Free insurance calculators for condo boards and owners

How to get a useful result from an insurance calculator

A calculator is only as good as what you put into it. A few habits make the output far more meaningful.

• Use the limit on your declarations page, not a figure from memory or last year's budget.
• Measure gross building area consistently. Decide whether you are using total enclosed square footage including common areas, and stick with it.
• Be honest about construction quality. Choosing a lower finish level than the building actually has is the most common way to understate replacement cost.
• Enter the real date of your last appraisal. The older it is, the more construction cost changes the limit may have missed.
• Keep a record of your inputs. Note the figures you entered and the date, so you can rerun the same scenario next year or share it with your agent.
• Read the result as a range. A preliminary estimate tells you whether to look closer, not what your limit should be.

For associations, the most valuable output is usually the insurance-to-value ratio. If the replacement cost calculator shows your limit sitting well below the preliminary estimate, that is a signal to look at your policy's coinsurance requirement and to talk with your agent before renewal. Unit owners should pay closest attention to loss assessment and walls-in coverage, because those limits depend on what the master policy leaves out.

Unfamiliar with a term in the inputs? The insurance valuation glossary defines replacement cost, insurance-to-value, loss assessment and dozens of others in plain language.

When a calculator is enough, and when to get a professional appraisal

Calculators and appraisals answer different questions. A calculator asks, "Does our limit look roughly right?" An appraisal answers, "What would it actually cost to rebuild this specific property, and can we document it?"

A calculator is usually enough when

• You want a quick screening check before a board meeting or renewal conversation
• You had a full appraisal recently and want to see whether anything has moved
• You are a unit owner sizing an HO-6 policy before getting quotes from an agent
• You are comparing scenarios, such as how a different limit changes insurance-to-value

Get a professional appraisal when

• The calculator shows a meaningful shortfall, or an insurance-to-value ratio below what your policy requires
• Your last full appraisal is more than 3–5 years old, or you have never had one
• Your carrier, agent or lender has asked for a current valuation
• The property has had major renovations, additions or a change in construction
• You have several buildings, high-rise or mixed-use construction, or significant amenities
• The board needs a documented, independent basis for the limits it approves

Coverage Estimate offers both: free tools for a first look, and condominium insurance appraisals and replacement cost evaluations when you need a defensible figure. See how the appraisal process works or read the FAQ.