Condo owners in Lilburn, GA, typically obtain a personal insurance policy to help replace or reimburse items within their condo. Meanwhile, the building owner or HOA usually purchases a master policy that covers shared areas, such as amenities or the roof.
Common Coverage
A personal condo insurance policy generally covers items inside the residence, including appliances, electronics, and jewelry. It may also help replace furniture or appliances. Many policies extend coverage to items in the yard that belong to the owner, such as patio furniture or lawn decor. However, all personal belongings are only covered under specific circumstances.
Covered Perils
Condo insurance policies provide coverage only if damage occurs during a covered event. These policies often list covered perils, such as electrical damage, fires, and theft. An agent at Garrison Insurance Group can help you understand which events are covered by your policy.
Common Exclusions
Many insurance companies exclude certain events or require additional coverage. For example, floods are commonly excluded from standard policies, meaning you may need to purchase separate flood insurance. The same applies to hurricanes. Additionally, most policies provide limited coverage for personal property, so you may need to purchase extra coverage for high-value items.
It’s essential to speak with an experienced representative at Garrison Insurance Group to understand your policy. They can assist with a risk assessment to determine the coverage you need for natural disasters. We can also discuss coverage limits and high-value items to ensure your personal property is adequately protected in the event of a crisis. Contact us today to learn more. We proudly serve the Lilburn area.
