A common question we receive in my office “I was looking over my homeowners insurance policy and what is loss assessment, and it is important?”. Loss assessment is extremely important if you live in a homeowners, condominium, or townhouse association which we have a lot in South Florida.
This coverage protects you if your association assesses you to help pay an insurance claim against the association. In addition, loss assessment in Florida does not use the normal all other deductible instead there is a standard $250.00 deductible.
Below are some examples of items that could be covered under loss assessment.
- One of the common buildings in the association has a fire and the association assess it’s members to help pay for the association deductible.
- A hurricane damages one of the guard houses.
If you live in a community please make sure that your current homeowners insurance policy includes this valuable coverage and you may want to increase the coverage since the premium is not very expensive.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.