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Does Your Condo Insurance Policy Cover Loss Assessments?

How to Protect Yourself from the HOA as a Condo Owner 

Did you know that as a condo owner, you can be held financially responsible for damage to the condo building and shared areas of the property? The portion that you pay is known as loss assessment and you may surprised to find out that the amount is completely determined by the HOA. In order to make sure that you can afford any of these unexpected damage payments, your condo insurance policy should have loss assessment insurance.

Why Loss Assessment Coverage Is So Important While it’s true that cost of damages will be divided among all owners in your condo, you could still be looking at numbers in the thousands. If your HOA has not insured the building properly, or has an extremely high deductible, then you could be on the hook for much more than you can afford. Loss assessment can help protect you from these unforseen and unwelcome expenses, including:

  1. Claims from building damage

  2. Claims from shared areas (such as pools, playgrounds, walkways etc…)

  3. Claims from injury on shared areas Don’t just assume that your HOA building insurance will be sufficient! If the damage exceeds their coverage or they can’t cover the deductible, then they will come knocking on your door to help cover the excess costs.

Don’t Worry About the Details – Talk to Our Specialized Condo Insurance AgentsTalk to one of our agents about your condo insurance policy if you have questions. Condo insurance is extremely complicated, but we have agents who specialize in this area. There are questions that you may not know to ask, such as if earthquake and water damage is covered. Your needs will differ depending on where you live and what type of lifestyle you have. Every condo owner should have their own personal condo insurance policy that fits their needs and their budget. Call us today at (888) 840-4020 or fill out an online contact form to get started.

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