Dear Jasmine Place Residents,
We wanted to once again follow up to suggest everyone add this rider to their insurance.
What is loss assessment coverage?
Potential hazards for condo owners:
Sure, loss assessment coverage sounds important, but will it really ever come into play? You might be surprised at the costly perils that can happen to or in a condo building — and just how quickly you might be called on for help.
1. There's been major weather damage to the outside of the building
2. Someone's been injured in a common area
If someone breaks a leg on the tennis court, has a mishap in the pool area, or simply slips on the front entrance to the lobby, their injury bills could exceed the HOA liability coverage. Luckily, loss assessment coverage can cover your end of things (up to your limits) and help you avoid being left on the hook for an injured guest's medical fees.
3. Shared property inside the building has been damaged
How much loss assessment coverage do i need?
Please reach out to your insurance agent!
Thanks much,Jasmine Place Board of Directors