"The association master policy covers my condominium, right?" Well, it protects the association, but not you. Coverage for personal liability and personal property comes from a personal condo policy and not from the association.
Association master policies do not cover you personally. The association's master policy should cover the condo unit structure interior and exterior, 'as built,' but may not cover improvements made by the unit owner.
Georgia condo association insurance law was changed effective July 1, 2013 allowing associations to increase the amount of the master policy deductible that can be charged back to the unit owner. If a claim is filed on the master policy, the unit owner could be assessed an amount equal to the master policy deductible up to $5,000. The amount can be higher if the association was not required to carry a coverage.
Many personal insurance agents don't have a good understanding of condo association laws and how to evaluate master policies. If an agent is still using terms like 'from the studs in or studs out,' they are probably not well-versed in this type of insurance. Get and read your association documents and master insurance policy declarations.
Mountain Lakes Insurance always recommends and encourages our insureds to check with us first when it comes to what is or is not covered. Our experienced agents can provide answers to most questions right away or we will quickly check with our underwriters or claims partners if we're not sure. Don't wait until after the accident to make sure you are covered.