People who own a condo have many similar concerns to homeowners. These can include protecting their property from accidents, severe weather, theft, vandalism, and many other mishaps. Condo insurance is required for property that is financed through a mortgage just like homeowners. That is why it is important to get in touch with an insurance expert at Wichalonis Insurance Agency for more information.
Under Georgia Law, either the association that maintains a group of condos or the individual owners must retain some kind of insurance coverage. Therefore, insurance is required, but it may be integrated into association fees or obtained through other arrangements. Condo owners also need to be aware that a blanket policy for their entire association may not give coverage of many of the common problems that are protected under homeowners insurance. The association is essentially required to obtain insurance that will cover HVAC equipment, structures such as the walls ad ceilings, and protection from lawsuits in the form of liability coverage. This means that the individual owner is responsible for maintaining coverage that extends to everything else in and around the home. This can be especially important as repairs and damage can still be very costly for things not covered under the association’s broad policy.
Speak to an agent that serves Cumming GA
If you need any further information about the requirements of condo insurance, it is best to speak with someone who can answer your questions and provide coverage that matches your needs. Wichalonis Insurance Agency is available to provide this assistance to anyone who is interested in obtaining or changing a condo insurance policy.