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Question

Is it possible to get loss assessment coverage on a HO-3 policy?

Due to the high cost of the master policy, the HOA will no longer insure the walls out coverage on individual units. I received a quote for a homeowners policy but was told I could not add Special Assessment coverage. The HOA will still insure the common areas including the clubhouse. If there is a loss to these areas it is feasible the owners will be charged a special assessment. What are my choices to maximize any losses.

Agent Answer

Ava Lynch
Yes, you can add loss assessment coverage to your HO-3 policy. Not all companies will offer this type of coverage so you will need to contact several companies to get the best quote for this coverage with your HO-3policy. Keep in mins, adding loss assessment coverage can be pricey so you will really need to do research and comparison shopping. Good luck and if you have any other questions, don’t hesitate to ask.

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