Question 1

What is Loss Assessment coverage, and do I need it?

stagingeckburg · Accepted Answer

If your condo association sustains a claim, such as a hail storm that falls below the association’s deductible, they may assess each unit owner with a portion of this loss. With Loss Assessment coverage, you can submit that claim to your own condo policy. For a claim to be paid, it must be a covered peril. Some associations choose to have a high deductible (as much as $25,000) to keep premiums manageable. If your association has a deductible like this one, this can be an important coverage for you.

Question 2

What is Loss Assessment coverage, and do I need it?

stagingeckburg · Accepted Answer

If your condo association sustains a claim, such as a hail storm that falls below the association’s deductible, they may assess each unit owner with a portion of this loss. With Loss Assessment coverage, you can submit that claim to your own condo policy. For a claim to be paid, it must be a covered peril. Some associations choose to have a high deductible (as much as $25,000) to keep premiums manageable. If your association has a deductible like this one, this can be an important coverage for you.