Arizona Condo Insurance

Find the right condo insurance policy for you.

Written by Steve Dahl
Written by Steve Dahl

Steve is a financial services expert who has dedicated himself to the insurance industry for the last 5+ years. Steve is a key contributor to


The median age of Arizona residents is 35.9 years. With a huge college population, along with a many outdoor offerings, AZ attracts residents from across the nation. Whether you're a long-time resident or a recent transplant, the state of Arizona has a lot to offer.

Arizona has a very strong real estate market, and rentals are affordable and occupied quickly. The Phoenix area is home to more than 60 percent of the poulation of the state, meaning that it's a busy, crowded city, with lots to see and do.

No matter where you live in the state, if you call a condominium home, you need to protect your assets from risks like rain, wind, fire, and theft with a condominium insurance policy.

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Condo Statistics in Arizona

  • The median price to purchase a condo in AZ in January 2013 was $120,000.
  • The average time a condo remains on the market before being rented is 48 days.
  • The average rent for a 2-bedroom condo is $1,300 a month.
  • Over 40 percent of condo renters do not carry condo insurance.

Living in a condo is the perfect solution for many individuals and families. It's a perfect step toward home ownership for some. For empty nesters or retirees, a condo provides a secure place to live, with the benefits of landscaping, close neighbors, and options for pools or fitness centers.

One very important factor in living in a condo is maintaining insurance. Condo insurance protects your assets, and your financial well-being, from liability, lawsuits, and disasters.

What is Condo Insurance?

Condominium insurance is a set of policies designed specifically for your individual situation. It protects you from the most common risks associated with living in a condo. A typical condo insurance policy may include the following:

  • Liability coverage for bodily injury and property damage: Accidents happen. If an accident happens in your condo, or someone is injured while visiting, you may be held liable for their medical bills, damaged property, or even pain and suffering. This insurance is designed to protect you from these instances.
  • Personal property: Your personal property is important. The average renter has over $20,000 in personal assets. This coverage can protect your belongings from rain, wind, fire, and theft.
  • Vacant condo coverage: If you don't live in your condo full time, this insurance can cover your condo while you're away.
  • Loss of use or relocation assistance: If your condo is damaged and rendered uninhabitable, this coverage can help you afford temporary housing until your condo is repaired.

Owning vs. Renting a Condo: Does It Matter?

No matter whether you own or rent your condo, you need condo insurance. For those that own their condo, insurance is required by the lender until the loan is satisfied. For renters, insurance isn't required by law, but it's a wise idea to have renters insurance so that your belongings are covered in case of crime or natural disaster. Unfortunately, landlord insurance does not typically cover personal belongings. Additionally, landlord insurance doesn't protect you from lawsuits or liability.

How Much Is a Condo Insurance Quote Cost in Arizona?

Condo insurance prices differ due to many different factors. When searching for condo insurance, be sure to have the following information available for your agent in order to get an accurate quote:

  • Location of condo
  • Residents in condo
  • If condo has gated access
  • Value of belongings
  • If condo has security system
  • History of claims
  • Your credit report
  • Your driving record

Each of these factors will be used to calculate your individual condo insurance quote.  Additionally, when getting a quote, you will be given options for reimbursement:

  • Actual Cash Value. This method reimburses you at the cost of the item minus depreciation.
  • Replacement Cost Value. This pays you for the item at its replacement cost, without depreciation.

Additionally, you will have options when it comes to risk. There are two types coverage:

  • All-risk coverage
  • Named-risk coverage. Typically costs less than all-risk coverage, but provides coverage for a limited number of disasters that are clearly outlined in the policy. As an example, if you purchased a named-risk coverage for fire and wind only, but your condo was broken into, you would not have coverage for the damages related to the burglary.

Save on Condo Insurance

Our independent agents shop around to find you the best coverage.

Are There Discounts Available on Condo Insurance?

There are usually many discounts available on insurance policies, but since each insurance agency offers different discounts, the list below only outlines the most common discounts. Here are a few of the discounts you may be eligible for:

  • Multi-policy discount
  • New customer discount
  • Loyal customer discount
  • Paid-in-full discount
  • Good credit discount
  • Security system discount
  • Claim-free discount
  • Fire protection discount

This list is not exhaustive, and you may be eligible for different discounts than those mentioned above. Be sure to ask you agent about any other discounts you might be eligible for.

How Do I Get Condo Insurance in Arizona?

Getting your assets and finances protected with a condo insurance policy is an important step, and it's critical to have a professional by your side to ensure you get the best coverage for your situation. A Trusted Choice® agent is always available to help you suggest policies, find discounts, and even help you file a claim.

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