✅ What is loss assessment, loss of use and how may these help condo owners mitigate EQ damage cost?
If a condo owner does not have building coverage, should they at least have loss assessment? How much loss assessment coverage? How much loss of use coverage? Loss assessment, loss of use, personal property ▶ If you live in a home or condo that belongs to an HOA, you'll need loss assessment coverage to cover shared losses to common spaces on the HOA property. If a shared space within the HOA sustains damage, or if a guest has an accident in a common area and the association is held liable in court, your building or community’s HOA insurance, or “master” policy will cover the loss up to its coverage limits. If the claim amount exceeds those limits, HOA bylaws stipulate that each member be assessed and pay an equal share of the leftover loss amount. Loss assessment coverage is an optional endorsement that you can add onto your homeowners insurance or condo insurance policy. It helps protect you if you live in a shared community, like a condo or homeowners association (...