Sentences with phrase «loss assessment coverage»

By adding loss assessment coverage to your condo insurance policy, you may be able to avoid paying out of pocket for these types of expenses.

Any additional insurance, such as loss assessment coverage, is optional.

This policy also provides loss assessment coverage to protect against losses on shared areas of your condominium.

Because every master condo or HOA policy is different, your needs for loss assessment coverage will depend on the type of coverage your Condo association or HOA has on the building.

In fact, you may choose to carry optional loss assessment coverage, which you will need to protect your property from assessments that have been levied by the association.

When the HOA determines the actual loss due to the damage and divides the costs among owners, your condo policy loss assessment coverage could help you pay for this costs.

The policy limits you select for your individual loss assessment coverage should depend on your HOA's master policy limits.

In addition to the essential coverage overview for condo and co-op owners in the link above which goes over the differences between the association coverage and your coverage in a claim and who pays what,, the article about understanding loss assessment coverage for claims will help you understand what is covered for you as a condo owner when there is a loss assessment and how it works.

Various limits of loss assessment coverage are available.

Optional loss assessment coverage is also available to protect you against certain assessments that may be levied by the association.

To fully protect your condo in this type of event, you should buy contingent or loss assessment coverage, which specifically address this problem.

So, if your condo building's roof is damaged and each unit holder needs to pay $ 5,000 to cover the repairs, the loss assessment coverage will pay the $ 5,000 on your behalf (minus any deductibles).

→ Loss assessment coverage (strata only coverage) If you live in a condo you'll be happy to learn that most comprehensive insurance policies offer loss assessment coverage.

Your condo policy covers several aspects: Your own unit from the walls in, all your contents, and loss assessment coverage.

Make sure to ask about exclusions and limitations on the loss assessment coverage; this varies from insurance company to insurance company.

If you do not think your loss assessment coverage is high enough after finding out about your condo or homeowner association's building insurance coverage and deductibles, ask to find out if you can increase your loss assessment by adding an endorsement.

Loss assessment coverage can protect you financially in the event of such an incident.

Loss assessment coverage is not a required add - on to your condo or HO6 insurance policy.

Loss assessment coverage is an optional add - on to your condo insurance policy that can help in the event of an accident in a shared area of the condo property, such as lobbies, stairwells, pools, outdoor spaces and more.

In either case (or similar cases), loss assessment coverage would pay your share (up to stated amount).

You might want to check with your agent about adding such «loss assessment coverage» to your condo owners policy.

At my last rental condo I was worried about a future possible special assessment surrounding siding because a few units had leaks popping up so I upped my loss assessment coverage to $ 46,000 (with a $ 1,000 deductible) for about $ 13 / mo.

One thing that I always make sure my investors know about is «loss assessment coverage» with HO - 6 policies.