Home Insurance in 22304>Question Details

gracetcottri…, Home Owner in Alexandria, VA

can you buy condo homeowners insurance coverage for special assessments in alexandria, va?

Asked by gracetcottrill, Alexandria, VA Mon Jul 23, 2012

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One thing you might not know about condo insurance, usually an HO6 policy, is that you can bundle it with your personal auto insurance to save money. We offer bundle policies from multiple carriers to ensure you get the best premium. http://www.valueinsuranceinc.com
0 votes Thank Flag Link Wed Nov 25, 2015
Your condo policy if it is an HO6 policy (the most common kind) should cover a loss assessment up to the amount of coverage listed on the policy. A loss assessment is the deductible on a master policy which is purchased by the condo association to cover all the exterior of the homes and any community property. If there is a loss to one of the building, each condo owner must pay a portion of the deductible. If the master policy deductible is $20,000 and there are 50 condo owners, they each pay $4000. Your condo policy would pay on your behalf up to the amount of loss assessment coverage on your personal condo policy. It is not unusual to see a $1000 loss assessment or $2500 loss assessment coverage on a condo policy. If it has $1000 loss assessment coverage, that means if there is a loss to the associations property and all members are billed for a portion of the master policies' deductible, your policy will pay up to the listed amount on the policy as a loss assessed to you by the association.

Donald Stevens
0 votes Thank Flag Link Mon Jul 30, 2012
Yes, they refer to it as Loss Assesment Coverage and you can purchase it at various levels up to a certain limit, so says my State Farm Agent - Dave Jones - in Old Town.
0 votes Thank Flag Link Tue Jul 24, 2012
I contacted my insurance agent, Donna Carter, at State Farm. She said, "It is called loss assessment coverage. You can purchase it on your condo policy. It only covers special assessments that are covered losses, i.e. fire, water, etc. It does not cover assessments for extra snow removal, up keep etc."

Please feel free to contact her with more questions at :

Donna A Carter Insurance Agency. inc
2309 Mount Vernon Ave
Alexandria, VA 22301
Bus: 703-548-9790
0 votes Thank Flag Link Mon Jul 23, 2012
Call Mrs. Stacy Tucker of State Farm 703-938-0303
0 votes Thank Flag Link Mon Jul 23, 2012
Dear Grace Cottrill:

It is my understanding that Travelers insurance offers this type of coverage. The coverage is for loses like Acts of Gods. For example a tornado ripes the roof off of your condo building and there is a special assessment. Updating special assessments for convector replacements (Marina Towers) and updating windows are excluded. In 2010 one could add $50,000 in coverage for about $17.00 extra a year. So check with a Travelers insurance agent for details. I know about this because my wife & I market lots of condos, and advise our clients to obtain this type of coverage. Also is why you need to read the condo resale package to ascertain whether or not the association is expecting to levy special assessments.

Please let me know if you need assistance buyting or selling your condo.

Sincerely yours - Bob Lepelletier - REALTOR, GRI, ABR, SFR, Associate Broker at Keller Williams Realty - Alexandria/Kingstowne Office, 6354 Walker Lane Suite 100, Alexandria, VA 22310 Direct (703) 310-7880 - Cell (703) 474-5914 email: bob@bobtherealtor.pro
0 votes Thank Flag Link Mon Jul 23, 2012
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