Wednesday, April 9, 2014

Attention condo owners! Do you know about loss assessment coverage?

Loss assessment is an important coverage that only applies to homeowners that belong to an association (condo association for example).

Loss assessment provides coverage for owners share of a loss to property that is own by all association members.

Loss assessment provides liability coverage as well.  

Loss assessment only provides coverage for causes that would be covered if you own the property yourself.

Loss assessment coverage is not an automatic coverage.  Your standard, not endorsed, policy might only provide $1,000 coverage or nothing.  That is a scary thought. To know how much coverage you should buy check your bylaws.  

Loss assessment coverage is extremely important and extremely inexpensive.  So if you own a condo or a dwelling that belongs to an association, make sure you got enough loss assessment coverage.

Irfan Sehic
Insurance Agent
Green Insurance Agency
PO Box 640
Burlington, VT 05402

Tel: (802) 505-1054