Condominium Insurance

If you enjoy being part of a community, a condominium might be the ideal living arrangement. Shared resources, such as pools and activity rooms, and less upkeep, make this a desirable housing option for many people. 

A condominium is a great alternative to owning a house or renting an apartment. However, just like these dwellings, a condo also has insurance needs that need to be considered if you choose this type of home. 

What Is Condominium Insurance? 
Condominium (condo) insurance can protect you as a property owner. This insurance can help cover costs if you have property damage to your unit or a loss of personal belongings—it’s homeowners insurance for your condo. A condo insurance policy may also include coverage for your possessions, structural improvements to your living space and additional living expenses if you need to live elsewhere because of a covered incident.  

Why Do I Need Condo Insurance? 
Many condominium associations have their own coverage, which might cover the condo’s building, commonly owned property and the association’s liability insurance. However, many times the condo’s policy won’t cover its condo owners or their possessions. The condo association doesn’t usually cover a break-in, water damage, or someone injuring themselves in your condo. 

A condominium policy can help protect your personal property and the interior of your unit. You also gain liability protection for bodily injury or property damage to others.  

What Does a Condo Insurance Policy Cover? 
Your condominium association and Georgia law determine what is covered under your state’s master insurance policy. In most cases, the association’s coverage stops after the exterior walls, which means you’re responsible for the interior walls, fixtures and your personal property and liability.  

Your own condo insurance policy usually includes coverage for these types of damage: 

• Accidental water discharge
• Fire or lightning 
• Smoke
• Theft
• Windstorm 
• Vandalism or malicious mischief