Condo insurance calculator

What is a condo insurance calculator?

Condo insurance calculators are handy tools that allow you to estimate your monthly insurance costs without having to provide any personal information, such as your name or birthday. It usually offers a range or average cost based on your general location, rather than specific details about you or your condo.

This means that while it can give you a general idea of what to expect to pay, it will not fully account for unique factors like the value of your belongings, the level of coverage you need, or the risks unique to your condo building. As a result, it cannot be accepted as a final quote or used to purchase a policy.

Nevertheless, having these figures readily available as you start comparing options allows you to assess what is too much and decide which provider offers the best balance of coverage and value.

How to get a condo insurance estimate

With a tool like this, you can get a condo insurance estimate anonymously in under a minute by answering just one question – “Where do you live?” Once that’s answered, you’ll be presented with the average cost of condo insurance among YouSet users, as well as what users pay on the low and high end. Once you have that information, it’s up to you how you want to proceed. You may either let YouSet automatically compare condo insurance quotes from multiple insurers, or take the time to manually search and compare quotes yourself. 

Condo insurance estimate vs. quote

A condo insurance estimate gives you a rough idea of the cost and is usually completed without revealing your personal information. In contrast, a quote provides a precise figure based on the specific details you provide about yourself and your condo unit. By starting with an estimate, you’ll have a benchmark that you can use to identify a competitive quote from an overpriced one. 

Condo insurance estimate

• Approximate: A condo insurance estimate provides you with a rough idea of what your premiums might be, offering a range rather than an exact figure.
• Anonymous: Ideal for those who value their privacy, as it typically relies only on your general location.
• Quick: With minimal questions to answer, it only takes around 30 seconds to get a condo insurance estimate.
• No credit check: Most estimates won’t trigger a credit check of any kind because they don’t ask for any of your personal information.

Condo insurance quote

• Exact: A condo insurance quote gives you an exact price based on the information you provide about yourself and your condo unit. 
• Not anonymous: Requires personal information, including your name, age, and exact address.
• In-depth: Getting a condo insurance quote may take up to five minutes, as it requires answering additional questions to ensure an accurate and precise estimate.
• Soft credit check required: Insurers often do soft credit checks when you request a quote. This won’t affect your credit score but it may be factored into your premium.

Average price of condo insurance

If there’s one thing insurers always consider when calculating the price of insurance for a condo, it’s location. That’s because it reveals important details about the level of risk you pose. For example, living in a densely populated area, a high-crime neighbourhood, or a region prone to environmental hazards like wildfires suggests higher risk, which can lead to higher insurance premiums. The table below shows the average price of condo insurance in Ontario and Quebec.

How condo insurance is calculated

Insurance companies use many factors related to you and your condo unit to determine the cost of your insurance premium. Although they all use a similar set of criteria, which you will find below, the importance and weight given to each factor often differ.

• Your address
• Your age
• Your employment status 
• Your gender 
• Your move-in date
• Your pets, if any
• How long you’ve been insured
• Number of insurance claims you’ve filed 
• The year your building was built 
• The number of units in your building 
• The floor your condo unit is on
• The size of your condo unit 
• Approximate distance to the nearest fire station and fire hydrant
• Your condo’s type of heating and cooling system
• Number of advanced security features