AdvisorSmith Finds the Average Cost of Condo Insurance

NEW YORK - April 20, 2021 - PRLog -- AdvisorSmith, a leading provider of insurance and small business content, released its newest cost study that found the average cost of condo insurance in the U.S.

To find the average cost, AdvisorSmith used National Association of Insurance Commissioners (NAIC) data. They used nationwide and state-specific premium and exposure information for condo/co-op (HO-6) insurance policies.

The data for condo/co-op policies collected spanned over 23 million house-years, with house-year being defined as policy coverage on a dwelling for 12 months. Data was collected from all 50 states and the District of Columbia.

The average cost of condo insurance in the U.S. is $506 per year or $42 per month from the research.

AdvisorSmith also found which states had the highest and lowest average costs for condo insurance.

The most expensive state to purchase condo insurance was Florida. The average annual cost of condo insurance is $964.

States in the South were among the most expensive places for condo insurance. Eleven of the top 15 most expensive states were all southern states. Southern states had higher costs because they are prone to severe weather events like hurricanes.

The least expensive state to purchase condo insurance was Utah. Inland states offer a lower rate for condo insurance. These states have less populated cities and have fewer chances of a natural disaster.

To view the complete study, visit https://advisorsmith.com/data/average-condo-insurance-cost.

About AdvisorSmith

AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, visit https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.