Get the Best Condo Insurance in Oklahoma

What is a condo insurance policy?

A condominium, also known as “condo” insurance policy is a packaged insurance policy providing property and liability coverages tailored to the needs of most condo owners. However, it only protects the individual unit, also referred to as “studs-in”, not common areas, such as hallways, staircases and elevators, which are covered by the condo association’s insurance policy.

The key coverages available for a homeowners policy include dwelling, other structures, personal property, loss of use, personal liability and medical payments. Additional coverages may be added as endorsements to tailor to the needs of the condo owner. Flood and earthquake coverages are not included on a standard homeowners policy but may be added separately.

What does a condo insurance policy cover?

Dwelling Coverage: This coverage can help provide reimbursement for damage to the insured’s condo. It covers damages caused by theft or vandalism, fire and weather, such as hail, lightning and other weather events. The coverage needed is the total cost of removing the damaged debris plus rebuilding a new comparable structure. Dwelling coverage for condos are referred to as “studs-in” and do not cover the common areas of a condo community.

Other Structures: This coverage can help provide reimbursement for damage to the insured’s detached structures, such as a fence, garage, tool shed or gazebo. It covers damages caused by theft or vandalism, fire and weather, such as hail, lightning and other weather events. Depending on the carrier, other structures coverage is usually set at a default percentage of the dwelling coverage, but can be customized as needed.

Personal Property: This coverage can help provide reimbursement for damage to the insured’s personal property, such as furniture, clothes and sports equipment. It covers damages caused by theft or vandalism, fire and weather, such as hail, lightning and other weather events. Depending on the carrier, personal property coverage is usually set at a default percentage of the dwelling coverage, but can be customized as needed. The best way to determine how much personal property coverage needed is by conducting a home inventory.

Expensive items like gun collections, jewelry, furs, art, collectibles and silverware are covered, but there are usually dollar limits in these categories. To insure these items to their full value, purchase a special personal property endorsement, or floater, and insure these items for their officially appraised value.

Loss of Use or Additional Living Expenses Coverage: This coverage can help provide reimbursement for additional costs of living away from your condo while it’s being repaired or rebuilt after a covered catastrophe.

Personal Liability: This coverage can help cover you against lawsuits for bodily injury or property damage that you, your family members or even your pets cause to other people. For example, if your child or dog accidentally ruins a neighbor’s expensive rug, you are covered. The liability portion of your policy can pay for both the cost of defending you in court and any court awards, up to the limit stated in your policy.

Medical Payments Coverage: This coverage can help pay for reasonable medical expenses to others. If a friend or neighbor is injured in your condo, he or she can simply submit medical bills to your insurance company. This way, expenses can be paid without a liability claim being filed against you. It does not, however, pay the medical bills for you, your own family or your pet.

Endorsements:

Endorsements are optional coverages that can be added to an insurance policy. Endorsements can help cover additional or unexpected expenses not covered by the standard coverages.

Why do I need condo insurance in Oklahoma?

Oklahoma is known in the insurance industry as a “cat” state, meaning there’s an above average rate of catastrophes in Oklahoma. Oklahoma is known for hail storms, tornadoes and ice storms. These perils cause a high number of insurance claims, which in turn causes the insurance rates in Oklahoma to be higher than the national average.

Accidents happen, so it’s important to be prepared. Condo insurance can protect a condo owner from financial ruin caused by unexpected and often expensive accidents, lawsuits and perils, such as:

  • Fire, lightning and smoke damage
  • Wind and hail
  • Snow, ice or sleet and frozen pipes
  • Falling objects
  • Explosions
  • Vandalism, theft, riots and unrest
  • Lawsuits for libel, slander and other bodily injury claims

A condo association’s policy will only cover the exterior of the condominium. Condo insurance will cover losses for the interior and personal possessions.

Who needs condo insurance in Oklahoma?

Although there is no law requiring condo insurance, anyone who owns a condo in Oklahoma should have condo insurance. Home equity and mortgage loan companies will likely require that a condo is insured before a loan is financed. Many condo owners without mortgages still carry condo insurance to protect what is likely their most valuable asset.

How much condo insurance do I need?

At a minimum, most mortgage companies will require that a condo policy covers 100% of the replacement cost of the condo.

The amount of condo insurance you need depends on the cost to replace your condo unit, other structures on your property and your personal property; how much alternate living expenses and personal liability protection you would need; and medical expenses you think your guests would need.

How can I get the lowest condo insurance premiums in Oklahoma?

There are many factors that determine an insured’s premium rate. Some factors are out of our control, such as our age, the economy, cost of building materials and all of the insurance claims being filed in the region. However, some of our life decisions can make an impact on our insurance premiums, such as our credit rating, driving record and recent insurance claims. Below are a list of several ways you can get the best rates in Oklahoma:

  • Shop multiple insurance carriers at once with an independent insurance agency like Scherer Insurance
  • Having good credit history
  • Having a good driving record
  • No recent insurance claims
  • Having a college degree
  • Being married
  • 3+ years at your residence
  • 3+ years at your workplace
  • 3+ years with your current insurance carrier
  • 3+ years with continuous insurance coverage
  • Newer condo
  • Located near a fire hydrant
  • Located near a fire station
  • Located within a fire department district
  • Located inside city limits
  • Located in a low crime ZIP code
  • Located in a retirement community
  • Located in a gated or limited access community
  • Located in a community with manned security
  • No swimming pool, but if there is, have a fence and no diving board or slide
  • No trampoline, but if there is, have a safety net
  • No dogs on the banned breeds list
  • No dogs with bite history
  • No wood burning stoves
  • No fireplace
  • Not used for business, farming or ranching
  • Companion “bundling” policies such as your condo and auto policies with the same insurance carrier
  • Opt for a higher deductible
  • Owning your condo instead of financing
  • Paying your premium in full
  • Paying via EFT payments as opposed to mailing checks
  • Retired or a senior citizen
  • Impact-resistant (hail-resistant) roof
  • Dead-bolt locks or certain other security measures
  • Approved electronic burglar alarms
  • Smoke alarms, interior sprinkler systems or other fire prevention systems
  • Smoke detectors and carbon monoxide detectors
  • Fire extinguisher(s)
  • Recent heating, electrical, plumbing or roof updates
  • Advance quote or early-signing discount
  • and many more

When you request a quote from Scherer Insurance, you can be confident that every possible credit and discount will be requested.

How can I buy condo insurance in Oklahoma?

There are two easy ways to get a quote or request more information for condo insurance in Oklahoma: