What factors affect condo insurance cost?
Location, value of your unit, claims history and coverage selection are factors that may influence the cost of condo insurance.
Location is important because it plays a big role in determining what kinds of perils and hazards your home may face. For example, coastal areas with frequent hurricane exposure or neighborhoods with high burglary rates may face higher premiums than areas without those perils. Areas with better access to emergency services like a fire department may cost less to insure since they’re in better proximity to receive assistance quickly in an emergency.
Value of your unit and belongings
The more valuable your home and the more high-value belongings you insure, the higher your condo insurance premium may be.
If you’ve made multiple property insurance claims, you may be more likely to pay a higher rate for condo insurance. Conversely, depending on your state or insurer’s time frame, your insurer may lower your rate at renewal if you’ve gone a certain number of years without making a claim.
Coverage selection and limits
The optional condo insurance coverages you select and the limits on each coverage will impact your policy’s price. More coverage will increase the cost of condo insurance.