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.
Related Articles
COBRA and Your Options After Losing Job-Based Coverage
COBRA lets you keep an employer health plan after you leave, at your own cost. Here are the deadlines, the duration rules, and the alternatives worth weighing.
Read MoreLoss Assessment Coverage: When the Association Sends a Bill
When a condo or HOA charges owners for a shared loss, loss assessment coverage pays your share. The built-in limit is small, and the deductible sublimit is smaller.
Read MoreThe Additional Coverages Buried in Your Home Policy
Past Coverages A through F sits a list of small, specific coverages most homeowners never read. Several of them pay for things people assume are not covered at all.
Read More