Condo insurance calculator: Estimate the cost of coverage

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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

$60,000

$1,000

$100,000

Average condo insurance rates in Florida

33315 - Fort Lauderdale

$1,295 Average rate

$2,663 Highest
rate

$401 Lowest
rate

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

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 level	Annual premium	Monthly 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	$930
Alabama	$655
Arkansas	$801
Arizona	$892
California	$767
Colorado	$883
Connecticut	$646
Washington, D.C.	$503
Delaware	$407
Florida	$903
Georgia	$872
Hawaii	$413
Iowa	$435
Idaho	$499
Illinois	$614
Indiana	$590
Kansas	$482
Kentucky	$476
Louisiana	$1,093
Massachusetts	$669
Maryland	$642
Maine	$362
Michigan	$651
Minnesota	$423
Missouri	$485
Mississippi	$765
Montana	$486
North Carolina	$882
North Dakota	$373
Nebraska	$542
New Hampshire	$502
New Jersey	$484
New Mexico	$408
Nevada	$620
New York	$656
Ohio	$573
Oklahoma	$1,071
Oregon	$633
Pennsylvania	$657
Rhode Island	$581
South Carolina	$569
South Dakota	$389
Tennessee	$616
Texas	$1,007
Utah	$668
Virginia	$548
Vermont	$289
Washington	$616
Wisconsin	$527
West Virginia	$373
Wyoming	$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.