Best Condo Insurance in New York City (2025)
State Farm, Nationwide, and Travelers are the best picks for NYC condo insurance based on their coverage options and reliable customer service.
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Condo insurance in New York City covers things like your belongings, liability if someone sustains an injury at your place, and some parts of your condo’s interior.1 It’s different from your building’s master policy, which usually only protects common areas like the roof, elevator, and walkways.
When you own a condo in NYC, there’s no law that says you have to have condo insurance. But your mortgage lender and condo association can require it.2 And if they don’t, it’s still protection against the unexpected — like a fire, theft, or a burst pipe.
The best NYC condo insurance companies
Cost and customer satisfaction usually top the list of what matters most when choosing condo insurance in New York City. Here, you can see the top companies based on their competitive rates and high Insurify Quality (IQ) Scores.
State Farm: Best for customer satisfaction
Nationwide: Best for online tools
Travelers: Best for green properties
We developed the Insurify Quality (IQ) Score by spending more than 350 hours analyzing more than 15 key factors that matter most to you — things like customer reviews, affordability, and the financial strength of the company. We rate each insurance company on a scale from 1 to 10, updating our ratings every year or whenever new data comes in.
Cost of condo insurance in NYC
Condo insurance in NYC runs about $3,080 per year on average, but several factors influence your premium. A few things that contribute to your cost are your deductible, coverage choices, credit history, and the age and location of your building, including how close you are to a New York City firehouse.
Recent inflation and increases in natural disasters can also cause your condo insurance quote to creep up.
What NYC condo insurance covers
Condo insurance protects you from different risks. Although policies can vary, here’s a quick rundown of what a typical NYC condo insurance policy covers:
What condo insurance doesn’t cover
While condo insurance covers a lot, it’s important to understand what your policy doesn’t cover. This way, you can get extra policies or endorsements in place before disaster is at your front door.
Here’s a look at what NYC condo insurance might not cover:
Flooding and earthquakes: Standard condo insurance doesn’t cover damage from floods or earthquakes, so consider separate policies for these types of disasters.
Water backup: Protection doesn’t include water backing up through drains or sewers. A water backup endorsement can be especially helpful if you’re in a building with older plumbing.
Maintenance issues: Mold or pest infestations can cause problems that condo insurance doesn’t cover. Regular maintenance is key to avoiding costly repairs.
Condo insurance vs. co-op insurance: What’s the difference?
Condo insurance and co-op insurance sound similar, but they cover different property types. Condo insurance is for condo owners. It covers your personal belongings, liability, and parts of the unit’s interior that the condo association’s master policy doesn’t include.
Co-op insurance is for people who own shares in a cooperative (co-op) housing corporation. This means instead of owning the unit itself, you own shares that allow you to live in a specific unit. Like condo insurance, a co-op policy safeguards your personal property, improvements you make to your unit, and your portion of the co-op’s collective insurance policy.
How much condo insurance do you need in NYC?
Figuring out how much condo Insurance you need in NYC depends on a few factors. Start by considering the value of your condo and your personal belongings inside it. To determine your replacement cost, take into account your condo’s total square footage, the number of rooms, construction materials, and the value of your furniture, electronics, and other personal items.
Some insurance companies use formulas to calculate the amount of coverage that’s best for condos. The New York State Department of Financial Services also suggests getting an estimate from a contractor to make sure you have enough coverage in place.
Optional condo insurance coverages to consider
To fully protect yourself if a fire or another covered loss completely destroys your condo and belongings, you may want to consider optional NYC condo insurance coverage:
Water backup endorsement: This policy add-on protects against property damage from water backing up through sewers or drains.
Flood insurance: For coverage from flood damage, assess your need for flood insurance from a private insurance company or the National Flood Insurance Program (NFIP).
Earthquake insurance: New York City Emergency Management warns residents to prepare for earthquake damage. Some insurers offer earthquake coverage as a policy add-on, but it’s also available as a separate policy.
Pet liability insurance: Insurance policies can exclude specific dog breeds or exotic pets. If you own a breed that insurers label as dangerous or have an exotic animal, look into adding liability protection in case your pet injures someone.
Self-storage facility coverage: Your condo policy might include items you store at a self-storage facility. If not, buying protection for your storage unit might be a good idea.
Personal excess or umbrella policy: For an extra layer of security against significant claims or lawsuits, a personal excess or umbrella policy can increase your limits beyond what your standard condo insurance policy covers.
Condo insurance for renters in NYC
Most people in NYC — 63% — rent their homes, including 191,100 condos and 140,300 co-ops, according to the 2023 New York City Housing and Vacancy Survey.3 If you’re renting a condo, it’s important to understand that your landlord’s insurance only covers the building itself. It doesn’t cover your personal belongings like your furniture, clothes, and electronics.
Renters insurance safeguards your personal items if things like fire, theft, vandalism, or even water damage from a burst pipe destroys them. Policies also provide liability protection if someone hurts themselves in your condo. Plus, if something happens to your place and you can’t live there temporarily, renters insurance can help pay for a hotel or other living expenses.
Having this assurance offers peace of mind and financial protection against unexpected events, whether you’re at home or out and about. That means your renters policy can reimburse you for the loss if someone snatches your smartphone from your gym locker or your golf clubs disappear from your car, for example.
New York City condo insurance FAQs
You may have some questions when searching for condo insurance in NYC. Here are answers to some of the most common queries.
How much insurance do you need for a condo in NYC?
It depends. How much insurance you need for a condo in New York City varies on your condo’s value, personal belongings, and potential risks. It’s best to check with an insurance agent to calculate the right coverage for your situation.
How much is condo insurance in NYC?
Condo insurance in New York City averages around $3,080 per year. Insurify data shows that prices can range from $900 to more than $7,000, depending on the coverage amount and optional endorsements.
Is condo insurance the same as homeowners insurance?
No. Condo insurance covers only the inside of your unit and personal property, while a home insurance policy covers the entire structure and property.
What’s the difference between HO-3 and HO-6 insurance?
An HO-3 policy provides home insurance. It’s for single-family homes and protects the entire structure. HO-6 insurance is another name for condo insurance. HO-6 policies cover your personal property and certain building items, depending on your condo’s bylaws and master insurance policy.
Is condo insurance mandatory in New York City?
No. Condo insurance isn’t mandatory in New York City. But mortgage companies and most condo associations require owners to buy condo insurance as part of their agreement.
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