Top US Home Insurance Stats

National average burglary rate 3.76 per 1,000 people

National average home value $269,000

National average home insurance cost $1,428 year

CityAvg. Yearly Cost of Condo Insurance
Castle Rock$290
Colorado Springs$262
Commerce City$340
Fort Collins$260
Grand Junction$277
Wheat Ridge$280

Popular Questions about Colorado Condo Insurance

Condo insurance (also known as H06 insurance) is a specific type of homeowners insurance that is designed to meet the unique needs of condominium and townhouse owners. It provides a lost cost policy that can work in conjunction with your HOA master policy to offer you 360 degrees of coverage.

When you live in a condominium, you pay monthly dues to a homeowners association, or HOA. Your HOA covers the cost to maintain common areas, keep the community livable, and manage a master insurance policy. This master policy pays for the structure of your building so your condo insurance policy doesn’t have to.

The average cost for condo insurance in America is $389, but if you live in Colorado, the average cost is $282, making it cheaper to buy condo insurance in Colorado than in most other states.

Condo insurance is surprisingly affordable when compared to traditional homeowners insurance. This is because your policy does not need to cover the structure of the building you live in or the common areas you may use.

You can be certain that you are getting the best rate for your condominium or townhouse insurance coverage by comparing a few quotes before making a purchase. Independent insurance agents make comparison shopping easy.

Condo insurance isn’t mandatory by law, but there are times that you may need to have it. You lender will require it if you have a mortgage or a home equity loan. Also, your homeowners association may require you to carry a policy. 

Even if you are not required to have it, this low-cost insurance can save you a lot of money if your personal property is lost or destroyed by a covered event, or if you find yourself on the wrong end of a personal liability lawsuit.

Condo insurance can provide walls-in coverage for your condominium. The outside structure, including the roof, siding, and often even the windows, is covered by your HOA master policy.
You can expect your condo insurance to provide the following coverage:

  • Contents coverage: This is designed to cover the cost of repairing or replacing your belongings if they are lost or damaged due to a covered event. Example: a fire breaks out in a neighboring unit. Much of your property is damaged by smoke.
  • Personal liability insurance: This is designed to cover you, your pets, and children who live with you if you accidentally cause another person to suffer an injury or property loss.  It can cover court costs, legal fees, and damages if you are sued. Example: While playing baseball in the park, your son accidentally hits a ball through the windshield of a new Mercedes parked nearby.
  • Loss of use insurance: If your condo or townhome is rendered uninhabitable because of a covered event like a tornado or windstorm, your condo insurance can cover temporary housing and miscellaneous expenses like food and extra mileage until you can return home. Example: Your condo unit is severely damaged following an accidental kitchen fire, and you and your family must stay in a hotel until fire and smoke remediation work can be completed. 

Every month, a portion of your HOA fees goes toward paying for your condo association's master insurance policy.

The HOA master policy is designed to cover:

  • Damage to the building’s structure including its roof, walls, stairwells, and elevator
  • Damage sustained in all common areas such as the swimming pool, gym, or clubhouse
  • Liability lawsuits related to injuries or property damage that occur in common areas of the building, parking lots and garages, walkways and the lawn.

Not all HOA master policies are the same, so it is important to be are aware of just how much of your unit is covered. You can then purchase a condo insurance policy that will complement the HOA master policy coverage.

The three types of HOA master policies you should be aware of are:

  • Bare walls coverage: If your master policy is a bare walls policy, you are responsible for covering everything in your unit including flooring, wallpaper, built-in shelves and appliances.
  • Single entity coverage: This is similar to bare walls coverage but also includes fixtures, built-ins, and other property as specified by the policy.
  • All-in coverage: As the name suggests, this is the most comprehensive master policy available. In addition to the structure of the building, it also covers walls, floors, windows, fixtures and anything else that was included with the unit.

A local independent insurance agent can help you review your master policy so you can be sure you are getting an appropriate condo insurance policy.

If you are looking for the best condo insurance policy to meet your coverage and budgetary needs, you can start by contacting an independent insurance agent in your area. 

Because independent agents aren't locked into working with just one carrier, they can request customized quotes from many different insurance providers. That way you can compare a variety of policy offerings and rates before making a purchase.

There are currently 252 independent insurance agencies located in Colorado. Find an agent near you to start comparing customized condo insurance quotes.