Getting a Condo Insurance Quote in Arizona
Many residents of Arizona decide to take advantage of the benefits of condo living. We know that choosing the right condo insurance in Arizona can be difficult, so we're here to help. We detail a number of important considerations for negotiating the final price of your condo insurance; keep these in mind so you can find the best policy for your needs at a competitive price. There are many factors that will impact how expensive or cheap your annual Arizona condo insurance policy will be; our aim is to make your condo insurance purchasing process a painless one.
Arizona Condo Insurance Statistics at a Glance
With all that goes into the pricing of condo insurance, and home values on the rise, Arizona condo insurance costs can seem steep. Arizona is ranked the 26th most expensive state in the country for condo insurance. Arizona residents pay an average of $91.00 a month or $1,093,00 every year on condo insurance premiums. Even though Arizonans are paying a lot for condo insurance, the bright side is that prices are trending cheaper. Most cities in Arizona have comparable average monthly prices, but Oro Valley is the lowest priced city for condo insurance, coming in at $666.50 annually or $55.54 per month. On the flip side, Phoenix has the highest condo insurance rates in the state at $919.50 annually or $76.63 a month. Insurance companies can have considerably different rates, so it's best to do comparison shopping when you're searching for condo insurance in Arizona.
$413
Average Annual Cost of Condo Insurance in Arizona
The average cost of condo insurance in Arizona on an annual basis is $413.
$34
Average Monthly Cost of Condo Insurance in Arizona
The cost of condo insurance in Arizona is roughly $34 per month.
28%
Percentage of Income on Ownership for Condos in Arizona
Residents of Arizona spend an average of 28% of their income on condo ownership.
16 years
Median Age of a Property Which Requires Arizona Condo Insurance
The average age of a property requiring condo insurance in Arizona is roughly 16 years.
What Affects the Costs of Your Condo Insurance in Arizona
There are many variables that cause condo insurance rates in Arizona to fluctuate. Insurance companies use these variables to determine your personal risk and policy requirements and to get you a fairly assessed quote. Unfortunately, many of the variables that affect the price of your condo insurance are outside of your control. These variables may include the location of your condo, the age of your condo, and the building quality of your condo. Luckily, these uncontrolled variables may also entitle you to certain discounts. It’s important to note that high-risk flood zone condos must have flood insurance to qualify for a mortgage. Additionally, wildfire defense services in Arizona can help homeowners protect their properties from wildfire risks and may also result in insurance rate reductions or discounts.
Some factors in your control that could influence the final pricing of your Arizona condo insurance are variables like your credit history, your claims history with other condo insurance suppliers, your driving record, the personal belongings you have in your condo, the people living in your condo, and whether you rent or own the condo. In order to get the best possible quote, we recommend you gather this information so it is available when you're collecting insurance plan quotes for your property.
Some factors in your control that could influence the final pricing of your Arizona condo insurance are variables like your credit history, your claims history with other condo insurance suppliers, your driving record, the personal belongings you have in your condo, the people living in your condo, and whether you rent or own the condo. In order to get the best possible quote, we recommend you gather this information so it is available when you're collecting insurance plan quotes for your property.
Average Cost of Condo Insurance in Arizona by City
The most common kind of condo insurance you'll come across in Arizona is the HO6 insurance plan. From Phoenix and Tucson to Bullhead City, you'll more than likely need H06 insurance for your condo in Arizona. To give you a solid idea of how much it will cost to insure your condo, we've provided a comprehensive list of estimated condo insurance quotes for your city. The following averages are based on all insurance costs for your respective town or city in Arizona, which means the location of your condo could radically alter prices from those seen below.
| City in Arizona | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Phoenix, AZ | $77 | $920 |
| Tucson, AZ | $59 | $709 |
| Mesa, AZ | $67 | $805 |
| Chandler, AZ | $61 | $731 |
| Glendale, AZ | $65 | $776 |
| Scottsdale, AZ | $66 | $798 |
| Gilbert, AZ | $61 | $730 |
| Tempe, AZ | $68 | $812 |
| Peoria, AZ | $59 | $712 |
| Surprise, AZ | $59 | $714 |
| Yuma, AZ | $60 | $720 |
| Avondale, AZ | $61 | $727 |
| Flagstaff, AZ | $61 | $728 |
| Goodyear, AZ | $58 | $696 |
| Lake Havasu City, AZ | $63 | $758 |
| Buckeye, AZ | $60 | $717 |
| Casa Grande, AZ | $66 | $788 |
| Sierra Vista, AZ | $57 | $686 |
| Maricopa, AZ | $64 | $767 |
| Oro Valley, AZ | $56 | $667 |
| Prescott, AZ | $58 | $700 |
| Bullhead City, AZ | $63 | $754 |
| Prescott Valley, AZ | $59 | $706 |
| Apache Junction, AZ | $64 | $763 |
| Marana, AZ | $58 | $694 |
Choosing the Best Condo Insurance Company in Arizona for Your Needs
Get peace of mind by putting in the effort to pick the best insurance company for your needs the first time. You're insuring yourself, your home, and your possessions; take the time to make sure your chosen policy is a good fit. Keep your condo and everything inside it protected by not simply settling for the cheapest or quickest option. It's important to look around and compare several condo insurance providers in Arizona and how they fulfill your needs before making your final decision. A dependable company won't rush you into making a decision or to pay for something you don't want or need. Look for those insurance businesses that keep their long-term customers happy with discounts, loyalty rewards, or great deals on insurance bundles. Don't forget to make sure your provider is licensed. The Arizona Department of Insurance website can help you find out the licensing status, financial stability, and complaint history of your chosen insurer.
The Top Rated Condo Insurance Companies in Arizona Based off Consumer Ratings
State Farm is the top condo insurance provider in the United States and has been for upwards of 50 years. A study done by JD Power revealed that State Farm was scored a 4 out of 5 (higher than the average) for their coverage offerings, charging and payment, customer service, and claims. In Arizona, State Farm also obtained an NAIC complaint ratio of 0.18. Like most condo insurance providers in Arizona, they provide premium discounts on condos which were renovated or made to better withstand natural disasters which may occur in The Grand Canyon State. Looking only at the metrics, USAA has the highest JD Power score in the state at 5 while MetLife has the lowest score at 2. The condo insurer in Arizona that has the lowest NAIC complaint ratio in is Chubb at a miniscule 0.03 while CSAA has the highest NAIC complaint ratio, topping the list at 1.27.
| Arizona Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in Arizona | 4/5 | 0.18 |
| Farmers Ratings for Condo Insurance in Arizona | 3/5 | 0 |
| USAA Ratings for Condo Insurance in Arizona | 5/5 | 0.32 |
| Liberty Mutual Ratings for Condo Insurance in Arizona | 2/5 | 0.5 |
| Allstate Ratings for Condo Insurance in Arizona | 3/5 | 0.29 |
| AmFam Ratings for Condo Insurance in Arizona | 3/5 | 0.32 |
| Travelers Ratings for Condo Insurance in Arizona | 2/5 | 0.05 |
| CSAA Ratings for Condo Insurance in Arizona | 3/5 | 1.27 |
| Chubb Ratings for Condo Insurance in Arizona | 2/5 | 0.03 |
| Nationwide Ratings for Condo Insurance in Arizona | 2/5 | 0.36 |
| MetLife Ratings for Condo Insurance in Arizona | 2/5 | 0.42 |
| Auto Owners Ratings for Condo Insurance in Arizona | 4/5 | 0.2 |
| Farm Bureau Ratings for Condo Insurance in Arizona | N/A | 0.32 |
Arizona Condo Insurance Requirements
Under the Condominium Act a condo unit owner in Arizona is permitted to receive insurance for his or her own benefit but isn't required to do so. The Act says that if the unit owner's policy overlaps with the condo association's policy in the event of a loss, then the association's coverage will act as the primary insurance. Arizona law requires condominium associations to acquire insurance for the condominium as a whole, but condo unit owners may want to consider purchasing their own insurance policies to insure their possessions, any upgrades they make to the unit, their liability, or any loss or event not covered by the association's coverage.
What's Covered with Your Condo Insurance in Arizona
Standard condo coverage in Arizona may consist of building property policies, personal property policies, loss of use coverage, and liability policies. Building property policies provide financial protection against damages to the inside of your condo (floors, walls, tiles) and the loss of permanent fixtures resulting from a covered event, such as fire. Personal property policies protect your personal belongings, such as furniture, electronics, and clothing, when they are lost due to a covered event. A liability policy covers you in cases where you are found accountable for causing property damage or physical injury. Condo insurance policies in Arizona typically include $100,000 in liability compensation. A loss of use policy is for cases where your condo becomes uninhabitable and your incur additional living expenses due to living offsite; the policy covers these additional costs.
| Average Costs of Condo Insurance in Arizona by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Maricopa County, AZ | $63.50 | $761.50 |
| Pima County, AZ | $57.67 | $690.00 |
| Pinal County, AZ | $64.67 | $772.67 |
| Yuma County, AZ | $60.00 | $720.00 |
| Mohave County, AZ | $63.00 | $756.00 |
| Yavapai County, AZ | $58.50 | $703.00 |
| Coconino County, AZ | $61.00 | $728.00 |
| Cochise County, AZ | $57.00 | $686.00 |
How to Get Arizona Condo Insurance Discounts
Every insurance company in Arizona has its own discount or loyalty program. Make sure to ask about discounts that may apply to you or your family while you're shopping around for condo insurance quotes. Normally, there are quite a few discounts available for Arizona condo insurance policies. Some of the discounts you can ask for are bundled and multi-policy discounts, client discounts, loyalty discounts, and paid-in-full discounts.
| Condo Insurance Deductible | Average Arizona Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $113 |
| $1,000 | $102 |
| $1,500 | $97 |
| $2,000 | $91 |
| $5,000 | $75 |
Getting the Best Arizona Condo Insurance Rates
Don't forget to shop around to determine opportunities to save money on your Arizona condo insurance policy. All you have to do is telephone us to find out if other insurance companies can beat what you are paying now; you might be surprised at the savings. You can even ask a friend to refer you to their current condo insurance provider, potentially earning a referral discount. It's possible to raise your deductible to lower the cost of your insurance plan but be aware that you are responsible for paying up to that deductible in the event of a loss. Check with as many insurers as possible to see what discounts they offer. Some will give discounts for bundling different types of insurance with them. For instance, check with the provider of your car insurance and see if they will decrease your premium if you get condo insurance from them as well. Providers frequently offer discounts for clients who stay with them over long periods of time. Some of these discounts can save you up to 10% on your premiums. Pay attention to your credit score and try to keep it high as insurance suppliers take it into account when calculating your condo insurance premiums.
Staying informed about insurance policies, regulations, and consumer protection measures is crucial to make informed decisions and ensure fair treatment, and it's recommended to contact the insurance commissioner at the Arizona Department of Insurance for more information. Insurance commissioners play a critical role in protecting consumers by providing education, overseeing the insurance industry's conduct and financial stability, and promoting healthy competition in the marketplace, ultimately helping you stay up-to-date on industry changes and receive excellent service from condominium insurance providers.
Staying informed about insurance policies, regulations, and consumer protection measures is crucial to make informed decisions and ensure fair treatment, and it's recommended to contact the insurance commissioner at the Arizona Department of Insurance for more information. Insurance commissioners play a critical role in protecting consumers by providing education, overseeing the insurance industry's conduct and financial stability, and promoting healthy competition in the marketplace, ultimately helping you stay up-to-date on industry changes and receive excellent service from condominium insurance providers.