Homeowners InsuranceQuestion 122 of 158
Loss assessment coverage under an HO-6 condominium policy is designed to pay for:
a.Damages awarded against the unit owner personally in a lawsuit
b.Repairs to the unit owner's appliances
c.The monthly homeowners association dues
d.The unit owner's share of an assessment levied by the condo association for damage to commonly owned property
Explanation
Loss assessment coverage pays the unit owner's share of an assessment levied by the condominium or homeowners association because of a covered loss to commonly owned property, subject to a sublimit (often $1,000 unless increased by endorsement). It is a key feature of the HO-6 form.
Law Reference: ISO HO-6 condominium formPractice all 158 questions free — no signup required.
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