Ask an Agent
Have a question? We're here to help.
Ask an agent for free
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.

Oct 4, 2018 Lakewood, CO

Answer
Author profile picture

Ava Lynch

Insurance Analyst

Ava joined The Zebra as a writer and licensed insurance agent in 2016. She now works as a senior insurance contributor, providing insights and data a…

Credentials
  • 7+ years of Experience in the Insurance Industry

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.

Ask an Agent
Have a question? We're here to help.
Ask an agent for free

Insurance is complicated, but it doesn't have to be.

The Zebra searches all of the top insurance companies, in one place, so you can compare the cost and coverage you need to protect your car, home and other property.

Step 1: Tell us a little about yourself

Choose an insurance product and enter your zip code to get started.

Step 2: Sip your coffee while we find the best quotes

Enter the necessary information and then sit back while we find quotes from 100 top insurance carriers.

Icon Fill Form

Step 3: Compare your quotes

Compare quotes side-by-side to find the right match for you, whether it's home, auto, or more.

Icon Agent

Step 4: Let our agents do the hard work for you

Once you pick your policy, our agents are here to get you over the finish line. Then just relax and enjoy your savings.

Compare insurance rates today!

Location pin icon
No junk mail. No spam calls. Free quotes.

Related Questions

Other people are also asking...

Is a hit and run a comprehensive or collision claim?

It would be covered under collision coverage. Collision covers damages anytime the car collides with another object. Comprehensive coverage will cover other damages to the car that does not involve a collision such as fire, theft, or vandalism. Since it was a hit-and-run, you can also use uninsured…
Jan 12, 2019 Denver, CO

Where do I insure a car if I have two addresses?

Thanks for reaching out to The Zebra!I understand that you want to keep the car's warranties, but it's also important to keep the vehicle insured correctly (and insurance is mandatory in 49 out of 50 states). The short answer to your question is that you should insure the car at the addre…
Jun 26, 2018 Denver, CO

If I'm in between apartments, when do I need to change the address on my renters insurance?

For the purpose of complying with your new apartment's landlord, it's best to change the address on your policy before you move in. This will satisfy the insurance requirement for your new place. That does not me that your old apartment is completely uncovered. Since a renters insurance p…

Does the state offer a grace period for car insurance?

If you have another policy already established with a car insurance company, they might offer a grace period. Meaning, a few weeks from when you buy it until you need to add it to your policy. However, the state wouldn't have anything to do with this. If you have an established policy and this…
Apr 22, 2018 Westminster, CO