Prone to severe weather events
“There are certainly many factors taken into account when determining condo insurance, but the location of these particular states seems to play a major role, the report noted.
“In particular, all of these states are highly prone to severe weather events, including hurricanes and tornados. As the report explained, most of the top 10 natural catastrophes, in terms of the cost of damage, were hurricanes that affected Southern states”.
“Meanwhile, the least expensive states were ones that were less prone to disastrous weather events, as well as less populated regions. Besides Utah, other affordable states for condo insurance were Wisconsin ($280) and Iowa ($295)”.
“Of course, other factors influence the cost of HO-6 insurance, including the size of deductible, features in the condo development and the homeowner’s association’s own insurance policy”.
“Unlike traditional homeowner’s insurance, an HO-6 policy only covers what’s inside the walls of your unit and not the structure itself. As such, it’s designed to mesh with the development’s own insurance policy, so a condo building with a more protective policy will allow for more affordable individual policies for each of its residents”.
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