Getting a Condo Insurance Quote in Washington
Many residents of Washington choose the convenience of living in condos. But choosing the right insurance for your condo could be confusing. No need to fret; we have got your back. We will help you find the right policy for your needs at the best price. What influences the price of yearly condo insurance in Washington? We have listed the key factors for you to keep them mind as you negotiate the final cost of your condo insurance. Our goal is to make the purchasing process for you as easy as it can be.
Washington Condo Insurance Statistics at a Glance
Given the numerous factors that affect the price of condo insurance in Washington and considering that property values are on the rise, insurance policies can be on the expensive side. As a matter of fact, Washington has rated the 12th most expensive state in the country for condo insurance. Washington residents pay an average of $129 per month or $1,551 annually in condo insurance premiums. Despite Washingtonians spending more on condo insurance, it's good to know that market trends show that the rates are becoming more affordable. Overall, most Washington cities have comparable average monthly rates for condo insurance, with Bremerton, WA shown to be the lowest priced city at $41.38 per month or $496.50 annually. On the other hand, Yakima, WA has the highest condo insurance rates in the state at $53.88 per month or $646.50 annually. The rates in condo insurance also differ significantly depending on the insurance company, which is why it's important to do a bit of research to find the best condo insurance in Washington.
$510
Average Annual Cost of Condo Insurance in Washington
The average cost of condo insurance in Washington on an annual basis is $510.
$43
Average Monthly Cost of Condo Insurance in Washington
The cost of condo insurance in Washington is roughly $43 per month.
36%
Percentage of Income on Ownership for Condos in Washington
Residents of Washington spend an average of 36% of their income on condo ownership.
28 years
Median Age of a Property Which Requires Washington Condo Insurance
The average age of a property requiring condo insurance in Washington is roughly 28 years.
What Affects the Costs of Your Condo Insurance in Washington
There are several variables that cause shifts in condominium insurance prices in Washington. Insurance companies use these variables to calculate your individual risk and policy requirements and provide you with a precise quote for your dwelling coverage. But there are many factors beyond your control that could also influence your condo insurance cost in Washington. These factors include your condo's location, the age of your condo, and its construction quality. In some cases, you may even be eligible for discounts. It should be emphasized that condos situated in high-risk flood zones are required to have flood insurance in order to be eligible for a mortgage. The good news is that the National Flood Insurance Program is a federal program that provides insurance protection for flood-related damages in communities that participate in the program.
But there are also some factors in your control that could harm or benefit the final price of your Washington condo insurance cost, such as your credit history, your claims history along with other condo insurance suppliers, your driving record, the sum of personal property in your condo, other residents of your condo, and whether you rent or own the condo. To enable you to obtain the best possible quotation for your Washington condo insurance, we advise you to be well-prepared with this information beforehand.
But there are also some factors in your control that could harm or benefit the final price of your Washington condo insurance cost, such as your credit history, your claims history along with other condo insurance suppliers, your driving record, the sum of personal property in your condo, other residents of your condo, and whether you rent or own the condo. To enable you to obtain the best possible quotation for your Washington condo insurance, we advise you to be well-prepared with this information beforehand.
Average Cost of Condo Insurance in Washington by City
The most conventional type of condo insurance in Washington is the HO6 insurance plan. Whether you are living the big city life in Seattle or Spokane or even own a condo in a smaller city like Port Angeles, you will probably require H06 insurance for your condo. To give you an idea of how much it will cost to insure your condo, we have done the hard work for you and gathered a complete list of estimated condo insurance quotes for the city of Washington. As these averages are based on all insurance prices per individual town or city in Washington, the final price of your condo insurance may differ from that quoted below and will depend on the location of your condo.
| City in Washington | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Auburn, WA | $48 | $574 |
| Bainbridge Island, WA | $42 | $498 |
| Battle Ground, WA | $45 | $536 |
| Bellevue, WA | $43 | $519 |
| Bellingham, WA | $44 | $527 |
| Bonney Lake, WA | $47 | $567 |
| Bothell, WA | $45 | $535 |
| Bremerton, WA | $41 | $497 |
| Burien, WA | $45 | $545 |
| Camas, WA | $44 | $525 |
Choosing the Best Condo Insurance Company in Washington for Your Needs
Buying your long-term peace of mind means spending time and effort now in finding the best condo insurance provider for your needs. Be diligent in your search for the most extensive condo insurance, do not just settle for the cheapest. Insuring your condo means insuring yourself, your space, and your possessions. The best strategy for finding the most suitable condo insurance provider for your property is to compare different insurance providers in Washington. A reliable insurance provider will not force you to make a quick decision or pay for what you do not need. Look for condo insurance companies that benefit their long-term customers with discounts or provide bundle insurance discounts. Make sure that your chosen provider is licensed. You can check the Washington Department of Insurance website to find out the licensing status, financial stability, and criticism history of your chosen insurance provider.
The Top Rated Condo Insurance Companies in Washington Based off Consumer Ratings
State Farm holds the top place at being the largest condo insurance provider in the United States for more than 50 decades. In Washington, a study done by JD Power showed that State Farm scored a 4 out of 5 (higher than the average) in the coverage offerings, billing and payment, customer support and claims. State Farm also obtained an NAIC criticism ratio of 0.2. Like many condo insurance companies in Washington, they offer premium discounts on condos that were built or renovated to withstand any natural disasters that may occur in The Evergreen State. When considering pure metrics of condo insurance companies in Washington independently, USAA has the highest JD Power rating in the state at 5, while MetLife has the cheapest at 2. Country Financial comes in as the condo insurance provider in Washington, which has the cheapest NAIC criticism ratio at 0.12, while MAPFRE Insurance has the highest NAIC criticism ratio at 3.42.
| Washington Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in Washington | 4/5 | 0.2 |
| Liberty Mutual Ratings for Condo Insurance in Washington | 2/5 | 0.42 |
| Farmers Insurance Ratings for Condo Insurance in Washington | 3/5 | 0.12 |
| Allstate Ratings for Condo Insurance in Washington | 3/5 | 0.34 |
| USAA Ratings for Condo Insurance in Washington | 5/5 | 0.15 |
| PEMCO Ratings for Condo Insurance in Washington | N/A | 0 |
| American Family Insurance Ratings for Condo Insurance in Washington | 3/5 | 0.32 |
| Mutual of Enumclaw Ratings for Condo Insurance in Washington | N/A | 0.24 |
| Travelers Ratings for Condo Insurance in Washington | 2/5 | 0.3 |
| The Hartford Ratings for Condo Insurance in Washington | 3/5 | 1 |
Washington Condo Insurance Requirements
Under the Condominium Ownership Act Uniform, a condo unit resident in Washington is permitted to obtain their personal insurance but is not required to do so. The Act states that if the condo resident has an insurance policy that covers exactly the same risks as the owner's coverage at the time of claim, then the owner's policy will take precedence and provide the primary insurance. Washington law demands condo owners obtain insurance for the entire condominium construction. However, condo unit residents may still need to consider purchasing insurance policies to cover their accountability, their possessions, any condo changes they install, or any event not insured by the owner's coverage.
What's Covered with Your Condo Insurance in Washington
While researching condo insurance policies, you will notice that most condo insurance companies in Washington will provide standard coverage consisting of construction property policy, personal property policy, liability policy, and loss of use policy. Construction property policy protects you financially from damage to the interior of your condo (walls, floors, tiles) and damage of permanent fixtures caused by a covered event, such as fire. Personal property policy protects your personal belongings, such as clothing, furniture, and electronics, that are lost due to a covered event. With a liability policy, you are protected if you are held legally accountable for property damage or injury. Generally, a condo insurance policy in Washington covers $100,000 in liability compensation. Loss of use policy will cover your higher living expenses should your condo in Washington become uninhabitable due to a covered event, forcing you to move out into a more expensive condo.
| Average Costs of Condo Insurance in Washington by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Adams County, WA | $41 | $489 |
| Asotin County, WA | $43 | $515 |
| Benton County, WA | $44 | $529 |
| Chelan County, WA | $41 | $497 |
| Clallam County, WA | $37 | $440 |
| Clark County, WA | $40 | $478 |
| Columbia County, WA | $42 | $506 |
| Cowlitz County, WA | $42 | $502 |
| Douglas County, WA | $42 | $498 |
| Ferry County, WA | $44 | $522 |
How to Get Washington Condo Insurance Discounts
Every insurance provider in Washington has its own discount or loyalty program. As you research different providers, make sure to inquire about discounts that may be available for you and your family. These may include bundled and multi-policy discounts, new client discounts, loyalty discounts, and paid-in-full discounts.
| Condo Insurance Deductible | Average Washington Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $83 |
| $1,000 | $75 |
| $1,500 | $71 |
| $2,000 | $65 |
| $5,000 | $56 |
Getting the Best Washington Condo Insurance Rates
Doing the research is key to finding the best condo insurance policy in Washington to fit your savings. Give us a call, and we will help you check if any insurance companies can beat what you are paying. You would be surprised! You may also consider asking a friend to consult with their current condo insurance provider and get you a referral discount. You can also save a few dollars a month if you spend a little more on your deductible, as the higher the deductible, the lower the cost of your insurance plan. Just make sure your deductible is not too high, as, in the event of a loss, you are responsible for paying any sum up to the deductible. Bundling multiple insurance policies, like condo insurance and auto insurance, can also save you some money, so check with your insurance provider if they offer premium discounts on bundles. They may also provide discounts for long-time clients, and some of those discounts may save you up to 10% on your premiums. You can also get a lower insurance premium if you focus on keeping your credit rating high, as this is a factor insurance companies consider when providing your condo insurance premium.