While a condominium might be your home, the coverage you receive from your condominium insurance is not identical to that provided for a standalone home. It’s crucial to read your covenant to ascertain your required coverage. At Insurance Source Solutions in Oklahoma, we are independent insurance agents. We can offer a wider selection of options and more competitive prices than captive agencies.
Who is responsible for the exterior of your condominium?
The condominium association holds a master policy that covers the exterior of your condominium. The extent of the coverage inside the exterior walls largely depends on the specifics of the policy. Therefore, it’s important to know where your coverage needs to start.
What types of coverage does condominium insurance offer?
Condominium insurance incorporates basic coverage that most home insurances provide. These include property, content, liability, and loss of use coverage. In terms of content insurance, you can choose between current value and replacement cost. If your condominium becomes inhabitable due to severe damage, the loss of use coverage will offer you an alternative accommodation.
What does the condominium association master policy cover?
The condominium association master policy covers the exterior of the condominium, including parts such as the roof and exterior walls. Coverage also extends to damage to common areas and parking lots. It provides both property and liability coverage. As a result, you’ll not have to worry about insuring these aspects.
What is not covered by condominium insurance?
Similar to home insurance, natural calamities such as floods and earth movements, including earthquakes, landslides, and sinkholes, are not covered. If you possess high-value items like jewelry, electronics, antiques, or art, you might have to consider an additional coverage.
Contact Insurance Source Solutions in Oklahoma whenever you have any queries or concerns regarding condominium insurance.
