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Does loss assessment policy cover an assessment for a new roof for a condo?
Wiki User
∙ 10y ago
Loss assessment insurance coverage covers damage. A new roof should be covered by reserves or by special assessment, and would not be considered a loss unless the new roof was required based on some catastrophic loss, such as a fire or wind storm.
Wiki User
∙ 10y ago
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What is loss assessment on a homeowners policy?
If a condo association has a loss and the association's insurance is inadequate to cover the loss, the association is permitted to assess each unit owner for the amount they are lacking. However, since there is no negligence on the unit owners part this is generally not covered by the owner's own liability portion of his policy. The unit owner must purchase additional loss assessment coverage to protect against this additional loss assessment scenario.
Does loss assessment cover anything?
covers you for a loss assessment made by an association of property owners on common property for a "covered" cause of loss. important distinction there. i.e. condo needs a new roof due to old age - not covered. Also there are protections built in for deductibles - so condo association cannot have an extremely high deductible and instruct association owners to put in assessment claims
Is the deductible on a condo-owners association insurance policy considered a loss assessment?
It often is considered that and often a person's policy on their personal condo will extend to pay up to $500 of the Association's deductible. Could be less than $500 depending on how much the Association's deductible is and how many COA members there are.
Are condo fees covered by homeowners loss of use?
Your individual (HO-6) policy will detail whether or not your monthly assessment payments are covered when you loose use of your condominium. Your insurance agent will be able to answer this question for you regarding that coverage.You can also check the master policy to see if you are covered, based on the cause of your loss of use. (Usually the master policy premiums are paid by your assessments.)Your board of directors or property manager can help you understand your coverage under the master policy.
Water is coming in to condo from another condo which homeowner policy should cover?
If it is a covered water loss, you policy will cover it. If they think the other condo owner is liable, they will pursue them to get their money back. If, according to the CCR's, the associations policy covers it, your insurance will pursue the assoc. insurance. If the association's policy says you neighbor is liable, your insurance company will pursue them to get their money and your deductible back. Your best bet, as I have come across this hundreds of times is to have your insurance company cover it and let all three companies sort it out. This will make your life a lot easier. As it will may take months for the other companies to make up their mind and you will have to live in your water damaged home for a long time. CALL YOUR INSURANCE COMPANY ASAP, PLEASE.
What does loss assessment mean on a homeowners policy?
Loss assessment on a homeowner's insurance policy is protection against getting sued for a person being injured on the property. This is a common insurance that condominium owners need to protect themselves from lawsuits for someone being injured in the common areas of the condominium complex..
Should homeowners insurance cover water damage that was caused before you moved in?
No. Your policy will only cover damages which were caused by a covered loss during the policy period.
Does Homeowners cover a hotel in the case of loss of power from a storm?
It depends on your specific policy.
When must an Insurable interest exist for a property insurance policy?
Insurable interest must exist at inception of the policy cover and at the time of the loss.
What is difference between open cover and open policy?
An open policy and an open cover have the exact same meaning. They both cover loss or damage to goods that are being transported by a specific carrier but they differ in a manner where in Open cover is not an enforceable contract but an agreement and open policy is an enforceable contract of insurance.
What does a commercial insurance policy cover?
A commercial insurance policy covers any court and/or attorney costs, loss of income and other such expenses if a lawsuit is involved. It does not cover incidences where willful neglect is involved.
Will liability insurance cover a business that purchased stolen goods with out knowing the goods were stolen?
It all depends on the terms of the insurance policy. If it says it will cover that kind of loss, you're covered. If it doesn't specifically cover that kind of loss, you're out.
