Condominium homeowners associations are required to carry a master insurance policy that covers several distinctive features of condo living, such as common areas that all residents share. When damage occurs, a loss can lead to additional costs to condo owners. At Cary-Wheeler & Associates Inc. in Richmond, VA, we help our clients acquire loss assessment coverage to reduce expensive condo assessment costs.<\/p>\n
Sometimes, damage occurs to common areas of a condo property that the master insurance policy may not cover. This may occur when a high deductible amount exceeds what is available in the reserves of money that consists of your monthly condo fees or a shortfall in the coverage amount. When this situation occurs, the condominium association may call for a loss assessment from all the association members to make up the difference.<\/p>\n
A severe storm or hurricane may cause damage to a building, swimming pool, or gazebo on the property. The condo association’s insurance coverage may only cover a portion of the damage or may have a high deductible. If you are required to pay a portion of the difference, your loss assessment coverage may apply. This coverage does not cover normal upkeep or replacement; it only covers assessments associated with a loss covered by insurance. Loss assessment coverage may vary, and you may be able to get additional loss assessment coverage.<\/p>\n
If you have questions about the unique insurance needs of condominium ownership, our experienced agents can provide expert advice and factual information. We offer policies for a wide range of needs, including life, home, watercraft, auto, motorcycles, renters, and business. Contact Cary-Wheeler & Associates Inc. in Richmond, VA, today for a no-obligation quote on condo insurance to prevent unexpected financial loss from loss assessments.<\/p>\n","protected":false},"excerpt":{"rendered":"
Condominium homeowners associations are required to carry a master insurance policy that covers several distinctive features of condo living, such as common areas that all residents share. When damage occurs, a loss can lead to additional costs to condo owners. At Cary-Wheeler & Associates Inc. in Richmond, VA, we help our clients acquire loss assessment […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[10,15,9],"class_list":["post-119","post","type-post","status-publish","format-standard","hentry","category-condo-insurance","tag-cary-wheeler-associates-inc","tag-condo-insurance","tag-richmond-va"],"_links":{"self":[{"href":"https:\/\/www.carywheelerins.com\/blog\/wp-json\/wp\/v2\/posts\/119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.carywheelerins.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.carywheelerins.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.carywheelerins.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.carywheelerins.com\/blog\/wp-json\/wp\/v2\/comments?post=119"}],"version-history":[{"count":1,"href":"https:\/\/www.carywheelerins.com\/blog\/wp-json\/wp\/v2\/posts\/119\/revisions"}],"predecessor-version":[{"id":120,"href":"https:\/\/www.carywheelerins.com\/blog\/wp-json\/wp\/v2\/posts\/119\/revisions\/120"}],"wp:attachment":[{"href":"https:\/\/www.carywheelerins.com\/blog\/wp-json\/wp\/v2\/media?parent=119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.carywheelerins.com\/blog\/wp-json\/wp\/v2\/categories?post=119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.carywheelerins.com\/blog\/wp-json\/wp\/v2\/tags?post=119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}