Making a Claim for Loss Assessment Coverage

FORT LAUDERDALE, Florida. If you own a condo, two major insurance policies will cover you for losses. There will be your condo association’s HO-6 insurance coverage that protects against damage to the common areas and the building, and there will be your personal condo insurance coverage which will protect your unit and the items inside it. However, there is additional coverage you can purchase, known as loss assessment coverage. Loss assessment coverage can protect you if damages to common areas in your building exceed the condo association’s insurance policy.

If, for example, your building is damaged in a natural disaster, or if common property areas need repairs due to an unforeseen event, or someone suffers a serious personal injury in common areas, your association may need to make a claim against its HO-6 insurance policy. However, if damages exceed the policy’s limits, each owner may be issued an assessment to cover the difference. While HO-6 policies tend to have high limits, these policies may still require condo owners to sometimes pay high deductibles before the insurance coverage begins. Loss assessment coverage is personal insurance coverage you can purchase to cover this difference. According to the Balance, loss assessment coverage can protect you if the condo’s common areas suffer damages, if there is an injury on shared property, or if you are asked to pay a deductible. In fact, according to the Balance, loss assessment coverage can protect you from high deductibles many HOA’s HO-6 policies require. The Balance notes that deductibles can range from $5,000 and up.

If you have loss assessment coverage and are facing an assessment, will your insurance cover you for your losses? It depends. If the assessment is required for normal repairs that must be made to the building, your loss assessment coverage may not apply. Insurance isn’t designed to pay for regular roof maintenance or regular building maintenance that may be needed. However, if your building was damaged due to fire, weather, or if someone was hurt in a common area and you are facing an assessment, your loss assessment coverage should cover these losses.

If you are facing a loss assessment coverage denial, first read over your insurance policy to see if the loss is covered by your policy. According to Esurance, most loss assessment coverage policies can cover your deductibles, costs due to injuries in common areas, and damage to shared property in common areas.

If you believe your assessment should be covered under your loss assessment policy, you may have the right to challenge a denial or underpayment of a claim. Leader, Leader, & Zucher, P.L.L.C. are insurance claims lawyers in Fort Lauderdale, Florida who can help you challenge a claim decision or fight a denied claim. The unexpected can leave homeowner’s facing added stress. You may not have the time to negotiate with insurance adjusters. Leave the work to Leader, Leader, & Zucher, P.L.L.C. today to learn more about your rights and options under the law.


Leader, Leader, & Zucher, P.L.L.C.
633 South Andrews Ave.
Suite 201
Fort Lauderdale, FL33301
Phone: 954-523-2020

GET ANSWERS TO ALL YOUR QUESTIONS

What Our Clients Say

handled my case swiftly and professionally
Michael Leader really came through for me in my time of need. He handled my case swiftly and professionally. His staff was courteous and very helpful. They answered all my questions right away. I would not hesitate to use his services and expertise in the future!
They help the little guy and bring justice
They help the little guy and bring justice
I cannot say enough good things about this team
Michael Leader and Anita were not only amazing but kind. I cannot say enough good things about this team. I not only won my case but their kindness was unbelievable. Michael is an unbelievable lawyer and I would recommend him to everyone.
More Clients Review
/01
Hurricane Insurance Claims
/02
Hurricane Irma Insurance Claims
/03
Storm Damage Defense
/04
Water Damage