Consider Buying HOA Loss Assessment Coverage
For example:
The HOA has insurance coverage for $1,000,000, and 50 members. An accident occurs at the HOA-owned swimming pool and costs the HOA $1,500,000. The HOA has no other money to pay the loss. Where will the HOA get the last $500,000?
- The HOA will charge you and the other 49 members $10,000 each, which is each member’s share of the loss.
If you have loss assessment coverage, and your limit is $50,000, the insurance would pay your $10,000 assessment and you would not owe the HOA any more money.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
