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When To Consider Switching Condo Insurers

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 | May 16, 2019
When, why and how to switch insurers for your condo

Is it time to switch your insurance company for your condominium? Condo insurance (HO-6) protects your home, belongings, and family in the case of unforeseen accidents and liability. But not all condo insurance is created equally. Different coverage, limits, premiums, and companies can make or break your condo insurance experience. 

Do you need to switch your condo insurer? Let’s go through the reasons you might want to consider shopping around for a new condo carrier and policy.

Reasons to Consider Switching Condo Insurers

1. Insufficient coverage

When was the last time you took a look at what’s actually covered under your condo insurance? Are you fully covered against potential incidents and claims that could occur in or to your home?

Unfortunately, most people find out too late that they’re not fully covered against all incidents. It’s important to know your policy inside and out to ensure your condo insurance will cover any claims you may run into.

For example, most condo insurance will cover water damage caused by plumbing but not damage caused by floods. You would need to purchase additional flood insurance to have that coverage.

If your insurer doesn’t offer sufficient coverage, you might want to start shopping around to see if you can find a more comprehensive plan at a price that works for you. Remember to compare equal policies when shopping around. For example, if you’ll be adding on flood insurance, make sure you compare all insurers’ flood insurance along with the standard policy.

Learn more about the basics of standard condo insurance coverage with these resources:

2. High premium cost

How much are you paying per month on your condo insurance premiums? If you’re paying way more than your neighbor or your insurance seems to be stretching your budget, it’s worth it to shop around and compare quotes.

Make sure you’re looking at comparable policies, though. You don’t want to lose coverage in an effort to get a lower cost.

You’ll also want to keep an eye on annual insurance increases. Some insurers will increase their premiums every once in a while, and you may not even notice—especially if you have an automatic payment set up. You’ll want to keep an eye on how much you’re actually paying each month to avoid annual increases and keep an eye on your premium costs.

Need help comparing condo insurance quotes? Our licensed insurance advisors can help you shop around quickly and easily. Give us a call today at (844) 300-3237 to see how much we can help you save.

3. Discounts

While you’re comparing similar policies and costs, consider the discounts that each insurer offers. This looks beyond just the premium costs to see how much you’ll actually be paying for coverage on an annual basis.

For example, some insurance companies provide safety discounts. For instance, you install a smart home security system or wind-proof windows. You may be able to get a “risk management” discount on your insurance. If you make any upgrades or changes to your condo, you may be eligible for further discounts. When updating or installing a new device, it’s worth a call to your insurance agent to see if you can save.

Don’t forget bundling discounts. Some insurers will let you bundle your condo and auto insurance, which is one of the best ways to get a deep discount on your insurance costs.

Our licensed insurance advisors can help you look for discounts on your condo insurance. Call us today at at (844) 300-3237 to review your current policy and compare quotes from other top insurers from our carrier panel. Our advisors can also look at how much bundling your condo insurance with your auto, motorcycle or boat insurance will help you save.

4. HOA insurance

Your personal condo insurance policy covers what’s inside your condo walls, but anything outside of your front door typically falls under the homeowners’ association (HOA) master insurance policy.

In some cases, your personal insurance company will have to work with the HOA’s company to resolve certain claims. For example, a burst pipe in the communal hallway leaks into your foyer and causes water damage. Because the damage originated in a shared space, it would likely be your HOA’s responsibility.

There are two ways this might be handled. The HOA’s insurance company might directly cut you a check for the damage done to your apartment. Or your insurer might first pay you for the property damage, and then the two insurance companies will work out repayment amongst themselves.

Because the lines can get a little blurred, some condo owners prefer to use the same insurer as their HOA. Some homeowners’ associations may even have a deal with their insurance companies to offer discounts to all condo owners. This creates a network of homeowners working with the same insurance policy. Although it’s not usually necessary, sharing an insurance company with your HOA can streamline the claims process and avoid lengthy or unclear payouts in more befuddled scenarios.

Learn more here: Should I File A Claim With My Condo Insurance Or Association Master Policy?

5. Life events

You typically want to reevaluate your condo insurance (and other types of insurance) when you experience a major life event or change. For example, if you get married, have a child, or gain a new dependent, you’ll likely need higher liability coverage. If you renovate your house or purchase an engagement ring, you will want to update your “interior structures” and “contents coverage” respectively.

Significant life events typically alter your insurance needs. You may choose to stay with your insurer and update your coverage accordingly, but shopping around may also help you find less expensive, more comprehensive coverage at the time of this exciting new change.

6. Customer service

It’s time to consider switching your insurance company if your insurer’s customer service isn’t top notch. You deserve an insurance company who cares about you as a person, not just as a payment. It should be easy to reach your insurer, especially in the case of an incident or claim.

Never sacrifice service when it’s as important as insuring your life and safety. If you feel you’re not getting good service with your company or they frequently receive bad reviews, it’s time to consider switching elsewhere.

Wondering about condo insurance companies that offer excellent customer service? Give one of our insurance advisors a call to discuss your needs at (844) 300-3237.

7. Financial stability

The premiums you pay each month are used to pay your company as well as other clients’ claims. That means the money isn’t just sitting there waiting for you. You want the peace of mind that your insurance company has a large enough nest egg that they can and will pay you out in the case of a claim with your condo.

Check A.M. Best Company to see the ratings and financial stability of your insurer. InsuraMatch is proud to partner with over 30 carriers in excellent standing, so you can count on your insurance through our trusted partners.

8. Annual checkup

It doesn’t hurt to shop around and compare quotes for your condo insurance. We generally recommend that you do an annual review to ensure you have sufficient coverage at the right price, including discounts included.

Comparing quotes is easy when you work with an independent insurance agency, like us. Give our insurance advisors a call today at (844) 300-3237 to see how much we can help you save.

When NOT to switch

You don’t want to constantly switch around your condo insurance, though. This can end up resulting in gaps of coverage, which can increase your premium and make it harder to get coverage in the future.

You may also not want to switch if you’re in the middle of a policy. Some insurers have hefty cancellation fees if you decide to switch before your cancellation date.

Also, many insurers offer rewards for longevity. Your insurance company may offer discounts the longer you stay with them (especially if you don’t make a claim).

Don’t always chase the lowest monthly price point. Consider what’s best for your condo, your family, and your wallet long term.

When to switch

We recommend that you start comparing quotes 2-3 months before the end of your current condo policy period. Most policies automatically renew, so you’d want to be prepared in advance if you want to make a change.

Tip: If and when you do decide to switch, make sure you have a new insurance policy before cancelling your current one. This avoids a lapse or gap in coverage that can raise your rates.

If your condo insurance isn’t working for you, now is the time to start comparing quotes.

The simplest way to find the best insurance for your condo is through an independent agent like InsuraMatch. Our agents have access to tools that allow you to shop for quotes from multiple companies at once. In just a few minutes, we’ll be able to present you with a variety of options to help you find the right insurance carrier and coverage for your condo and more.


Thinking about switching condo insurers? Call our insurance advisors today at (844) 300-3237 and see how much we can help you save!

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