Insurance term
Loss Assessment Coverage
Loss assessment coverage is an optional homeowners insurance protection that can help pay your share of a covered loss assessed by a homeowners association or similar group. It is commonly used when damage to shared property, such as a roof, hallway, or clubhouse, leads the association to charge members for repairs or a deductible.
Example
After a storm damages the condo building’s common roof, the association bills each unit owner for part of the repair cost, and loss assessment coverage may help pay that amount.
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