GEICO says condo insurance is a must have for condo owners

Washington, D.C., December 17, 2013 – Living in a condominium is a great alternative to renting an apartment or owning a single family home. Condo living offers a variety of conveniences and amenities. But along with the perks comes a unique set of insurance needs. GEICO wants condo owners to understand why condo insurance is a must have for condo owners.

"Many condo owners assume that since their condo association has insurance, they are fully covered," said John Zinno, president of GEICO Insurance Agency. "Unfortunately that's not the case. Your condo association insurance only covers the building, commonly owned property and liability for the association. The condo owner assumes all responsibility for the interior of their unit."

That means if your personal property is damaged in a fire or stolen, there is no reimbursement to you. Condo insurance offers coverage options well beyond what's covered in a basic condo association insurance policy and protects against damage or loss, bodily injury liability and property damage to others. Condo insurance also provides coverage protection from windstorms, fire and lightening, theft or break in, smoke and vandalism.

"Condo insurance is designed specifically to protect owners from assuming risks that are not covered by their condo association," said Zinno. He also notes that condo owners should have a complete estimate of the value of their personal property.

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GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the second-largest private passenger auto insurance company in the United States. GEICO, which was founded in 1936, provides millions of auto insurance quotes to U.S. drivers annually. The company is pleased to serve more than 14 million private passenger customers and insures more than 23 million vehicles (auto & cycle).

Using GEICO's online service center, policyholders can purchase policies, make policy changes, report claims and print insurance ID cards. Policyholders can also connect to GEICO through the GEICO App, reach a representative over the phone or visit a GEICO local agent.

GEICO also provides insurance quotes on motorcycles, all-terrain vehicles (ATVs), boats, travel trailers and motorhomes (RVs). Coverage for life, homes and apartments is written by non-affiliated insurance companies and is secured through the GEICO Insurance Agency. Commercial auto insurance and personal umbrella protection are also available.

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