Oklahoma Condo Insurance

Find the Best Condo Insurance Rates & Companies in Oklahoma 

Whether you bought your condo for a more affordable lifestyle, the shared responsibility of outside maintenance with your homeowners association, or a convenient location near Oklahoma City or other population centers, you've made a serious investment. To protect that investment, you'll need condo insurance. This coverage can reimburse you for unexpected lawsuits, additional living expenses, and personal property damage.

A local independent insurance agent in Oklahoma can help you get matched to a condo insurance policy with ease. Your agent can evaluate your needs and get you set up with the ideal amount of coverage. Until then, here's an overview of Oklahoma condominium insurance requirements, coverage options, average rates, and more.

Best Condo Insurance Companies in Oklahoma

You could buy condo insurance from many different carriers in Oklahoma. However, only a few carriers provide the best coverage around. Here are our recommendations for the best condo insurance companies in Oklahoma to start you off on the right foot.

1. Foremost: This insurance company sells condo insurance and many other types of personal insurance. Foremost has excellent ratings from AM Best and the Better Business Bureau (BBB), offers a long list of discounts, and provides 24/7 claims reporting services.
2. Travelers: Travelers is a longstanding carrier in the industry, has great ratings from both the BBB and AM Best, and offers many discount options. They sell many types of insurance, including condo insurance.
3. Progressive: Progressive has a superior financial strength rating from AM Best, offers many discount options, and provides 24/7/365 customer service. Progressive offers many types of insurance, such as auto and home, as well as condo insurance.

An Oklahoma independent insurance agent can help you shop and compare policies and quotes from each of these top-rated carriers and others that offer coverage near you.

What's the Difference Between HO3 and HO6 Insurance?

Condo insurance is a specialized form of homeowners insurance and is often referred to as HO6 insurance. A condo insurance or HO6 policy provides coverage for your personal liability and personal belongings, also referred to as contents. 

In contrast, an HO3 home insurance policy covers liability, contents, and the dwelling or structure of your home. Condo insurance doesn't cover the building's structure or foundation because this coverage is typically provided by the homeowners association's master policy.

Is Condo Insurance Required in Oklahoma?

Condo insurance may not be required by state law in Oklahoma, but you're still likely required to have a policy. Many mortgage lenders require lendees to have condo insurance. 

Further, many condo associations require condo insurance, as well. Having condo insurance can be a wise decision regardless of whether it's required, however, because it provides critical reimbursement if you are sued or your personal property gets damaged or destroyed in a disaster like a fire.

What Does Condo Insurance Cover in Oklahoma?

In Oklahoma, like most anywhere else, condo insurance includes coverage for your personal property, liability, and additional living expenses. Condo insurance typically provides these protections:

• Contents coverage: This can reimburse you for any repairs or necessary replacements of your personal property that gets stolen, vandalized, lost, damaged, or destroyed by a covered disaster.
• Liability coverage: This can reimburse you for lawsuit expenses like attorney and court fees if a third party sues you for bodily injury or personal property damage.
• Loss of use coverage: This can reimburse you for additional living expenses (e.g., lodging, meals, laundry services, and extra gas mileage) if you're forced to live somewhere else temporarily while your condo gets repaired after a fire or another covered disaster. 

Your Oklahoma independent insurance agent can help you find a condo insurance policy that includes all the protection you need.

What's Not Covered by Oklahoma Condo Insurance?

Make sure you understand what's excluded by your condo insurance policy, too, before you ever try to file a claim. In Oklahoma, condo insurance typically won't cover the following:

• Flood or earthquake damage 
• Routine maintenance expenses
• Insect damage or infestation
• Intentional or malicious acts against third parties
• Water or sewer backup damage

Typically, you can buy an endorsement for water or sewer backups to add to your condo insurance. You can also buy a separate flood insurance policy to protect your personal property against natural flood damage caused by rainfall, melting snow, etc.

How Much Does Condo Insurance Cost in Oklahoma?

Oklahoma's average condo insurance rates are a bit higher than the current national average of $455 per year. In Oklahoma, condo insurance costs an average of $625 annually. However, your specific policy's rates may vary based on the following criteria:

• Your deductible amount
• Your condo's location
• Your personal claims history
• How much coverage you need
• The value of your personal property

Asking your insurance agent about common Oklahoma condo insurance discounts is an easy way to potentially reduce your premiums quite a bit.

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