Estimate your annual condo insurance premium based on key factors.
$100,000
$300,000
$500,000
$1,000,000
500
1,000
2,500
Estimated Annual Premium:
$0.00
Understanding Condo Insurance Costs
Condo insurance, also known as an HO-6 policy, is crucial for protecting your unit and personal belongings. It typically covers:
Dwelling Coverage: Protects the interior of your condo unit (walls, floors, ceilings, fixtures) from damage due to covered perils. This is often based on the "replacement cost" of your unit's interior finishes and built-in appliances.
Personal Property Coverage: Covers your belongings inside the condo, such as furniture, electronics, clothing, and other personal items.
Loss of Use: Provides living expenses if your condo becomes uninhabitable due to a covered loss.
Liability Coverage: Protects you if someone is injured in your condo or if you accidentally cause damage to someone else's property.
Loss Assessment: Covers special assessments levied by your condo association for damage to common areas.
How This Estimator Works
This calculator provides a simplified estimate of your annual condo insurance premium. The actual cost can vary significantly based on numerous factors, including your specific insurer, claims history, credit score, and the specific coverages and limits you choose.
The estimation formula used here is a simplified model:
In this calculator, we've used generalized factors for illustration:
Condo Replacement Cost: The cost to rebuild the interior of your unit. A higher replacement cost generally means higher dwelling coverage premiums.
Personal Property Coverage: The amount of coverage for your belongings. This is often a percentage of the dwelling coverage, but can be adjusted.
Liability Coverage: A critical component that protects you from lawsuits. Higher limits increase the premium but offer greater protection.
Deductible: The amount you pay out-of-pocket before insurance kicks in. A higher deductible typically leads to a lower premium, and vice-versa. While not directly in the simplified premium calculation, it's a key factor in policy cost.
Location Risk Factor: Accounts for regional differences in risk (e.g., proximity to coastlines for hurricanes, earthquake zones, crime rates). A factor of 1.0 represents a baseline risk.
Disclaimer: This calculator is for informational purposes only and should not be considered a quote. Always consult with a licensed insurance agent for an accurate premium and policy details. Factors like claims history, credit score, and specific policy endorsements are not included in this estimate.
function calculateCondoInsurance() {
var condoValue = parseFloat(document.getElementById("condoValue").value);
var personalPropertyCoverage = parseFloat(document.getElementById("personalPropertyCoverage").value);
var liabilityCoverage = parseFloat(document.getElementById("liabilityCoverage").value);
var deductible = parseFloat(document.getElementById("deductible").value);
var locationFactor = parseFloat(document.getElementById("locationFactor").value);
var resultDiv = document.getElementById("result");
var resultValueDiv = document.getElementById("result-value");
var resultDescriptionDiv = document.getElementById("result-description");
// Basic validation
if (isNaN(condoValue) || condoValue <= 0 ||
isNaN(personalPropertyCoverage) || personalPropertyCoverage < 0 ||
isNaN(liabilityCoverage) || liabilityCoverage <= 0 ||
isNaN(deductible) || deductible <= 0 ||
isNaN(locationFactor) || locationFactor 2.0) {
resultDiv.style.display = "block";
resultValueDiv.textContent = "N/A";
resultDescriptionDiv.textContent = "Please enter valid numbers for all fields.";
return;
}
// Simplified factors for illustration. In reality, these are complex and vary by insurer.
var baseRateFactor = 0.0005; // e.g., $0.50 per $1000 of replacement cost
var propertyRateFactor = 0.001; // e.g., $1.00 per $1000 of personal property coverage
var liabilityRateFactor = 0.0001; // e.g., $0.10 per $1000 of liability coverage
// A simplified calculation:
// 1. Base cost related to dwelling replacement
var dwellingCostComponent = condoValue * baseRateFactor;
// 2. Cost related to personal property
var propertyCostComponent = personalPropertyCoverage * propertyRateFactor;
// 3. Cost related to liability (simplified)
var liabilityCostComponent = liabilityCoverage * liabilityRateFactor;
// Sum of base components
var basePremium = dwellingCostComponent + propertyCostComponent + liabilityCostComponent;
// Apply location risk factor
var estimatedPremium = basePremium * locationFactor;
// Adjust premium based on deductible (higher deductible usually means lower premium, but this is a simplification)
// For this example, we'll just note the deductible, as incorporating it accurately into a simplified formula is complex.
// A very basic adjustment: if deductible is high, maybe slightly reduce premium.
var deductibleAdjustment = 0;
if (deductible >= 2500) {
deductibleAdjustment = -0.05; // 5% reduction for higher deductible
} else if (deductible <= 500) {
deductibleAdjustment = 0.05; // 5% increase for lower deductible
}
estimatedPremium = estimatedPremium * (1 + deductibleAdjustment);
// Ensure the premium is not negative and has a minimum value
estimatedPremium = Math.max(estimatedPremium, 50); // Minimum estimated premium of $50
resultDiv.style.display = "block";
resultValueDiv.textContent = "$" + estimatedPremium.toFixed(2);
resultDescriptionDiv.textContent = "This is a simplified estimate. Your actual premium may vary. Based on a " +
"$" + liabilityCoverage.toLocaleString() + " liability limit and a $" + deductible.toLocaleString() + " deductible.";
}