What Happens if You Don’t Have Condo Insurance?

Condo insurance is a common need in Dalton, GA, because it helps owners protect themselves from many problems. However, you may not have a policy with AWARD Insurance Group and wonder if you will ever need one. Yes, you do – without one, you could easily experience a severe financial loss.

Why You Need Condo Insurance

When you own or are leasing a condominium for a home, you have to purchase condo insurance to protect yourself. If you do not own an insurance policy, your lender may get upset and could potentially claim that your loan is void. This fight can be a complex legal issue and is best to avoid by buying a high-quality and comprehensive condo insurance policy for your home.

Even worse, you’re setting yourself up for a disaster if something ever happens to your home. The condo association won’t suffer if there is a fire because they have a separate policy for the building’s exterior. As a result, they could quickly rebuild the condo – and you’ll be able to move back in because you do own it. However, everything inside of your home will be a complete loss.

That’s because your condo policy helps to cover these items for you, such as your furniture, electronics, and other types of items. The master’s policy owned by the condo association may or may not only cover the structure but could also cover fixtures like the countertops, flooring, installations, fixtures, and much more. That coverage all depends on what policy they purchase.

Get the Help That You Need

If your Dalton, GA condo doesn’t have insurance and you’re worried about any losses you may experience, please don’t hesitate to contact us at AWARD Insurance Group right away to learn more about your options. We’ll help find a suitable policy that feels right for your needs as an owner.