Be sure that you have enough condo loss assessment coverage to meet your needs!
It’s important to protect your condo. While you may have some coverage, be sure to consider additional loss assessment coverage. This type of coverage is great to help protect you from any sort of damage done to the structure of the building as well as any damage done to common areas around the property. While you homeowners association usually picks up the tab, their insurance also has limits. Should damages exceed these limits, condo residents are expected to foot the bill. That’s where condo loss assessment coverage comes in.
Keep in mind that these policies have limits. While you may have condo loss assessment limits, they may not provide you with enough coverage. Make sure to assess your needs and check out these common loss assessment scenarios.
Weather Damage.
In the event that a storm damages the building, your homeowners association is responsible for fixing the roof. However, if the damages exceed the amount that your association’s insurance will cover, you and your fellow residents are responsible for the additional funds. While the amount may range, your loss assessment can help you pay the additional money.
Slips & Falls.
All residents in a condominium are equally responsible for common areas. In the event that a guest slips in falls in the lobby, all of the residents are responsible in terms of liability. Once again, if your homeowners association’s coverage falls short, you’re responsible for the medical bills.
Common Room Fire.
As all residents hold equal responsibility for common areas, in the event of a common room fire, all residents are responsible for repairing the damages.
When looking for condo loss assessment insurance, be sure to consider how much you’ll need. There are limits set to how much coverage you have. Make sure to increase your limits should your homeowners association policy have less coverage than you’d like.
For assistance with your condo loss assessment insurance, be sure to contact the professionals at Weaver & Associates Inc. Our team in Arcadia, California provides you with dedicated service and insider expertise when finding the best personal and business insurance for your needs.
