You need to account for the finance part of the insurance policy. The average condo insurance can be approximately $488, as stated by a National Association of Insurance Commissioners report. The rate, however, can vary according to the location you live in and the amount of coverage you may require. Condo insurance policies may vary on coverage policies; some common scenarios are considered actual conditions for your insurance to replace the damage. Fires, wind, theft, vandalism, and burst pipes are some scenarios that your insurance may cover. However, you should be wary of some conditions like earthquakes, floods, wear and tear, damage from animals, intentional injuries to others, and damage from underground water because your insurance does not cover them. A separate insurance package will have to be purchased if you live in an at-risk region, prone to property damage.