Condo owners generally pay monthly fees to cover insurance and maintenance of common areas. Sometimes, damage may occur to one of the common areas of the property that the master insurance policy for the condominium does not fully cover. The owners must each pay part of the shortfall in an assessment payment. Some condo insurance will cover this expense under a loss assessment payout. At America’s Top Insurance in Gahanna, OH, we help condo owners acquire loss assessment coverage as part of their condominium insurance policy.
Typical Condo Assessment Situations
Loss assessments are common in coastal areas where hurricanes cause damage that may not be fully covered by insurance, but any severe storm in an inland area can cause sufficient wreckage of roofing, parking areas, or outdoor areas that fall short of the amount covered by the condo’s master insurance policy.
How Loss Assessment Coverage Works
Condominiums may issue assessments for special projects to maintain or upgrade a condo property. However, loss assessment coverage only applies to shortfalls in insurance coverage for specific damage claims. If you experience an assessment due to a shortfall in insurance coverage for your condo’s common areas, you file a claim as you would for any loss. Your insurance agent can help you determine the right level of coverage for your needs.
Choose America’s Top Insurance For Your Condominium Insurance Coverage
If you would like to learn more about loss assessment coverage, we can help with detailed answers to help you make informed decisions about your policy. We offer home, condo, renters, auto, motorcycles, life, and business insurance policies. Contact America’s Top Insurance in Gahanna, OH today for a no-obligation quote on condo insurance with loss assessment coverage that can help you avoid an expensive payment when damage to common areas occurs.
