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Georgia Condo Insurance Coverage

Condo Insurance

Condo Insurance

If you recently bought a condominium, or are contemplating a condo purchase, you're probably wondering how much or what type of insurance you will need. Because condo insurance differs somewhat from homeowner's insurance for single-family houses, you'll need to do a little homework before you buy your policy. Here's a couple of things to keep in mind.

What does the association insurance cover?

Since the condo association usually carries a policy for the building structure and common areas, you need only insure what you own, for the most part. But what all might that be? You'll need to read your association by-laws to be certain of what is not covered concerning your individual unit. Typically, your walls, ceilings, floors and everything contained within them are yours to insure. However, if your condo is stacked, that is, you have neighbors above and/or below, you'll want to find out who covers any damage that encroaches from another unit, such as fire or water damage from burst pipes or bathtub overflows.

As much as you might like to skip this type of research, you should buck up and dig in to your bylaws. Don't forget to ask your association management to learn exactly what to expect from the association's particular insurance policy if anything happens to the building that directly affects your unit.

Do you need separate policies for personal items, structural damage and liability?

Once you determine what the association policy covers and excludes, you have a place to start on buying your own policy. You'll want to consider covering not only the structure inside your unit, but also protecting yourself against burglary, theft, vandalism and personal liability. Just like homeowner's insurance for a house, you should be sure to protect yourself against injuries within your unit and loss of property outside the unit.

Your friendly Fuller Sudlow condo insurance agents are here to help you sort out your needs for condominium insurance coverage. Please avail yourself of our online rating tool or contact us for an appointment with an agent today.

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