Condominium insurance is similar to homeowners’ insurance for single-family homes in Lilburn, GA, but with several key differences.  Condo owners usually need to buy this protection before taking possession of the unit. You’ll also need to consider what your condo building association covers in its master policy before you purchase your personal one from Garrison Insurance Group.

What Does Your Condo Association Cover?

Before buying personal condo insurance, read your condo association insurance policy, which will outline the coverage your association will provide for your building. These policies differ widely, so reading yours will help determine what coverage you already have and what you can exclude. Association insurance generally covers damage to the building’s roof or siding and mishaps in common areas like hallways, elevators, the lobby, and the like. Ask your association for a copy of the policy to determine what necessary coverage your personal policy should have.

What Coverage Should I Buy?

First and foremost, you want to protect your personal belongings, such as clothing, furniture, electronics, and similar items. Condo insurance typically covers the following:

• Personal property
• Additional living expenses or loss of use
• Liability and medical payments
• Dwelling or building property coverage
• Bare walls coverage
• Loss assessment

Virtually no master condo policies cover your personal belongings, which will be a major part of your policy. However, seriously consider adding additional living expenses if your unit becomes uninhabitable due to mishaps like fires in other units. You’ll also want liability coverage if someone sustains injuries from an accident in your unit. Consult the master policy for bare wall coverage and loss assessment. If you are unsure about the language in the document, the agents at Garrison Insurance Group, serving Lilburn, GA, can assess the situation. Contact our office today for an appointment to get started on your coverage.

If you have recently purchased a condo or are looking to purchase one in the near future, you may come to learn that you will need to purchase condo insurance. One of the questions that people have when they first hear about condo insurance is how exactly condo insurance differs from home insurance. Here at Garrison Insurance Group, serving the greater Lilburn, GA area, we want to help answer any questions you may have.

Here is more information about how condo insurance differs from home insurance. 

How Does Condo Insurance Differ From Home Insurance?

Condo insurance, also known as HO6 insurance, covers your personal property and the interior of your condo unit, such as walls, floors, and fixtures. It also provides liability coverage for accidents that occur inside your unit or that you are responsible for, such as damage caused to a neighbor’s property.

On the other hand, home insurance, also known as HO3 insurance, covers the structure of your entire home, including the roof, walls, and foundation, as well as your personal belongings. It also provides liability coverage for accidents that occur on your property or that you are responsible for.

Another difference between the two policies is that condo insurance may include coverage for certain shared areas, such as the lobby or swimming pool, which are owned by the condo association. In contrast, home insurance typically does not cover shared spaces.

We Can Help!

While the basic idea behind condo insurance and home insurance is the same, what is covered can vary between the two different types of policies. If you are looking to purchase a new condo insurance policy in the greater Lilburn, GA region, Garrison Insurance Group would love to help you. Call us today to obtain an estimate.