Although the condo association’s policy is used for covering the area surrounding the condo, a separate condo insurance policy is needed for owners to insulate themselves from any damages that occur inside the condo. As a result, it’s recommended to think of a condo insurance policy as being similar to the type of liability coverage typically offered in a Tulsa home insurance policy.
In addition to protecting the condo owner from any damages that occur inside the property to another individual, condo insurance can also help cover the costs of other types of damage, such as to the property itself or to other items within the property. Since condo coverage can be applied to a wide variety of different scenarios, it’s an incredibly useful tool for any condo owner.
Just as with other Tulsa home insurance policies though a large portion of the coverage’s effectiveness stems from how the policy itself is worded. There are primarily two different types of coverage offered for condos: “all-in” and “bare walls-in.” An “all-in” condo coverage policy protects the owner from any costs associated with damage to appliances within the condo. This type of coverage also extends protection to any plumbing that might be in the area or any electrical work that has been done.
By contrast, a “bare walls-in” type of coverage policy is limited to just the walls of the condo. This type of policy is designed for someone that may not be terribly concerned with the safety of their property and simply wants coverage for the condo unit itself. Since the type of coverage can vary from condo association to condo association, the best thing for any prospective condo owner to do is check with their association as to which type of policy is offered.
If the condo association only offers a “bare walls-in” policy, then it is up to the condo owner to seek out an “all-in” policy for their unit. And, as with other types of coverage, additional costs are associated with further financial protection on specific items, such as pieces of art or jewelry.