Monday, April 28, 2014

If my HOA levels an assessment, does my condo insurance pay for it?

Colorado condo insurance questions

 
If damage is done to the building from a covered loss such as hail, fire, or wind, "loss assessment" coverage comes in to play. It will pay your part of the assessment up to the coverage limits, and normally only costs a few dollars per year. 
Unfortunately for condo owners, coverage does not extended to assessments caused by wear and tear issues, such as needing the parking lot repaved or the building repainted.