Planning to shift to condo living after years of residing in a house? If so, you may have asked yourself about condo insurance and if it’s the same as homeowners insurance.
Condo insurance is different from homeowners insurance in that you only need to insure your unit and anything inside your unit. With homeowners insurance, the policy covers the house itself, its contents, other structures within the entire property, and so much more.
Is condo insurance a prerequisite for condo living then? Whether you have already moved into your condo in Tulsa or are considering getting one in the area, you are not required by Oklahoma law to purchase condo insurance. The law mandates condo associations to insure the structure and common areas by obtaining a condo association master policy. However, buying a policy as a unit owner is highly recommended.
Condo Insurance Coverage in Oklahoma, Texas, & Missouri
Your policy and your condo association’s insurance combined ensure you are properly covered. When shopping for coverage to shield your unit and personal belongings against unforeseen circumstances, it’s better to check the association policy first to know what should be insured. Typically, insurance firms offer the following standard policies:
Building property. This provides coverage for items not categorized as personal property, including tiles, floors, walls, fixtures, and cabinetry. In the event of damage, this policy pays for their repair or replacement. However, some of these items may be covered by your association’s policy.
Personal property. Electronics, furniture, clothes, and other personal effects can be repaired or replaced with you not likely having to shell out a single dollar with this coverage.
Liability. Accidents happen. If someone files a lawsuit against you following an accident resulting in injuries or property damage that occur in your Tulsa condo, liability coverage pays for legal fees.
Additional living expenses. If you are required to temporarily move out of your condo, this reimburses the costs you incur on temporary housing and food, among others.
Medical payments to others. This insurance covers the medical expenses of visitors injured on your property, even if it’s not your fault.
Extra Protection for Your Oklahoma Condo
Most condo unit owners in Tulsa opt for add-on coverage for even better protection. You may consider any of these:
Buy Condo Insurance Policy Tailored to Your Specific Needs
Let our independent agents discuss with you how condo insurance works and how they can customize it to your needs.
At Hometown Insurance Agency, we ensure you have all the essentials to keep you, your residence, and your valuables protected. Contact us at 918-408-4598.