Best Condo Insurance in Georgia
- Best Condo Insurance in Georgia
With the possibility of personal ownership and top amenities at a lower overall price than a traditional home, the perks of condominium living attract many in Georgia.
An additional perk: condo insurance is cheaper than homeowners insurance. Finding the right balance between coverage and affordability can be tricky, so we created this comprehensive guide detailing average rates, cost factors, and more.
Whether you’re a first-time condo owner or a seasoned resident, read on to discover how you can safeguard your investment with the best condo insurance in Georgia.
How Much Is Condo Insurance in Georgia?
The average Georgia condo insurance cost is $541 per year or $45 monthly. Rates at typical coverage levels ranged from $38 to $69 per month.
The exact cost you encounter will vary by location, building, and more, as insurance costs are highly variable depending on the risk of your property. As an independent insurance agency, we want to help you find the best price for your insurance coverage.
Take a look at average condo insurance rates in Georgia, so you know what to expect when shopping for coverage.
Average Cost of Condo Insurance in Georgia
$20,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 and over
Avg. Annual Rate
Avg. Monthly Rate
Most people will suffice with $25,000 to $50,0000 of personal property coverage, so your monthly payments will likely fall in the $38 to $56 range. Condos often usually don’t have the square footage to keep too many items.
What Does Condo Insurance in Georgia Cover?
Formally called HO-6 insurance, condo insurance covers various aspects of condominium unit owners’ belongings and liability. The policy financially covers several sources of damage, officially called perils. Some of the most common covered perils are theft, fire, water, and wind damage.
You’re covered from these perils through the following coverage in your policy:
Personal Property Coverage
Personal property coverage covers your belongings such as furniture, appliances, clothing, electronics, and more from covered perils.
Loss of Use Coverage
Loss of use coverage helps pay for meals, gas, lodging, and more if your condo becomes uninhabitable after damage from a covered peril.
Liability coverage protects you financially if you’re held liable for injuries to other people or damage to their property. It helps cover medical expenses, legal fees, lost wages, and more.
Medical Payments Coverage
Medical payments covers medical expenses if someone is injured on your property, regardless of fault. It assists with minor injuries.
Loss Assessment Coverage
Loss assessment coverage in condo insurance protects you against unexpected assessments resulting from a covered loss that exceeds your condo association’s insurance policy.
Building Property (Dwelling) Coverage
Dwelling coverage protects many structures on the interior of your unit, like flooring and countertops.
How to Get the Best Condo Insurance in Georgia
Getting the best condo insurance in Georgia requires knowing your coverage needs and understanding your condo association’s insurance policy. Once you know which and how much coverage you need, you should shop around from several companies to find the best rate.
What You Need to Get a Quote
To get a condo insurance quote, you need to know the following:
- Year of building construction
- Square footage of unit
- Number of units and tenants in the building
- Pet ownership details
- Loss history details
Insurers can pull up much of the information about your condo building from public records and data providers. Still, having the information handy is useful when they can’t find it. You’ll also need to provide personal information like your name, email, and phone number.
Many companies offer the ability to quote online. Note your user experience when using their website. If you quote over the phone, assess their customer service. Pleasant experiences are a good sign.
What You Need to Get the Best Coverage
You want your personal condo insurance to work with your association’s master insurance plan. Since condos practice shared ownership, every condominium homeowners insurance association (HOA) has insurance to cover common areas and building structures.
Some HOAs have walls-out or bare walls coverage, which excludes everything in your unit. Other condos have walls-in policies covering some surfaces and permanent features in your unit, like countertops, flooring, and light installations.
Condo unit owners in HOAs with walls-out coverage should include dwelling coverage in their personal policies. You’ll also sometimes need dwelling coverage even when you have walls-in coverage if you’ve upgraded your unit since some HOAs will only cover the value of original fixtures with their insurance coverage.
You should also seriously consider loss assessment coverage. In the southeast, where hurricanes and tropical storms are a major risk, condo associations don’t always have enough protection to fully cover them in case of a serious impact.
You should recognize the difference between actual cash value and replacement cost in your policy. After damage, actual cash value reimburses you for your items, accounting or depreciation. As a result, you won’t receive the full price of an item unless it is brand new.
You get lower payouts with actual cash value coverage than with replacement cost coverage, with which your provider will reimburse you what you paid for an item after damage, regardless of when you bought it.
The best condo insurance in Georgia for your needs may include some endorsements or optional coverage additions. While they cost extra, an endorsement may be well worth it if it covers you sufficiently. Insurers commonly offer endorsements for home-based businesses, equipment breakdowns, water backups, and more.
Tips for Getting Cheap Condo Insurance in Georgia
You’re in control of your condo insurance. Costs vary by provider, but you’re not totally at the mercy of the prices they set. To help keep rates low for some cheap condo insurance in Georgia, try following these tips:
Adjust policy limits: Make a home inventory to determine exactly how much personal property coverage you need. This will prevent you from getting higher limits than necessary since a home inventory will give you a precise value of your belongings.
You can also adjust your liability and medical payments limit, although we don’t suggest setting your liability limit to the minimum. One hundred thousand dollars is a common minimum, but that doesn’t go very far with possible medical bills and legal fees in today’s climate. Limits between $300,000 and $500,000 work for most people, so figure out a limit that falls within your budget around there.
Seek discounts: Always ask providers about the discounts you can qualify for. One of the most common is bundling, which is housing multiple insurance policies with one company. You can often save 10% to 20% by bundling. Many carriers also offer discounts for policyholders with home security systems. Companies also often discount rates based on military status, apartment construction, and more, so be sure to ask in order to achieve cheap HO-6 insurance in Georgia.
Important Georgia Condo Insurance Cost Factors
The average condo insurance in Georgia costs $541 annually. This rate varies by location since cities and buildings have different risks to consider. Additionally, two people in the same building can have different premiums as they can have differing loss histories and coverage amounts.
Some of the most critical factors that affect average condo insurance costs in Georgia are:
- Building features
- Coverage amounts
The potentially property-damaging risks your unit is exposed to change depending on your location. For instance, some condos in Atlanta may have higher insurance premiums than other cities due to higher property crime rates than the rest of the state. Additionally, condos near Georgia’s coast can have relatively costly premiums due to the increased risk of damage from hurricanes or tropical storms.
Older condo buildings may have higher insurance costs because older construction is more prone to damage due to wear and tear over time. Older roofs and siding are less resistant to wind and debris damage. Also, outdated pipes and wiring can be more hazardous and lead to fire or water damage more easily.
Having higher coverage amounts will increase your rates. Also, opting for endorsements will raise premiums, although that doesn’t mean they’re not worth it.
Is Condo Insurance Required in Georgia?
While condo insurance isn’t mandated by law in Georgia, it’s highly recommended to carry coverage and is often a requirement by condo associations or mortgage lenders.
If you have a mortgage on your condo, your lender will require you to have condo insurance as a condition of the loan. This protects the lender’s financial interest in the property, as the insurance company can reimburse the lender and condo owner for property damage.
Even if you don’t have a mortgage, many condo associations require residents to have personal condo insurance before they move in to further limit the liability of the association and other residents.
How to Get Georgia Condo Insurance Quotes
A guaranteed method to save money on your insurance is to get quotes from multiple companies. At Clovered, we make this easy by partnering with some of the best condo insurance companies in Georgia.
As an independent insurance agency, it’s our goal to find you the best rate. Use our online quoting engine when getting condo insurance quotes in Georgia to compare rates from top providers in your area in minutes.
Protect everything your condo association doesn't with a custom condo insurance policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.