Kin Insurance includes standard replacement cost coverage with each condo insurance policy. This means the company does not take depreciation into account when determining the value of covered belongings. This could lead to larger payouts on claims and add more value to a policy since this kind of coverage is often only offered as an add-on.

While our research found that Kin Insurance may have somewhat high insurance premiums for condo insurance in the Florida market, the company gives condo owners a variety of deductible options to choose from. These options include deductibles as low as $500, which could lead to a larger payout if a policyholder needs to file a claim.

Also, condo insurance policyholders can purchase a number of endorsements to expand their coverage to better meet their requirements. These endorsements include add-on coverage for flood or sinkhole damage, identity fraud, water backup damage, and animal liability protection, to name just a few.

Specs

• Quote process: Online, phone
• Claims process: Online, phone
• Deductibles: $500 to $50,000; Hurricane: $500, or 1 percent to 10 percent of dwelling limit
• Discounts: Wind mitigation, fire protective devices, mature condo owners, paperless, responsible repair
• AM Best rating: No rating

Pros

• Standard replacement cost coverage included
• Wide variety of endorsements available
• Wide range of deductible options

Cons

• Relatively high insurance premiums
• Not rated by AM Best

Best for Low Rates

Tower Hill Insurance

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Why It Made the Cut:

Tower Hill Insurance offers low insurance premiums for the Florida market, online resources to help with hurricane and disaster prep, and catastrophe response sites to assist policyholders going through a hurricane or other disaster.

Tower Hill’s website has a wealth of resources to help condo owners prepare for and deal with hurricanes, floods, and other disasters that may cause severe damage to their homes. The company’s online resources also provide guidance on how to manage insurance policies, providing fundamental information such as what condo insurance will cover and how to file a claim. If many policyholders in an area have suffered losses, Tower Hill will set up catastrophe response sites to help policyholders deal with the aftermath of a disaster (such as a hurricane), offering hands-on support to help customers file claims.

Condo owners may want to note that Tower Hill may require a home inspection for new customers, which can include both the exterior of the building and inside their condo. Although Tower Hill’s B+ AM Best rating is relatively low, it is still considered “good,” and it reflects that the company has a “good” ability to meet the company’s financial obligations. Tower Hill Insurance also offers relatively low premiums on condo insurance based on our research.

Specs

• Quote process: Online, phone, agent
• Claims process: Online, phone, agent
• Deductibles: Unknown
• Discounts: Unknown
• AM Best rating: B+

Pros

• Relatively low insurance premiums
• Hands-on claims support after a disaster through catastrophe response sites
• Comprehensive online hurricane and disaster preparedness resources

Cons

• Home inspection may be required
• Relatively low B+ AM Best rating

Also Consider

Florida Peninsula Insurance

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Why It Made the Cut:

Florida Peninsula Insurance focuses on and specializes in Florida property insurance, offers a sinkhole endorsement option, and maintains online resources to help condo owners prepare for potential disasters.

Florida Peninsula Insurance specializes in providing coverage to Florida residents. As such, its employees may be better equipped to build out a policy that effectively addresses the most costly risks and threats facing Floridians. Although Florida Peninsula Insurance does not offer too many discounts on condo insurance policies, the company’s focus on insurance in the Florida market could be enough reason on its own to convince condo owners that this is the right company for them.

It’s worth noting that Florida Peninsula Insurance does not currently hold a rating from AM Best. That being said, the company has been rated by Demotech, a financial analysis firm specializing in the insurance industry, having received an “A” rating. This rating is reserved for companies that have demonstrated exceptional financial stability. Condo owners who choose Florida Peninsula Insurance have the option to purchase a sinkhole endorsement to add to their condo insurance policy. This could help condo owners pay to make any repairs to their unit or replace damaged personal property in the event of a sinkhole.

Also, Florida Peninsula Insurance’s website has a wide variety of educational resources to help condo owners prepare for disasters such as hurricanes, fires, or floods and prevent costly damage caused by these perils.

Specs

• Quote process: Online, phone, agent
• Claims process: Online, phone, agent
• Deductibles: $500 to $2,500; Hurricane: 2 percent to 10 percent of dwelling limit
• Discounts: Senior discount, protective devices
• AM Best rating: No rating

Pros

• Specialty in Florida property insurance
• Sinkhole endorsement available
• Comprehensive online hurricane and disaster preparedness resources

Cons

• Limited discount opportunities
• Not rated by AM Best

Our Verdict

We chose State Farm as Best Overall because of its customer-friendly mobile app for claims and policy management as well as its library of online resources. We picked Allstate for Runner-Up because it offers a wide array of discounts as well as online personal information protection and monitoring services.

How We Chose the Best Condo Insurance Companies in Florida

During our research, we examined many factors to determine which companies offered the best value for Florida condo owners. These factors included condo insurance coverage—both standard coverage and endorsements available to purchase—as well as opportunities for policyholders to save on insurance premiums, such as discounts and deductible options. We also reviewed quote and claims processes for each company to see if they were user-friendly for condo owners. Our research also included the company’s AM Best ratings (or Demotech rating) to see which ones were determined to have strong financial strength, a good indicator of a company’s reliability and ability to honor claims. We also looked at extra perks or services that may appeal to Florida residents.

Before You Choose One of the Best Condo Insurance Companies in Florida

While we have spotlighted some of the best Florida condo insurance companies here, that doesn’t necessarily mean these companies will be the right choice for every condo owner. It’s important for condo owners to conduct their own research to determine whether one of these companies is the best option for them. Talking to agents could reveal additional information to potential policyholders that could play an important role in deciding whether they want to go with an insurance company or not. If a condo owner already has some form of coverage with another insurance provider—auto insurance or life insurance, for instance—it’s a good idea for them to talk with that company to see what coverage options are available for condo insurance. Insurance companies can often provie coverage for a variety of insurance needs, and since many of them prefer to work with existing customers, this could result in better coverage or additional savings.

This also applies to homeowners who are downsizing and moving from a single-family house to a condo. The best homeowners insurance companies in Florida (such as Allstate) will likely offer condo insurance as well, so it may be worth it for shoppers to check on what coverage options are available. Before shopping around for condo insurance, it can be helpful for condo owners to first assess their individual coverage needs so they can focus on companies that are able to meet those baseline requirements.

Cost of Opting for One of the Best Condo Insurance Companies in Florida

As they would with homeowners insurance, Florida condo owners will want to find the most affordable coverage available when shopping for condo insurance, so it’s worth getting quotes from multiple insurance providers. The cost of condo insurance will vary for each condo owner based on a number of factors including where the condo is located (is it near the coast or more inland, for instance), the policyholder’s claims history, and the amount of coverage selected. Because condos are often much smaller than single-family houses—meaning that there is often less personal property to insure—rates may be lower than the average cost of homeowners insurance in Florida. Even so, it’s important for condo owners to shop around and get rate quotes from at least three different insurance companies. They’ll also want to ask about available discounts to see if it’s possible to lower those rates. Working with a homeowners insurance broker also could enable condo owners to find more affordable condo insurance in Florida.

The Advantages of Opting for One of the Best Condo Insurance Companies in Florida

As with other types of property insurance, Florida condo insurance shopping requires time and research for condo owners to find the best policies. However, it’s worth it to receive the right amount of coverage that also fits a condo owner’s budget. The best condo insurance in Florida can offer peace of mind that condo owners will be financially protected in the event of a covered loss or peril, which can include fires, break-ins, and storms. Additional benefits of getting a policy with one of the best condo insurance providers in Florida include:

• Robust standard coverage for condo owners, at times including replacement cost coverage;
• Various endorsements available for purchase, including additional coverage for sinkhole damage, water backups and identity fraud; and
• Educational online resources to teach condo owners about insurance coverage and how to prepare their home for costly disasters such as hurricanes.

FAQs

Finding the best condo insurance in Florida can seem daunting at times given the number of options available and various considerations that need to be weighed. Some of the most frequently asked questions about condo insurance are answered below to help condo owners prepare themselves for their search. This will allow them to have a firmer understanding of what this coverage includes and what to look for in an insurance provider.

Q. What does condo insurance in Florida include?

Similar to home insurance, Florida condo insurance typically includes dwelling, personal property, liability, loss of use, and medical payments to others coverage as part of its standard terms. A notable difference when comparing condo insurance vs. homeowners insurance is that dwelling coverage on condo insurance only covers the interior of the condo unit and not the entire building structure. Condo owners may also be able to buy endorsements to expand their policy’s coverage to include perils such as sinkholes and overflowing water.

Q. How do I pay for my condo insurance in Florida?

Each company is different, but many offer the option for condo owners to pay for condo insurance online or in person with cash, checks, and credit cards. Condo owners with a mortgage may also pay their condo insurance through an escrow account, in which case their insurance premiums would be packaged into their monthly mortgage payment.

Q. Do I have to get condo insurance in Florida by law?

No, Florida law does not require condo owners to have condo insurance. However, if there is a mortgage on the property, then the owner’s mortgage lender could require condo insurance. In addition, condo associations may require condo owners to purchase a minimum amount of coverage as part of their bylaws.