Georgia Condo Insurance

What You Should Know About Georgia Condo Insurance

Condominiums and townhouses are becoming increasingly popular throughout Georgia. Condos can provide a convenient and maintenance-free lifestyle for urban workers or a spacious hotel alternative for vacationers. If you own a condominium or townhouse in this gorgeous Southern state, it is important that you protect your finances with a suitable condo insurance policy.

When you are shopping for a policy, you can turn to an independent insurance agent in the Trusted Choice® network for assistance. These professionals can answer your insurance-related questions, offer ethical advice and provide you with a variety of competitively-priced Georgia condo insurance quotes for comparison. Contact a local member agent today for more information.

  • Athens: $24,900 to $499,900
  • Atlanta: $5,000 to $7,000,000
  • Augusta: $9,900 to $349,900
  • Columbus: $8,500 to $474,900
  • Savannah: $69,900 to $1,700,000

Condominiums come in a wide range of prices and square footage. If the idea of cooperative-living appeals to you, you should have no trouble finding a suitable condominium within your budget.

The structure of the building in which your unit is housed as well as all common areas will be covered by the condominium association’s master insurance policy, but you will need your own Georgia condo insurance policy to cover everything within your unit.

How Does Condo Insurance Differ from Home insurance?

Condo insurance, also known has H-06 insurance, is a type of homeowners insurance policy designed specifically for the unique needs of condo or townhouse owners. It is less expensive than a traditional homeowners policy because it does not have to cover the exterior structure or recreational areas.

Some condo association master policies may require you to carry walls-in coverage on your condo. This means that you will be responsible for any damages that occur within your unit, including to your walls, floors and ceiling.

What Does Georgia Condominium Insurance Cover?

Condo insurance policies can very slightly from one insurer to another, but will typically provide contents coverage and liability coverage.

Contents coverage: This provides compensation for loss or damage for your personal property. Losses may be sustained due to catastrophes such as fire, or loss from of property crimes such as burglary. It is a good idea to make sure you carry enough coverage to properly protect all your personal belongings, including home improvements such as light fixtures and draperies. Some expensive items such as jewelry and artwork may need an additional endorsement, or rider, to be fully insured.

Liability coverage: This provides coverage for liability claims against you if someone is injured while in your home. Injuries that occur in common areas, such as hallways and on-site gyms and pools, will likely be covered by the condo’s master insurance policy. Liability coverage may also protect you from lawsuits due to libel or slander charges or if your pets or children cause an injury or property damage to others. Be sure to familiarize yourself with the liability coverage offered by each insurer.

How Much Does Georgia Condo Insurance Cost?

Condo insurance is typically less expensive than traditional home insurance. While homeowners policies average $833 a year in Georgia, condo owners can expect to pay between $200 and $500 for a policy.

The actual cost of your policy will depend on several factors, including how much coverage you are purchasing, the age and structure of your condominium, the property crime rate in your neighborhood and security features in the complex.

Annual Burglary Rates in Major Georgia Cities:

(per every 1,000 households)

  • Athens: 12.13
  • Atlanta: 17.71
  • Augusta: 19.44
  • Columbus: 17.30
  • Savannah: 11.09
  • The state of Georgia: 9.75
  • The United States: 7.02

Burglary, amongst other risks, is a concern for many renters, homeowners, and condo dwellers. The complex you choose to live in might have a secure entry, or security cameras in common areas, as examples.

You may also have a security system in your unit, which can prevent burglaries and deter thieves from damaging your valuables. Make sure to ask your insurer if these security measures will earn you a discount.You may also be able to lower your policy rate by taking advantage of discounts that are offered by many insurance companies. These can include discounts for having multiple policies, including fire and burglar alarms in your home, remaining claims-free and for allowing automatic payments to be sent electronically from your bank account.

Compare Georgia Condo Insurance Quotes

Independent agents in the Trusted Choice network will help you with your comparison-shopping by supplying you with a variety of policies to review. These agents can provide you with professional advice about coverage amounts and policy options and can also answer your insurance-related questions.

It is easy to find an agent close-to-home and set up an obligation-free meeting. Contact a local agent in the Trusted Choice network today to compare Georgia condo insurance quotes in no time.

Now, who's ready to get their insurance problems solved?