Loss Assessment Coverage

Loss assessment is a feature of condominium insurance. Under most condo association's bylaws, each owner will be assessed a proportionate share to cover major property and liability losses.

For example if the building and commonly shared areas are destroyed by a disaster such as a hurricane or tornado and the losses are not fully covered by the master policy, your association may assess a certain amount to all unit owners to cover the loss. Your condominium unit owners policy's loss assessment coverage would help pay for your share of these assessments.

The standard coverage for loss assessment is $1,000, but higher limits may be available.