What is Loss Assessment Coverage on a Home Policy?
If you live in a condo or in a neighborhood with a Home Owners Association, you may be assessed for damages to community owned property. Florida Statute 627.714 requires Home Insurance Companies to provide a minimum of $2,000 of coverage to protect against these assessments.
It is important to note that Loss Assessment only covers damages that would also be covered by your regular home insurance. Damage to trees and landscape would not be covered, while damage to communal buildings and light fixtures would be covered. Depending on your insurance company, these assessments can be subject to a deductible $250.
If you are unsure if the damage that you are being assessed are covered or if you would be subject to a deductible, contact your agent.
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