Why You Need Loss Assessment Coverage

9.02.2015
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How This Type Of Coverage Can Protect Condo Owners

The beauty of owning a condo is that while you have to maintain the interior of your abode, your HOA takes care of all common areas and exteriors. When disaster strikes and affects these areas, then, the HOA’s insurance will be responsible, right? That is true, to the extent of their policy limits. If, however, an incident happens that requires coverage beyond the limits of the HOA’s insurance, you and your neighbors will be asked to get involved.

What if a crazy hailstorm strips the siding and even some of the roofing on your building? Your HOA’s insurance will get right to work on completing the repairs. If, however, the policy limit is reached, you and the other condo owners will not want your building to be left exposed to the elements. Do you, then, have to pay out of pocket to finish the repairs?

Not if you have loss assessment coverage. This type of protection is designed specifically for condo owners, and is intended to offer you peace of mind knowing that if your HOA is unable to maintain your property, you will not be left paying out of pocket for repairs and replacements. Furthermore, if someone is injured on your property and sues your HOA in an amount that exceeds their liability coverage, your loss assessment coverage can step in to ensure they are not bankrupt, leaving you without a place to live.

Are you unsure what kind of insurance coverage you need as a condo owner? Contact Udell Family Insurance in Westlake Village for all of your insurance needs in California. Our team of experts can help ensure there are no gaps in your coverage that would leave you facing a financial burden. Call us today!

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