Homeowners

What is loss assessment coverage on a Georgia condo policy?

Yes. When an HOA has a loss that exceeds its master policy limit, the shortfall is assessed to individual unit owners. Standard HO-6 policies include loss assessment coverage, but the default limit is typically $1,000. In Georgia, hail events and water intrusion from roof failures have triggered assessments of $5,000 to $20,000 per unit at attached townhome and condo communities. We recommend increasing loss assessment coverage to at least $25,000, which typically costs $10 to $20 per year more than the default.

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What is loss assessment coverage on a Georgia condo policy?

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