News Articles
Loss Assessment Coverage Recommendation
Posted on May 11th, 2021
What is Loss Assessment Coverage?
Loss Assessment coverage is a policy that provides protection to condominium owners when the building and/or common areas have been involved in a claim. It will cover any remaining out-of-pocket expenses that weren't covered under the HOA policy.
What Coverage Does A Loss Assessment Policy Provide?
This additional policy will cover:
- Damage to the exterior of buildings as a result of a natural disaster or similar events (i.e. tornado, severe windstorms, etc.)
- Injuries in common areas
- Deductibles on HOA Policy
How to Acquire Loss Assessment Coverage
Each unit owner should contact their individual agent to add loss assessment coverage to their current policy. It's recommended to add $1,000 - $5,000 in Loss Assessment coverage.
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