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✅ What is loss assessment, loss of use and how may these help condo owners mitigate EQ damage cost?

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  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 (HOA), when

✅ Epilog: What is the reason so few HOA and condo communities purchase EQI?

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  A question and post from the distant past (circa 2011), but the answers given are still relevant today.  See LINK HERE SOURCE : Property Management Professionals (“PMP”) was founded in 2008 with a vision for a fresh approach to community management, focused on extraordinary customer care and a proactive, value-added management style that has come to define our organization. After working with the association management industry for nearly a decade, PMP founders knew that there was an opportunity to revolutionize the association management industry. By combining Fortune 500 corporation experience and work ethics with a boutique firm mentality, PMP truly offers a different experience for Board Member and resident clients. Made up of industry leaders from some of the nation’s most respected builders, developers, accounting firms, mortgage escrow companies, and community management firms, PMP has the most diverse and seasoned team of professionals in the industry. Our team’s unique prof

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