What is the most common coverage gap for Georgia condo owners?

The most common coverage gap for Georgia condo owners is the space between where the condo association’s master policy stops and where the owner’s policy begins, especially for interior finishes and the loss assessment exposure. Many owners assume the building’s policy covers everything, then discover at claim time that it does not reach inside their unit.

A condo association carries a master policy on the building and shared areas. That policy comes in two common forms:

• Bare walls covers the structure and common areas but stops at the unfinished walls, leaving the owner responsible for flooring, cabinets, fixtures, and built-ins.
• All-in (single entity) covers original interior fixtures but usually not your upgrades or personal property.

The gap shows up in two places. First, the interior buildout. If your master policy is bare walls, your unit owner policy needs enough dwelling, often called Coverage A or building property, to rebuild flooring, cabinets, and finishes. Second, loss assessment. If a covered loss exceeds the master policy limit or falls under its deductible, the association can bill each owner a share, and a small loss assessment limit can leave you exposed.

Here is an Atlanta example. A pipe break damages several units. The owner has a bare-walls master policy but only token interior coverage. Replacing the unit’s hardwood and custom cabinets costs $22,000, most of which the owner pays out of pocket because the unit policy limit was too low.

Ask your association for the master policy declarations so we can size your unit coverage to fit. See our condo insurance page for details, and request a free coverage review to close the gap.