What is loss assessment coverage?
It’s no secret that condominiums offer a truly unique living situation, especially in the Hawthorne area, but did you know that many condo insurance policies are not one-size-fits-all plans? A typical Allstate insurance policy at Sully Insurance Center comes with standard protections but you can also customize your plan by adjusting your level of coverage or by purchasing additional layers, such as loss assessment coverage.
Loss assessment coverage is another tier of insurance condo owners can employ if something disastrous were to happen to their building’s common areas. It’s not uncommon for a Homeowner’s Association to have their own insurance to cover incidents such as these, however, in the event, that damage to these shared areas exceed their policy limit, you and your fellow tenants may be asked to chip in to make up that difference. By purchasing loss assessment coverage on top of your existing Allstate policy from our Hawthorne insurance center, you can avoid paying costly, out of pocket expenses when situations like these arise!
Do I Need Loss Assessment Coverage for My Hawthorne Condo?
While loss assessment coverage is not required in addition to your condominium insurance policy, it can certainly come in handy when unexpected damages occur outside of your personal unit. Loss assessment claims can apply to a number of circumstances including property damage from vandalism, liability, injuries on shared premises, and even damage from a fire or natural disaster. These types of accidents can cost upwards of thousands of dollars to repair and may fall on you to help pay for, but by purchasing loss assessment coverage you can protect yourself financially from situations like this.
Are you unsure if your current insurance policy includes loss assessment coverage? Contact us at Sully Insurance Center to request a quote and ensure your condo insurance policy will provide the protection you need!