Loss Assessment Coverage
Insurance Glossary
Coverage that pays an association member's share of a special assessment charged to all owners after a covered loss to common property. It applies when damage to shared areas exceeds the association policy limits, and many forms also cover an assessed share of the association deductible. Standard condo and homeowners policies include only a small default limit, which is commonly raised by endorsement.
This content is for general informational purposes only and is not insurance, legal, or financial advice. Coverage, exclusions, eligibility, and pricing vary by insurer, by policy, and by state, and only the policy documents control what is covered. Always confirm the details of any coverage with a licensed insurance agent or the issuing carrier before you buy.
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