Home Insurance Condo insurance calculator: Estimate the cost of coverage Our condo insurance calculator estimates the cost of condo insurance based on your coverage needs and your ZIP code. View Carriers Please enter valid zip Compare top carriers in your area Written by Jessica Olson Reviewed by Leslie Kasperowicz Leslie Kasperowicz Leslie Kasperowicz is an insurance educator and content creation professional with nearly two decades of experience first directly in the insurance industry at Farmers Insurance and then as a writer, researcher, and educator for insurance shoppers writing for sites like ExpertInsuranceReviews.com and InsuranceHotline.com and managing content, now at Insurance.com. Expert insight from Antonio Cook Antonio Cook Broker/Owner Cook Insurance Services, Inc.Go to comment Updated on: August 26, 2024 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. Our condo insurance calculator allows you to estimate your condo insurance costs easily. By entering your ZIP code and some basic details about your coverage needs, the calculator generates an estimated rate, helping you start comparing condo insurance quotes. To get started, you should have an idea of how much coverage you need to estimate how much condo insurance you need to buy. Between the master policy of your condo association and your personal condo insurance, the entire structure of your unit and all its contents should be protected. In addition, personal liability is an important protection against claims for injuries or damage to others. Key Takeaways Our condo insurance calculator estimates your condo insurance premiums. Before you buy condo insurance, you’ll need to know what your HOA’s policy covers and what your policy needs to cover. Unlike home insurance, the largest coverage on a condo insurance policy is for your personal property. How to estimate the cost of condo insurance 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. From there, you’ll get an idea of how much you should expect to pay for condo insurance. The calculator will provide you with the estimated cost of condo insurance in your area for a policy that meets your needs. Condo insurance calculator ZIP code Please enter a valid ZIP code Personal Property Coverage $60,000 $40,000 $60,000 $80,000 $100,000 Deductible $1,000 $1,000 Liability $100,000 $100,000 $300,000 Filter Average condo insurance rates in Florida 33315 - Fort Lauderdale $1,295 Average rate $2,663 Highest rate The estimated highest premium from one of the carriers near 33315 $401 Lowest rate The estimated lowest premium from one of the carriers near 33315 Most expensive ZIP codes for condo insurance in Florida ZIP code City Average Rate 33013 Hialeah $2,059 33014 Hialeah $2,027 33010 Hialeah $2,027 33054 Miami Gardens $1,951 Least expensive ZIP codes for condo insurance in Florida ZIP code City Average Rate 32095 St. Augustine $612 32145 Flagler Estates $622 32086 St. Augustine $622 32033 Elkton $622 Methodology Insure.com worked with Quadrant Information Service to get condo insurance data. To determine the average premiums, our team of data analysts and expert editors analyzed 10,996,376 insurance quotes from 145 insurance companies across 34,588 ZIP codes. The insurance rates are based on a sample profile of a condo owner with good credit. The quoted insurance rates are for comparison purposes, and your individual rates may vary. Average cost of condo insurance The average annual premium for condo insurance is $624, or $52 a month. Rates will vary depending on where you live because of local risk factors. If you add additional coverage, the cost will change. 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 the cost of condo insurance by coverage level You can adjust condo insurance coverage in several different ways, which will 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, the average cost is $653 per year. That works out to $54 monthly. If you need more or less coverage, your cost will differ. The table below displays rates for various personal property coverage levels with two different liability coverage levels. Condo insurance costs by coverage level Coverage levelAnnual premiumMonthly premium$40,000 with $1,000 Deductible and $100,000 liability$556$46$40,000 with $1,000 deductible and $300,000 liability$571$48$60,000 with $1,000 deductible and $100,000 liability$639$53$60,000 with $1,000 deductible and $300,000 liability$653$54$80,000 with $1,000 deductible and $100,000 liability$714$59$80,000 with $1,000 deductible and $300,000 liability $729$61$100,000 with $1,000 Deductible and $100,000 liability$788$66$100,000 with $1,000 Deductible and $300,000 liability$804$67 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. State Average annual premium Alaska$930Alabama$655Arkansas$801Arizona$892California$767Colorado$883Connecticut$646Washington, D.C.$503Delaware$407Florida$903Georgia$872Hawaii$413Iowa$435Idaho$499Illinois$614Indiana$590Kansas$482Kentucky$476Louisiana$1,093Massachusetts$669Maryland$642Maine$362Michigan$651Minnesota$423Missouri$485Mississippi$765Montana$486North Carolina$882North Dakota$373Nebraska$542New Hampshire$502New Jersey$484New Mexico$408Nevada$620New York$656Ohio$573Oklahoma$1,071Oregon$633Pennsylvania$657Rhode Island$581South Carolina$569South Dakota$389Tennessee$616Texas$1,007Utah$668Virginia$548Vermont$289Washington$616Wisconsin$527West Virginia$373Wyoming$272 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. Frequently asked questions Why is condo insurance so expensive? Condo insurance may be expensive in your area due to the risk of severe weather, wildfires or other risks that drive up the insurance cost. Is there a formula to estimate condo insurance cost? There’s no exact formula, but you can use a condo insurance calculator to estimate your costs. You can also determine how much coverage you need in-dwelling, liability, and personal property and discuss that with an agent to calculate a premium. Is condo insurance cheaper than home insurance? Condo insurance is cheaper than home insurance because you’re not insuring the structure or interior at most. It averages about $624 a year whereas home insurance is about $2,000-$3,000 per year. What is the rule of thumb for condo insurance? A good rule of thumb is insuring your condo for about 20-25% of the property value. For instance, if your condo is worth $350,000, you want $87,500 in dwelling/building property coverage. Check to see your condo’s master policy and make up any missing amount with your personal policy. 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. What our expert says Antonio CookBroker/Owner Cook Insurance Services, Inc. “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.” In case you missed it What is HO-6 condo insurance and how much does it cost? Average homeowners insurance cost by ZIP code in 2024 What is dwelling coverage and how much do you need? 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