Fla. Is Where Americans Pay the Most for Condo Insurance
Condo and co-op residents here pay $964 a year for condo insurance on average, nearly double the U.S. average of $506: The South has 11 of the most expensive states.
NEW YORK – AdvisorSmith calculated the average cost of condo insurance, or HO-6 insurance, in each state and found that Florida was the most expensive state for condo insurance.
Residents of condos and co-ops in Florida pay $964 a year for condo insurance on average, nearly double the national average of $506, and well over three times costlier than the least expensive state, Utah, where condo residents only pay $269 a year on average.
AdvisorSmith's analysis was based on data from the National Association of Insurance Commissioners. Overall, residents of the South pay far more to insure their condo and co-op residences than people living in other states.
The AdvisorSmith analysis found that 11 of the 15 most expensive states for this form of insurance were located in the South, including the other four states in the top five besides Florida: Texas ($790), Louisiana ($748), Oklahoma ($631), and Mississippi ($600).
The report noted that all of these states are highly prone to severe weather events, including hurricanes and tornadoes. As the report explained, most of the top 10 natural catastrophes, in terms of the cost of damage, were hurricanes that affected Southern states.
Source: MarketWatch (04/20/21) Passy, Jacob
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