May 10
1
How Much Loss Assessment Coverage Should Condo Owners Have
Insurance for condominium owners is often overlooked, or at least not thoroughly evaluated. The condominium owners master policy covers damages for the structure and all common areas; therefore, unit owners often by insurance policies to cover their own personal property and personal liability with little thought to other legal obligations they may have.
Lost assessment is a unique coverage condominium insurance. Under this coverage the insurance company will pick up up to the limit stated on your policy for assessments you may receive from the condominium association. Unit owners may be assessed to cover large uninsured losses or large deductible losses. The amount of your liability for loss assessment should be stated in your condominium owners agreement. Unfortunately, in these complicated times of insurance, condominium associations are having a very difficult time securing insurance coverage. Often, in order to secure coverage at all, it is required that they accept a very high deductible, as high as $25,000.
If there are 100 condominiums in your association and your association carries a $25,000 deductible which is not uncommon you as a unit owner could be assessed as much as $2500 for each loss. The standard loss assessment coverage under a unit owners policy is $1000. higher limits are available.
Be certain to evaluate your insurance coverage carefully and ensure that your policy is in compliance with your responsibilities to your condominium association. Contact your agent or insurance company if you have any questions about this valuable coverage.
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