Condominium insurance provides coverage for your additions or alterations, personal property, loss assessment, and liability. (You may hear your property manager refer to this coverage as an “HO6 policy”.)
Various limits of loss assessment coverage are available. Consulting with your HOA will determine the potential for such assessments. We can help you choose what your coverage needs are so that you’re protected. For example, your building has 100 units and gets destroyed by a tornado. The Association has $5 million of insurance but the costs to rebuild are $8 million. The $3 million shortfall would result in each of the 100 unit owners being assessed $30,000.