How to use a condo insurance calculator: Step-by-step guide

To use the condo insurance calculator, have a few key pieces of information ready and plug them into the calculator:

  • Enter your ZIP code. Condo insurance rates are based on where you live, so your ZIP code is a necessary piece of information to estimate cost.
  • Select personal property coverage. This limit is the maximum your insurance policy will pay for your personal property if you file a claim.
  • Select liability coverage. A renters insurance policy comes with $100,000 as standard, but you can choose higher limits; $300,000 is recommended.
  • Choose a deductible. This is the amount you will pay if you file a claim. A higher deductible will mean lower premiums, but a higher out-of-pocket cost if you need to file a claim. Choose one you can afford.

The condo insurance calculator will return estimates based on your location and coverage needs.

It’s always a good idea to look at quotes from multiple carriers, whether you need a brand-new condo policy or are considering the renewal of your current policy.

How much condo insurance do I need?

You need enough condo insurance:

  • To repair or replace all the contents of your condo. This will cover all of your personal property, from your dishes to your furniture, so it's important to get the right amount. You should also consider additional coverage for any high-value items like jewelry. Note that you may also need to purchase an endorsement to cover your property at replacement cost rather than actual cash value.
  • Repair or replace any part of the inside of the condo for which you are responsible. Ensure that you know what your HOA policy covers and what it doesn't so you purchase the right type of coverage for your unit.
  • Protect yourself from liability lawsuits. Ensure you have enough coverage to protect your assets if you are responsible for an injury to someone else or damage to another person's property.
  • Meet your mortgage company's requirements. If you have a mortgage on your condo, your loan contract will include insurance requirements.

“Condo owners first need to determine the value of their personal belongings to ensure they have sufficient coverage to replace items that may be damaged, destroyed or stolen,” says Lynne McChristian, Director, Office of Risk Management & Insurance Research and Senior Instructor at the Gies College of Business, University of Illinois. “And, they must have a copy of the condo association’s master insurance policy to be confident their personal policy fills any gaps.” 

Once you know how much coverage you need, you can plug those numbers into a condo insurance calculator and start comparing quotes.

How to compare condo insurance quotes

To compare insurance quotes, have your desired coverage amounts at hand, and make certain every quote you request uses those same coverage levels. Use a condo insurance calculator to get started. Always shop around with multiple carriers– this will get you the best deal in your area. Sometimes bundling with your car insurance will get you a significant discount. 

Price isn’t the only factor, however. Research insurance carriers’ customer service and financial stability ratings by checking out AM Best and JD Power scores. Our best condo insurance companies list can help you gather information on top insurers.

Anytime you are buying a new condo, approaching a renewal of your insurance policy, or making any changes to your family’s situation it’s a good time to review your insurance policy and shop around to compare quotes. 

What factors are used to calculate condo insurance rates?

A few factors are used to calculate condo insurance rates. One is your ZIP code. Insurance rates are largely based on where you live. Insurance companies factor in weather patterns, crime rates and claims history in your area.

Another important factor is your personal claims history. If you have made claims against your condo insurance or another home insurance policy in the past, you may pay higher rates.

How much coverage you need will also affect your premium. Usually, the higher the coverage limits, the more you’ll pay, though it’s not always a huge jump for more coverage. Also, keep in mind that if you have a mortgage on your condo, you may have to carry more insurance and, therefore, pay higher rates.

Methodology

We partnered with Quadrant Information Services to field average condo insurance rates across all 50 states and Washington, D.C.

Averages are based on:

  • $40,000, $60,000, $80,000 and $100,000 in personal property coverage
  • $100,000 and $300,000 in liability coverage
  • $1,000 deductible
  • Good credit

Learn more about our data and methodology.

FAQ: Condo insurance calculator

How do you calculate dwelling coverage for a condo?

A good rule of thumb is 20% of your condo’s value. Your insurance company can also help you come up with a calculation.

What does condo insurance cover?

Condo insurance covers your personal property, liability coverage, loss of use (if you are unable to live there because of a covered loss) and some building repair costs that aren’t covered by the condo association policy, such as interior upgrades and fixtures.

Is condo insurance cheaper than home insurance?

Condo insurance is generally cheaper than home insurance because you aren’t paying to insure the entire structure.

Why is condo insurance so expensive?

There are many reasons your condo insurance may be expensive. Condo insurance prices are largely based on where you live. For example, if you live in an area prone to tornadoes or wildfires, your rates will be much higher than those in less risky locations. Another factor that factors into the price is the claims history of your area and your own personal claims history. The more claims, the higher the rates.

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