Definition
This protects you from HOA special assessments resulting from uninsured community losses. It's valuable for HOA-owned properties.
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Loss assessment coverage applies to HOA special assessments resulting from insured hazards the HOA couldn't cover. This protects against assessments for shared property damage. Coverage limits typically range from $1,000-$5,000. Recommended for all HOA-owned properties.
Pro Tip
Loss assessment coverage is inexpensive. Include it on all HOA properties.
Example
Loss assessment coverage pays for $2,000 special assessment when HOA must fund roof repairs due to hail damage.