a series by Mountain Lakes Insurance
“Am I covered … for my condo?”
“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.
The master policy may not cover all types of loss. A condo association is only required to insure for fire and extended coverage. The association is not required by law to carry coverage for water damage, water backup and other causes of loss.
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. Give MLI a call today at 770-926-9444 or contact us here.
Information contained in this article is based primarily on the author’s knowledge and experience and also includes content derived from other expert sources including Insurance Information Institute, IIAG/Trusted Choice, and some of the companies that we represent such as Safeco Insurance Co., The Hartford, Travelers Insurance Co., Auto-Owners Insurance Co., Grange Insurance, Progressive Insurance, Foremost Insurance, American Strategic Insurance (ASI), Encompass Insurance, Hagerty Collector Car Insurance.