What Is Loss Assessment Home Insurance?
1615 POINTSview profileRyan AndrewPresident, The Andrew Agency, Richmond, VAMost homeowners insurance policies provide some coverage for loss assessments due to a covered loss. If your homeowners association community charges you an assessment for damage that would be covered by homeowners insurance then you can submit a claim for reimbursement. For example, a community here in Richmond, Virgina recently assessed all homeowners $3,000 for damage to the pool house due to a fallen tree. My client's home policy provided loss assessment coverage up to $5,000 and since this type of loss is covered on his homeowners insurance he was fully reimbursed less his deductible. Loss assessment coverage does NOT reimburse homeowners for maintenance fees. If your association board votes to paint a build or do any kind of maintenance work this cost is not covered.Answered on June 20, 2014flag this answer
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
.JPG){kind=avatar}
