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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.
