Arizona Condo Insurance
Get a full analysis of Arizona condo insurance costs, coverage, and companies.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Find the Best Condo Insurance Options in Arizona
Condominiums and townhouses make ideal homes for many people. They can be spacious, beneficially located, and perfect for those who want to forego the worries of lawn maintenance and upkeep. If you own a condo in Arizona, you'll likely even have access to a pool, a community room, a gym, or other amenities.
But finding the perfect condo may be easier than finding the right condo insurance policy to protect your investment.
An independent insurance agent in Arizona can help you understand condo insurance and find you the best coverage for your needs. A local agent can help you get quotes from multiple insurance companies so that you can make the best choice.
Best Condo Insurance Companies in Arizona
We recommend several insurance companies that offer highly-rated condo insurance in Arizona. The following are some of the best condo insurance companies in Arizona. These companies provide a mix of valuable coverage offerings and competitive pricing.
- Safeco: Safeco has been protecting individuals and families since 1923. The company offers condo insurance in Arizona, as well as a comprehensive range of other personal insurance policies. Working through independent agents, Safeco makes it easy to get the best mix of coverage and pricing.
- Nationwide: Nationwide provides condo insurance and other popular types of insurance coverage in Arizona. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including Arizona.
- Travelers: Travelers offers highly rated condo insurance in Arizona. It can meet your additional personal insurance needs with a full line of products, including auto, boat, identity theft, umbrella, and other coverages.
- Progressive: Progressive is based in Ohio but offers condo insurance across all 50 states, including Arizona. Arizona residents can look to Progressive for most of their personal insurance needs.
- Stillwater Insurance Group: Stillwater is a national personal and commercial lines carrier with rock-solid financial stability. The company can help you with your condo insurance needs in Arizona.
An independent insurance agent in your area can help you learn more about these and other condo insurance companies in Arizona. A local agent can help you get competitive quotes for the coverage that fits your needs.
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What Is Condo Insurance?
Condo insurance is similar to renters insurance and regular homeowners insurance, with some major differences. In most cases, condo owners are only required to purchase insurance coverage for specific portions of their individual condo units, depending on what's covered in the condo owner association's insurance policy, called an association master policy.
The association master policy covers the building(s) and the common elements of your condo complex. You only need to insure the portion of the building where you live (the dwelling) and your personal property.
Just remember that not every association master policy is the same. You'll need condo insurance that covers what the condo association's policy does not. Association master policy coverage typically falls into one of the three following categories.
- Bare walls coverage covers the basic elements of a building's structure (walls, roof, floors, elevators, etc.). It requires the unit owners to obtain coverage for interior features like countertops, bathroom and kitchen fixtures, flooring, appliances, carpets, cabinets, wall coverings, and other items within individual units. Owners might also need to purchase coverage for the interior walls of their units.
- Single entity coverage insures the basic structure and specific items within individual units other than the owners' personal property. Improvements made at an owner's expense and builder-installed items like countertops, fixtures, carpeting, and so on are not covered.
- Modified single entity/all-in coverage protects fixtures, installations, or additions/improvements within the interior surfaces of individual units' perimeter walls, floors, and ceilings. Under these types of association master policies, unit owners have a more limited need for coverage.
It’s important to understand what your condo's association master policy does and does not cover before buying condo insurance in Arizona. An independent insurance agent can help you determine how much coverage you need for your personal property and any structural elements you are responsible for insuring.
What Does Condo Insurance Cover in Arizona?
The basic elements of a condo insurance policy in Arizona are as follows:
- Dwelling coverage: Covers damage to any parts of the unit itself (walls, fixtures, etc.) that the unit owner must cover according to the association master policy.
- Personal property coverage: Covers damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, and more.
- Loss of use coverage: Provides certain temporary living expenses (e.g., lodging, meals) if your unit is uninhabitable after a covered loss (e.g., after a fire).
- Liability coverage: Covers medical expenses, repairs, and legal fees if someone is injured in your unit or if you damage someone else's property.
The property coverage in a condo insurance policy covers your property when it is lost, damaged, or destroyed by certain covered perils. Condo insurance typically covers damage caused by:
- Fire and smoke
- Wind and hail
- Theft
- Explosions
- Vandalism
- Lightning
- Burst pipe
Your policy may specify additional covered perils. The association master policy that your condo association has will determine the types and amount of condo insurance that you need to protect your unit. An independent insurance agent in your area can help you get the coverage you need.
What's Not Covered by Condo Insurance in Arizona?
Remember that condo insurance in Arizona won’t cover everything. Like homeowners insurance, your condo insurance may help cover water damage caused by burst pipes, rain, and ice dams, but it may not cover sewer or drain backups or water damage caused by floods.
You can likely purchase a sewer backup endorsement for your condo insurance policy if you need that type of coverage. Flood damage can be covered with a separate flood insurance policy purchased from the National Flood Insurance Program (NFIP), a program administered by the federal government.
It is important to be aware of what your policy does and does not cover so that you do not face any unfortunate surprises later. When you work with an independent insurance agent in your area, your agent can help you review your policy and understand when your coverage doesn’t apply.
How Much Does Condo Insurance Cost in Arizona?
Insurance companies evaluate certain risk factors, including the following, to decide what to charge you for condo coverage:
- The crime and weather risks in your zip code
- The construction materials used in your condo
- The value of your condo
- The coverage options, coverage limits, and deductibles that you choose
- How much coverage is provided by the association master policy, and how much coverage you need to fill the gaps
A local independent insurance agent can help you understand your condo insurance quotes and find the best condo insurance in Arizona.
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Our independent agents shop around to find you the best coverage.
Arizona Condo Insurance FAQs
Condo insurance in Arizona provides several different types of coverage:
- Dwelling coverage: Covers damage to any parts of the unit itself (walls, fixtures, etc.) that the unit owner must cover according to the association master policy.
- Personal property coverage: Covers damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, and more.
- Loss of use coverage: Provides certain temporary living expenses (e.g., lodging, meals) if your unit is uninhabitable after a covered loss (e.g., after a fire).
- Liability coverage: Covers medical expenses, repairs, and legal fees if someone is injured in your unit or if you damage someone else's property.
Condo insurance is not required by law in Arizona, but if you have a mortgage, your lender will require you to have this important coverage.
What's more, condo insurance is the best way to protect your investment in your condominium. While the condo association covers certain common elements of the complex with an association master policy, you'll need to fill in the gaps of your dwelling, personal property, loss of use, and liability coverage with an individual condo insurance policy.
The cost of your condo insurance policy in Arizona depends on several factors, like the type of construction materials used in your condo, the value of your unit, the crime and weather risks in your area, and the amount of coverage you need.
Because everyone has different needs and levels of risk, the cost of your condo insurance policy won't be the same as your neighbor's.
We recommend several top condo insurance companies in Arizona, including Safeco, Nationwide, Travelers, Progressive, and Stillwater Insurance Group.
If you own a condo, your condo owners association will have an association master policy, which covers the building(s) and the common elements of your condo complex. Association master policies typically fall into one of the three following categories:
- Bare walls coverage covers the basic elements of a building's structure (walls, roof, floors, elevators, etc.).
- Single entity coverage insures the basic structure and specific items within individual units other than the owners' personal property.
- Modified single entity/all-in coverage protects fixtures, installations, or additions/improvements within the interior surfaces of individual units' perimeter walls, floors, and ceilings.
No, condo insurance in Arizona does not cover floods. You can purchase flood insurance designed for condo owners from the National Flood Insurance Program and some private carriers.
Instead of getting an online quote for condo insurance in Arizona, find an independent insurance agent now and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Contact an agent today for a free, no-obligation consultation.