Condo Association Insurance Cost?

[Meghan Danaher]

Hello! We recently went into contract to purchase a 2-unit multi-family property in Savannah, GA.  The property was in contract 3 times prior but fell out because of financing due to the structure of the ownership.  Basically it's set up as 2 condos instead of a multi-family so no one could get a mortgage to purchase the whole thing.

We were able to come in with a substantially lower bid since we can pay cash.  My original thought was to keep it as a condo for now because that left us with the option of selling just one of the units if we ever decided we wanted to, but then if we decided we wanted to mortgage it or sell the whole thing, we would convert it to multi-family.  

The issue that has popped up is that when speaking to an insurance agent, he mentioned that we would need separate insurance policies for each of the units (which is not a big deal) but then an additional policy for the Condo Association.

Has anyone had experience with buying Condo Association insurance? Obviously this is just for two units in one home, and I'm sure most Condo Association insurance is designed for larger more corporate entities. Could anyone give me a sense of cost?  Understand it will vary, but I'm just trying to think through considerations...