“Americans looking to buy a condominium or co-op this spring should factor in the cost of insurance before signing on the dotted line. And a new analysis shows that where you choose to live will greatly influence how much you can expect to pay to protect yourself”.
“A new report from insurance website Advisor-Smith calculated the average cost of condo insurance, or HO-6 insurance, in each state. The analysis found that Florida was by far the most expensive state for condo insurance”.
“Residents of condos and co-ops in the Sunshine State pay $964 a year for condo insurance on average. That’s 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. Advisor-Smith’s analysis was based on data from the National Association of Insurance Commissioners”.
“Overall, residents of the South pay far more to insurance their condo and co-op residences than people living in other states. The Advisor-Smith 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)”…