Loss Assessment is becoming an increased claim for insurance companies as HOA insurance is placing much higher deductibles for Wind/Hail due to poor claims experience over the last few years. What does this mean?  If your HOA has a hail loss and the roofs need to be replaced, they may have a deductible that exceeds the reserve threshold in the HOA budget.  This means that they will enact a loss assessment per the HOA by laws that forces the condo/townhome owners to come out of pocket to assist with the insurance.  This can be as much as $5,000 one time assessment payable immediately. See below a nice explanation we use in HOA newsletters. Are you prepared if your HOA announces a loss assessment?  This could cost you thousands.  I have a solution for you.  $10,000 in Loss assessment for under $20.00 per year. What is Loss Assessment?  In general, this insurance protection is written as an endorsement to your current Homeowners or Condo/Townhome insurance you have with your insurance broker.  This endorsement provides 100% reimbursement (less your deductible) in the event your HOA assesses a dollar amount to each owner as the result of insurance perils such as wind, hail, fire, lighting, etc.  Many of the assessments are for HAIL.  Most policies insure you automatically for $1,000 but you can increase this at a very affordable premium to as much as $50,000 with some carriers.  CALL US TODAY TO DISCUSS FURTHER! Did you know many policies allow for a claim at the time of assessment and not the loss? Local Agent down the street: All Access Insurance Rick Cline 303-932-1700 : www.rickclineagency.com