Moon-Baker Agency

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Ada, OK 74820

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What Kind of Insurance in Ada, Oklahoma, Cover Shared Common Area in a Condo?

Purchasing a condo means that the new owner must pay for more than just protection on a personal space. A shared common area in Ada, Oklahoma will also be part of the space that an individual or family is responsible to help maintain. The shared common area of the new home is any space that every family or individual in the condo can enjoy, such as a gym, pool or outdoor garden.

Basic Insurance

It is not a personal responsibility to purchase individual coverage for a shared space. A homeowner’s association fee or similar condo charges are part of the agreement when a new owner purchases the living space.

The basic insurance for the space is usually classified as a condo association insurance plan. The amount of coverage required will vary based on the specific location of the building, the risks associated with the location and the type of damage that may occur. For example, an area that has a high risk of flooding will require flood coverage.

Finding the Right Plan

The right plan for any building will vary, even when it has limited space that is shared among all of the owners. Identify the specific spaces involved and then the risks associated with those spaces. For example, a pool may have a risk of injuries that a garden does not.

Seek a policy for the entire building and get a quote based on the risk factors, concerns and amount of space. Each condo owner is responsible for a portion of that cost based on the amount of space their condo takes up in the building.

Protecting the shared spaces within a building is not the same as protecting individual and personal belongings. It requires an appropriate plan for the entire association. Call today to learn more about protecting a condo and to speak with an independent agent.

Does my home insurance cover expensive artworks in Ada, Oklahoma?

When you decorate your Ada, Oklahoma home, you may be attempted to adorn your residence with expensive paintings or photographs. Or perhaps you’re a collector with many rare works of art around your home. While standard decorations may receive coverage under your homeowner’s insurance, you may want to check your policy to insure that your valuable works will be covered. Many standard policies will inadequately cover expensive pieces of art; leaving you to pay the bill for damaged artwork should a disaster occur.

How Much of My Artwork Will Be Covered?

Typically, your homeowner’s policy will provide some compensation for works of art in your home. Depending on your policy, you can expect your policy to pay you for up to $2000 for damaged artworks. When it comes to more expensive pieces in your collection, this can be problematic. When your insurance doesn’t cover the value of your artwork, you will need an additional rider to protect your valuable artworks.

How Can an Independent Agent Help?

Some insurance companies are more generous about covering artworks than others. An independent agent carries policies from several insurance companies and can help you determine which company will provide the best coverage with their standard policy. If you need additional riders to cover your art collection, an independent agent can help you make comparisons so that you can obtain the best deal.

Even if you are already insured when you decide to add new works of art to your home, an independent agent can be of tremendous help. An independent agent can help you obtain extra coverage for your works of art mid-coverage or at renewal time so that the new additions to your home aren’t left without proper protection.

Contact us today to speak with an independent agent who can help you obtain coverage for the valuable pieces of art in your home.