Commercial Condo Insurance: Cost & Quotes From $20/mo

Commercial Condo Insurance | A Brief Overview

When you are a business or property owner, or a landlord with at least one commercial condominium unit, getting the right commercial condo insurance is crucial. Insuring a condo unit can sometimes get complicated, particularly if you own just one unit in a building. In basic terms, commercial condo insurance helps safeguard the structure you own or rent. Losses from a variety of sources are covered, including:

  • Fire Incidents

  • Robbery/Housebreaking

  • Theft

  • Lightning

  • Wind

There are usually multiple interests when it comes to ownership, liability, and the upkeep responsibility of different parts of the building. There can be confusion about who is responsible for maintenance, security, and insurance, and this might be even more confusing with commercial condos, as opposed to residential condos. 

The common question among condo unit renters or owners is, “do we need to have insurance for our condo unit if the owners of the main building already have insurance?” The answer is generally yes, even if you rent the unit instead of owning it. You might start by exploring general commercial property insurance, but you can also explore specialized commercial condo endorsement options that are offered by some insurance companies. 

This guide will take you through topics such as: 

  • Who needs to have commercial condo insurance? 

  • What coverage does commercial condo unit owner's insurance provide? 

  • What type of insurance do condo associations need? 

  • How much does commercial condo insurance cost? 

  • Which are the best insurance companies for commercial condo insurance? 

When you're searching for the best commercial condo insurance policy, be sure to compare rates to find the right price. A quote comparison will allow you to look at the benefits and drawbacks of different insurance providers so you can pick the right one.

What Does a Commercial Condo Insurance Cover?

There are different ways commercial condo insurance can protect both condo owners and condo corporations. One of the reasons condo owners should have insurance is to help pay for costs to the building if the condo corporation lacks sufficient funds and insurance. Condominium unit owners' contingent is used in a situation such as the building being damaged by fire, where the corporation is unable to pay for the repairs. 

Another way owners can benefit from a commercial condominium insurance coverage is through unit improvements and betterments coverage. This provides coverage for improvements or alterations outside of the standard unit definition. It helps to protect any improvements you have made, as well as any previous owners might have made. 

Loss assessment coverage can also provide coverage for any loss or damage assessed back to the unit owner. For example, it could cover costs if someone is injured and the condo association's insurance doesn't cover all of the associated costs. 

Condo owners can also take out general business property insurance for their units. This can be used to protect their property, including their part of the building and its contents. Liability insurance extends this protection, helping to cover the cost of things like people getting injured on your business premises. 

Here’s a quick summary of what commercial condo insurance can cover based on a person’s affiliation:

1. Association. The master policy of the association includes its common spaces along with other property as specified by the bylaws and the liabilities of the association.

2. Unit Owner. The policy for the unit owner covers both their responsibility and the share of the unit that is allotted by the bylaws.

3. Tenant. The tenant's insurance policy protects their possessions as well as any liabilities they may incur due to their actions. According to a hold harmless and indemnification clause, a lease may also compel the tenant to carry insurance for the unit owner's liability as well as the tenant's property and betterments.

Take this as an example of one of the many benefits unit owners can get out of insuring their condo units. 

ConditionTotal Covered Amount
Medical payment coverage for a guest (during an accident in the vicinity)Coverage will offer a sum of money to cover medical expenses related to a visitor's physical harm incurred while on the site. It enables the injured guest to receive payment for their medical bills without having to file a lawsuit against the unit owner to recoup their expenditures.$5,000 - $10,000

Condo Association Insurance

In addition to condo unit owners availing of commercial insurance policies, it's essential for condo associations to have insurance. Commercial condo association insurance covers all of the public areas and shared amenities of the condo building. It can provide coverage for building protection and liability. However, even if your condo association has its own insurance (which will be paid for by your service charges), it is still advisable to have insurance as an individual owner of a commercial condo unit. 

Compare Cheap Commercial Condo Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

Which is Not Covered Under a Commercial Condo Insurance?

Commercial condo insurance policies are very clear about which incidents are covered and which are not, much like any other insurance policy. Unfortunately, property owners or tenants who may not grasp the extremely complex terminology used in their insurance contracts may find it quite challenging to understand coverage under these policies. This frequently confuses them about what is not covered by insurance.

The following are a few of the most typical claims that commercial condo insurance does not cover:

Damage Resulting from Maintenance Issues

In general, any harm caused to the property that results from improper maintenance is not covered. A commercial condo insurance policy often excludes coverage for damage caused by termites and other insects, corrosion, rot, mold, and normal wear and tear. Furthermore, harm brought on by smoke from commercial or agricultural machinery might not be covered.

Damage from Earthquakes 

Most commercial condo policies don't cover damage to property brought on by natural disasters like earthquakes, mudflows, and sinkholes. However, coverage can be obtained by acquiring an earthquake policy extension especially if the building is situated in a region where these occurrences are frequent.

Intentional Harm to Property

A business property that was damaged on purpose might not be covered by commercial condo insurance. For instance, if a drunk guest purposely breaks the door or windows of the unit, the insurance company won’t provide any coverage for that incident. 

Damage From Flood

While commercial property insurance policies usually include coverage for water damage, they typically do not include protection for flooding incidents. Thus, policyholders ought to procure a separate flood insurance policy to make sure their property is completely secured against flooding damage. This is especially true for condominiums and business properties along the coast, which are more susceptible to flooding or hurricane-related damage.

Rank and Review Insurance Companies

Help others make better decisions

Show more

Commercial Condo Insurance Cost

The cost of commercial condo insurance coverage will depend on whether you are insuring a condo building as an association or a single unit as an individual owner.

In addition, the worth of all of your company's assets, including your building, will play a significant role in determining how much you'll pay for commercial condo insurance. Other risk-related indicators used to calculate your premium include:

  • Vicinity-Are storms and other natural disasters common in the area?

  • Building Construction-Is your structure made of fire-resistant materials? Does it have new or improved plumbing, HVAC, and electrical wiring?

  • Occupancy-What sector do you work in? In general, a real estate office poses less danger than an eatery or service shop.

  • Protection From Theft and Fire-How distant are the closest fire station and fire hydrant? Does your building have a sprinkler system and/or fire alarm?

Moreover, many condo associations will purchase a business owner policy, which combines building insurance and liability insurance. This can be a good choice for business owners who own or rent condo units too, helping you to save money by bundling two important types of insurance together. Take a look at some average costs for these types of insurance:

Monthly CostYearly Cost
Commercial property insurance$42$504
General liability insurance$46$552
Business owner's policy$54$648

Of course, the actual cost of the insurance for your condo building or unit will depend on several factors. It can be influenced by the size of the property you need to insure, how much coverage you take out, and the location. There are always ways to save money too, including looking for discounts from insurance companies.

To give a quick comparison based on cost, here is the average monthly fee of the top insurance companies in the US in terms of general liability, commercial property, and business owners’ insurance policies:

Insurance Company/BrokerGeneral Liability PolicyCommercial Property PolicyBusiness Owners’ PolicyBest for
NEXT$11/mo$17/mo$40/moBest overall, fastest commercial condo insurance, and the cheapest average cost per month
The Hartford Insurance Company$88/mo$125/mo$261/moProperty claims satisfaction
CoverWallet$83 /mo$166/mo$645/moComparing commercial condo insurance quotes online
Tivly$41/mo$41/mo$58/moComparing commercial condo insurance quotes over the phone
Thimble$42/mo$69/mo$69/moProperty claims satisfaction

Compare Cheap Commercial Condo Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

Best Commercial Condo Insurance Companies

When you are looking for commercial condo insurance, you can look at specific policies for condos or more general commercial property insurance. If you're looking for condo association insurance, it can sometimes fall under HOA insurance. Here are some of the top picks for commercial condo insurance to help you find what you're looking for.

Next Commercial Condo Insurance


  • Has the most affordable average cost per month

  • Allows condo owners/tenants to quickly register online thanks to their easy application.

  • Offers up to a 10% discount on bundled policies


  • Their digital claim process may be unfamiliar to conventional commercial property owners who opt for paper records.

One of the quickest online quote generators for a business insurance provider is available at NEXT. You'll have three quotes ready for you after answering roughly 10 minutes worth of questions about your commercial property. Then, you can purchase the insurance policy that satisfies your coverage needs online. Moreover, licensed NEXT insurance agents are only a quick phone call away if you require assistance selecting a quote or have any inquiries.

Best for: Best overall, fastest commercial condo insurance, and the cheapest average cost per month

Average cost: $11 per month

Our rating: 10/10

CoverWallet Commercial Condo Insurance


  • Compare commercial condo insurance quotes for the best price

  • Arrange and manage your insurance online

  • Cancel without extra fees


  • Insurance broker (not an insurance provider)

Compare quotes with CoverWallet to get the insurance you need for your condo unit or building. You can quickly see the best rates and choose an insurance company and policy that works for you.

Best for: Commercial condo insurance quotes comparison online

Average cost: $83 per month

Our rating: 10/10

The Hartford Commercial Condo Insurance


  • Provides an easy and convenient claim process

  • Offers excellent customer service and faster response to queries

  • Assists property owners in getting the most cost-efficient commercial property insurance policy


  • Sudden price increase on some of their policies

The Hartford can assist you in choosing the ideal commercial condo insurance coverage for your property. Whether you've stuffed it with pricey electronics or priceless artwork, they will help you safeguard what matters most to you.

Best for: Property claims satisfaction

Average cost: $88 per month

Our rating: 10/10

Tivly Commercial Condo Insurance


  • Provides a simple quote procedure

  • Teams up with more than 200 providers

  • Helps you find the best commercial policy that perfectly fits your needs


  • Lacks sufficient tools for handling several policies from various providers

The professional agents at Tivly can assist you in obtaining building insurance quotes and cover for your small business from the most suitable insurance provider.

Best for: Comparing commercial condo insurance quotes on the phone

Average cost: $41 per month

Our rating: 10/10

Thimble Commercial Condo Insurance


  • Has an easy sign-up and quote procedure

  • Provides small business owners with flexible policy options

  • Offers scalable insurance plans


  • Customer service support is only available online, and not through phone

Businesses that want quick or temporary coverage can benefit from Thimble. Thimble is particularly helpful for business owners who employ contractors because you can use it to specify what insurance is needed for the people you're hiring and enable them to buy it through Thimble.

Best for: Providing bundle insurance policy deals

Average cost: $42 per month

Our rating: 10/10

Nationwide Commercial Condo Insurance


  • Offers condo association insurance

  • Provides a range of business insurance options

  • Lots of experience in insuring businesses


  • Not available in Alaska and Hawaii

This well-known insurance company is a good pick if you're looking for condo association insurance. They also offer other business insurance, including business owner policies and business property insurance to help you protect your business.

Best for: Condo association insurance

Average cost: $100 per month

Our rating: 8/10

State Farm Commercial Condo Insurance


  • Condo association insurance and business property insurance available

  • Customize your insurance to meet your needs

  • Easy to get additional business coverage


  • Discounts only available in select locations

State Farm can also help you to insure your condo association or your commercial condo unit. They have a great range of options for customizing your policy so that you can get exactly the coverage that you need.

Best for: Customizable insurance

Average cost: $110 per month

Our rating: 8/10

Recent Reviews

Recent Posts