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Loss Assessment Coverage

If your condominium association levies special assessments against you resulting from certain losses to your condominium complex, your policy will pay your share of such assessments up to the coverage limit. Most insurance policies cover $1,000.00. We encourage all unit policyholders to increase their limits to at least $5,000.00.

Before the law was enacted and repealed to carry $2,000.00 limit in loss assessment most unit owner’s policies carried $1,000.00 limit loss assessment.

HomeOwner Claims Public Adjusters highly recommends that all unit owners carry unit insurance coverage and loss assessment limits of a minimum of $2,000.00 but would prefer they carry the limit of $5,000.00; especially when the condominium associations are carrying higher deductibles today.

Please note: Uninsured or underinsured losses are considered a common expense of the condominium. The condo association board determines the deductible for the association policy. The bylaws can specify how these types of losses will be shared.