A condo insurance calculator helps you estimate your condo insurance cost. With just your ZIP code and some basic information about your condo coverage needs, the calculator will provide an estimated rate so you can start comparing condo insurance quotes.
You should have an idea of how much coverage you need to estimate how much condo insurance you should shop for. Ensure that between the master policy of your condo association and your personal condo insurance, the entire structure of your unit and all its contents are protected. In addition, personal liability is an important aspect of protection in case you’re held liable for injuries or damage.
Read on for more information on how to estimate your condo insurance costs.
How to estimate condo insurance cost
Using our condo insurance calculator is simple and straightforward, but you do need to have a few things ready to go before you start. To get accurate estimates from the condo insurance calculator, follow these steps:
- Calculate how much personal property coverage you need. Personal property coverage is usually the biggest part of a condo insurance policy. It covers everything you own, from your towels to your television. A home inventory can help you to calculate how much coverage you need.
- Determine how much dwelling coverage you need. Known as building property coverage on most condo policies, this coverage covers any part of the structure you need to insure. Your condo association’s master policy covers the structure of the condo, but you may be responsible for some or all of the interior and need to insure any upgrades you make to the interior as well.
“Upgrades such as new marble countertops, state-of-the-art bathroom and lighting fixtures and anything above and beyond the standard features your condo originally came with need to be factored into how much dwelling coverage you need,” says Antonio Cook, broker and owner at Cook Insurance Services, Inc. in New York.
- Determine how much liability coverage you need. Condo insurance comes with $100,000 in liability coverage, but experts recommend increasing it to $300,000.
- Choose a deductible. If you file a claim, you must pay your deductible first. A higher deductible means lower premiums, so pick a deductible you can handle.
- Plug these amounts into the calculator along with your ZIP code.
The calculator will provide you with estimates for condo insurance in your area for a policy that meets your needs.
Average condo insurance cost
The average annual premium for condo insurance is $624. This is about $52 a month. Rates will vary depending on where you live because of risk factors in your area.
If you add additional coverage, your price will vary. The more building property coverage you need, the higher your premium will be. Adding more personal property coverage will also have a big impact on rates while increasing liability will have a much smaller impact.
Estimate condo insurance cost by coverage level
You can adjust condo insurance coverage in several different ways, which can impact the rate you pay. The first table below shows the average annual premium for $40,000, $60,000, and $100,000 in personal property coverage with varying levels of liability. All of these have a $1,000 deductible.
For $60,000 in personal property coverage and $300,000 in liability with a $1,000 deductible, you can expect to pay about $653 per year. That works out to a $54 monthly payment. This is a typical amount of coverage, but you should always look into purchasing more depending on your specific needs.
The table below displays rates for various personal property coverage levels with two different liability coverage levels.
Condo insurance costs by coverage level
Estimate condo insurance cost by state
Below is a list of average annual condo insurance premiums by state. You’ll note that in Texas, Louisiana and Oklahoma, condo insurance rates are high at around $1,000 per year. This is likely due to unpredictable weather patterns.
North and South Dakota and West Virginia have much lower rates at around $375 annually.
Your rates will depend on the features of your condo and the state where you live.
How to calculate how much condo insurance you need
You should consider a few factors to calculate how much condo insurance you need.
One is the condo master policy, held by the condo association. This covers the structure of the building itself, including everything on the outside, and any shared common areas like a clubhouse.
Your condo master policy sometimes also covers part or all of the inside of the unit, such as fixtures, appliances, cabinets and flooring. According to Cook, it’s important to know the details of the coverage, especially if you’ve made upgrades throughout the years.
Cook recommends calculating how much you’ve spent on betterments and improvements in your unit. Upgrades such as new marble countertops, state-of-the-art bathroom and lighting fixtures and anything above and beyond the standard features your condo originally came with need to be factored into how much dwelling coverage you need. If your condo’s master policy won’t cover your upgrades, add this coverage to your own personal policy.
The liability portion often starts at $100,000, but most experts recommend more. “It depends on your assets and risk tolerance,” Cook says. “I never recommend less than $500,000 in coverage. The price difference is so minimal that it’s worth the investment. People think it’ll be five times the price, but it’s not.”
Liability protects you from lawsuits arising from people getting injured on your property or from you damaging someone else’s property anywhere in the world.
For your personal belongings like furniture, art, clothing, etc., you should do an inventory and insure for that amount. In other words, what dollar amount would it take to replace all your things if you lost everything?
Like home insurance, condo insurance has a feature that pays for additional living expenses if you need to relocate while your condo is being repaired after a fire or other disaster. You and your agent can come up with a dollar amount you’re comfortable with.
Methodology
Insure.com commissioned condo (HO-6) insurance rates from Quadrant Data Services at multiple personal property coverage levels and with either $100,000 or $300,000 in liability coverage. Rates were gathered for 2023 across all 50 states and Washington, D.C.
