Getting a Condo Insurance Quote in Alabama
Many Alabamians choose the convenience of living in condos. Getting the right condo insurance in Alabama can be challenging, so we're here to help you by outlining a few important elements to remember when negotiating the final price of your condo insurance. Following these tips will get you the right policy at the right price while meeting all your needs. There are many factors that will affect the cost of your yearly Alabama condo insurance estimate, so we're here to help make the condo insurance buying process look easy.
Alabama Condo Insurance Statistics at a Glance
Given the numerous factors that affect the purchase price of condo insurance and taking into account that home values are on the rise, Alabama condo insurance can be on the expensive side. Alabama is rated the 25th most expensive state in the country for condo insurance. Alabama residents pay an average of $95.00 per month or $1,138.00 per year on condo insurance premiums. Although Alabamians are spending more on condo insurance, the good news is that prices seem to be getting cheaper. On average, most cities in Alabama have comparable monthly prices, but Pelham has been found to be the lowest priced city at $644.50 per year or $53.71 a month. By contrast, Foley has the highest condo insurance rates in the state at a startling $1,364.00 per year or $113.67 per month. Different insurance companies have sizeable differences in rates, so it's important to consider all your options for your ideal condo insurance in Alabama.
$608
Average Annual Cost of Condo Insurance in Alabama
The average cost of condo insurance in Alabama on an annual basis is $608.
$51
Average Monthly Cost of Condo Insurance in Alabama
The cost of condo insurance in Alabama is roughly $51 per month.
32%
Percentage of Income on Ownership for Condos in Alabama
Residents of Alabama spend an average of 32% of their income on condo ownership.
26 years
Median Age of a Property Which Requires Alabama Condo Insurance
The average age of a property requiring condo insurance in Alabama is roughly 26 years.
What Affects the Costs of Your Condo Insurance in Alabama
There are a number of factors which cause condo insurance policies in Alabama to vary in price. Insurance companies consider many factors when calculating your personal risk and policy needs, and to determine a precise quote for your condo insurance. Many of these factors are out of your control: things like the location of the condo, the year you condo was built, and the construction quality of your condo can all influence the purchase price of your condo insurance. On the positive side, these factors could also mean you're entitled to discounts. Some factors within your control that can change the final pricing of your Alabama condo insurance include your credit history, your claims history with other condo insurance suppliers, your driving record, the value of your personal belongings within your condo, the people who reside in your condo, and whether you own or rent the condo. To find the best possible quote, we highly recommend keeping a good deal of this information on hand prior to obtaining your condo insurance quote.
Average Cost of Condo Insurance in Alabama by City
The HO6 insurance plan is the most common sort of condo insurance in Alabama. Whether you're living the big city life in Birmingham or Montgomery, or you own a condo in Gardendale, you'll likely want H06 insurance for your condo in Alabama. We've made it easy for you to get an idea of the cost of insuring your condo. Look below for a full list of estimated condo insurance quotes in your city. The averages in this chart are calculated from the costs of all the insurance plans in your respective city or town in Alabama. That means your final price could be significantly different than what's quoted below, depending on the neighborhood your condo's located in.
| City in Alabama | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Birmingham, AL | $67 | $802 |
| Montgomery, AL | $62 | $749 |
| Huntsville, AL | $66 | $792 |
| Mobile, AL | $100 | $1,204 |
| Tuscaloosa, AL | $66 | $796 |
| Hoover, AL | $56 | $676 |
| Dothan, AL | $69 | $833 |
| Auburn, AL | $63 | $752 |
| Decatur, AL | $69 | $827 |
| Madison, AL | $65 | $779 |
Choosing the Best Condo Insurance Company in Alabama for Your Needs
Going through the effort to find the ideal condo insurance provider for your needs will benefit you in the long term. Spend the extra time to make sure your home and valuables are well and truly protected. Don't risk your Alabama condo or the possessions inside by settling for the cheapest policy on the market. It's always better to shop around and compare what different providers have to offer before making a final choice about what insurance policy will best suit your needs. Remember that a good company won't pressure you into making a snap decision or paying for something you don't want. Search for condo insurance businesses that prioritize customer relations and take care of their long-term customers with discounts or cheaper bundling options. Last but not least, check that your provider is accredited. Go to the Alabama Department of Insurance website to find out the licensing status, financial stability, and complaint history of your chosen provider.
The Top Rated Condo Insurance Companies in Alabama Based off Consumer Ratings
State Farm holds the top spot for condo insurance providers in the USA, as it has for 50 years. A study done by JD Power in Alabama revealed that State Farm has been scored a 4 out of 5 (higher than the average) for coverage options, charging and payment, customer support, and claims. In Alabama, State Farm also obtained a low NAIC complaint ratio of 0.2. Like many condo insurance providers in Alabama, they offer premium discounts on condos which were renovated or made to withstand natural disasters in The Yellowhammer State. Looking at the metrics independent from other factors, USAA gets the highest JD Power score for a condo insurance provider in the state with a 5, compared with Nationwide, who only earned a score of 2 . The condo insurer in Alabama which has the lowest NAIC complaint ratio is COUNTRY at 0.13 while Liberty Mutual gets the highest NAIC complaint ratio at 0.53.
| Alabama Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in Alabama | 4/5 | 0.2 |
| Alfa Ratings for Condo Insurance in Alabama | N/A | 0 |
| Allstate Ratings for Condo Insurance in Alabama | 3/5 | 0.31 |
| USAA Ratings for Condo Insurance in Alabama | 5/5 | 0.15 |
| Farmers Ratings for Condo Insurance in Alabama | 3/5 | 0.39 |
| Travelers Ratings for Condo Insurance in Alabama | 2/5 | 0.3 |
| Liberty Mutual Ratings for Condo Insurance in Alabama | 2/5 | 0.53 |
| Nationwide Ratings for Condo Insurance in Alabama | 2/5 | 0.31 |
| Auto-Owners Insurance Co. Ratings for Condo Insurance in Alabama | 4/5 | 0.21 |
| COUNTRY Ratings for Condo Insurance in Alabama | 3/5 | 0.13 |
Alabama Condo Insurance Requirements
The Uniform Condominium Act states that a condo unit owner in Alabama may take out insurance for his or her own benefit but is not legally obligated to do so. The Act states that if a condo owner's insurance policy provides the same coverage as their condo association's policy in the event of loss or damage, then the association's policy will take precedence. Alabama law requires that condo associations acquire insurance for the entire condominium. Condo unit owners may still consider buying insurance policies to cover liability and insure their possessions, any changes the owner makes to the unit, or any loss or event not covered by the association's coverage.
What's Covered with Your Condo Insurance in Alabama
Most condo insurance companies in Alabama will provide standard coverage, which usually includes building properties, private properties, loss of use, and liability. Building property policies offer financial protection against damages to the interior of your condo (walls, floors, tiles) and loss of permanent fixtures resulting from a covered event, such as a fire. Personal property policies insure your personal belongings, such as furniture, electronics, and clothing, if they ae lost or damaged due to a covered event. Liability insurance comes into effect if you're held legally accountable for harm done to people or property; liability insurance covers legal costs and any payouts you would be responsible for. Usually a condo insurance policy from Alabama provides up to $100,000 in liability compensation. A loss of use policy covers your increased living expenses in the event that your condo in Alabama becomes uninhabitable and you are forced to reside elsewhere with higher living costs.
| Average Costs of Condo Insurance in Alabama by County | Average monthly condo insurance cost | Average annual condo insurance cost |
|---|---|---|
| Autauga County, AL | $53 | $631 |
| Baldwin County, AL | $70 | $835 |
| Barbour County, AL | $57 | $686 |
| Bibb County, AL | $52 | $627 |
| Blount County, AL | $55 | $666 |
| Bullock County, AL | $63 | $758 |
| Butler County, AL | $57 | $683 |
| Calhoun County, AL | $54 | $649 |
| Chambers County, AL | $53 | $633 |
| Cherokee County, AL | $57 | $687 |
How to Get Alabama Condo Insurance Discounts
Every Alabama insurance provider has its own discount or loyalty program. Don't forget to inquire about what discounts may be available for you or your family when you're looking at different condo insurance quotes. Usually, there are a number of discounts offered for Alabama condo insurance plans. Some of the discounts you can ask for are bundled and multi-policy discounts, new customer discounts, loyalty discounts, and paid-in-full discounts.
| Condo Insurance Deductible | Average Alabama Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $175 |
| $1,000 | $164 |
| $1,500 | $157 |
| $2,000 | $147 |
| $5,000 | $128 |
Getting the Best Alabama Condo Insurance Rates
Shopping around is key to locating great savings for your Alabama condo insurance policy. All you have to do is call us and we'll determine if any insurance companies can beat what you're paying with your current provider. You'd be amazed by the savings that are yours for the taking. For example, have a friend ask their condo insurance provider about referral discounts. Another tactic is to increase your deductible to lower the cost of your insurance plan. However, note that if your deductible is too high you'll be responsible for paying a much larger amount in the event of a loss. If you're looking to bundle your different types of insurance into one company, many insurers offer discounts to clients who package their policies together. For example, check with your car insurance provider to see if they can reduce your premium if you buy condo insurance from them as well. Clients who have been with the same insurer for a significant period of time may be eligible for longevity or loyalty discounts. Some of those discounts can save you up to 10% on your premiums. Pay attention to your credit score and keep it high; insurance companies can offer lower insurance premiums to people with high credit scores. For more tips and tricks, or help finding an insurance provider, feel free to give us a call.