Condo Insurance Costs in NYC Are Rising: Here's How Much

Condo Book Research · Updated Oct 12, 2026 · 4 min read

Insurance used to be a modest line in a new condo's budget. Since 2023 it has become one of the fastest-growing parts of common charges. We compared the insurance budgets in more than 1,100 NYC condo offering plans to see how much, and why.

Every new NYC condo's offering plan includes a projected first-year budget, and every budget has a line for the building's insurance. That line used to be easy to skim past. Not anymore.

We compared the insurance budgets in more than 1,100 NYC condo offering plans, from small Brooklyn walk-ups to Manhattan towers. The trend is clear: since 2023, budgeted insurance has jumped, in buildings of every size.

The Short Version

• The typical new condo budgeted about $65 per apartment per month for insurance in 2020–2022. In plans filed in 2025 and 2026, it's $119.
• Insurance went from about 14% of a typical budget to about 19%.
• In small buildings (2 to 12 units), the median premium for the whole building rose from $4,200 in 2020 plans to $7,250 in 2026 plans, up about 73%.
• These are first-year estimates. Renewals after you buy can be higher still.

Insurance Budgets by Year

Median insurance per apartment per month, and insurance's median share of the budget, in plans for buildings without stores or offices:

Measured by size, the trend is similar: in plans for which we can match the budget to apartment sizes, insurance went from $0.90 per square foot a year in 2022 to $1.25 in 2026.

Good to know: these are dollars as filed, not adjusted for inflation. Budgets are the developer's estimate, usually based on a broker's quote, not a policy actually bought.

It's Not Just Small Buildings

More recent plans are for small Brooklyn buildings, which could skew the numbers. So we compared buildings of the same size. Median insurance per apartment per month:

Small buildings feel it most. In a building of six or fewer apartments, insurance is now about a fifth of the whole budget. In a building with more than 30 apartments, staff and other costs are bigger, so insurance is closer to 9%.

One Building, Three Years Apart

Sometimes the same building files a new plan, which lets us compare like with like. The Chelsea building at 517 West 29th Street first filed as HxH Residences in 2021, then again as 517 West 29th in 2024. Same 60 apartments, same insurance broker:

And the 2024 policy actually covers less: the building limit dropped from $30.6 million to $27.6 million, and the deductible doubled from $5,000 to $10,000.

Why Condo Insurance Costs More Now

Offering plans don't explain the insurance market, but the budgets show where the increases land: property coverage is rising fastest, with liability close behind. Some plans add warnings of their own:

• Construction status. The Windsor in Windsor Terrace warns that insurance could cost about four times as much if the building gets only a partial certificate of occupancy, enough to raise common charges by about 20% or require a special assessment.
• Flood maps. Park House Chelsea notes that updated FEMA maps are expected to put it in a high-risk flood zone, and that "flood-related insurance premiums shall increase in the budget" if they do.
• Flood zones. Buildings in high-risk zones, like Alchemy and Bennett Condominium in Long Island City, budget for mandatory flood insurance on top of everything else.

What It Means for Buyers

• Older plans understate today's costs. If a building's budget was filed in 2021, its insurance line is probably out of date. Ask the managing agent for the current premium.
• Expect renewals to rise. The first-year figure is a quote. Increases at renewal pass straight into common charges.
• Compare coverage, not just cost. A cheap line may mean a high deductible or a lower building limit, as in the Chelsea example.
• Small buildings carry more risk per owner. With fewer owners to share the premium, one bad renewal moves everyone's common charges.

Not sure what the building's policy covers versus yours? See condo insurance vs. homeowners insurance. Compare insurance across buildings on our operating expense benchmarks, or search "buildings with insurance over 20% of budget" on The Condo Book Project.

Common Questions

How much does building insurance cost a NYC condo?

In plans filed in 2025 and 2026, the median budget is about $119 per apartment per month, or about 19% of the building's operating budget. Small buildings tend to pay more per apartment.

Why is condo insurance going up?

Budgets show property coverage rising fastest, followed by liability. Flood risk, construction status and higher deductibles also play a role in individual buildings.

Is condo building insurance included in common charges?

Yes. The master policy is a building expense, so every owner pays a share through common charges. Your own HO-6 policy is separate.

Can a condo's insurance cost go up after I buy?

Yes. The offering plan's figure is a first-year estimate. The board renews the policy every year, and increases are passed on through common charges.

Where this comes from: we compared the insurance line in the projected first-year budgets (Schedule B) of about 1,125 NYC condominium offering plans with a single insurance line and no commercial units. Figures are medians in dollars as filed, not adjusted for inflation. Per-square-foot figures use apartment sizes from each plan's Schedule A. Budgets are sponsor estimates at filing, not actual premiums. Updated October 2026.