When you live in a condominium or belong to a homeowners’ association (HOA), you're part of a shared community. Along with the benefits of shared amenities comes the responsibility for certain collective expenses. That’s where loss assessment coverage plays a vital role. This specialized insurance protects you from unexpected costs assessed by your HOA or condo association due to covered losses.

At Riseson Insurance , we help homeowners in Tempe , Phoenix , Scottsdale , Tucson , Gilbert , and Chandler understand and secure the right coverage for their needs.

Loss assessment coverage is an extension of your home or condo insurance that helps cover your portion of costs when your HOA or condo association levies a special assessment. These assessments can arise from damage to shared property, liability claims, or inadequate insurance carried by the association.

Property Damage : If a storm damages the roof of a shared clubhouse, the association's master policy may fall short of covering the full repair cost, leaving residents to pay the difference. Liability Claims: A visitor is injured in a shared pool area, and the association’s liability coverage isn’t enough to cover the settlement. You could be assessed for part of the remaining costs. Deductibles on the Association’s Insurance: Many HOA policies have high deductibles, which may be split among members if a claim is made.

This coverage kicks in when a special assessment results from a covered peril under your policy, such as fire , windstorm, or vandalism. It typically applies to:

Damage to shared property. Liability assessments for injury or lawsuits. Costs exceeding the HOA’s master policy limits.

Most insurance providers offer this as an optional add-on to your condo or homeowners insurance.

Without this coverage, you could face significant out-of-pocket expenses if your HOA issues a special assessment. Consider the financial impact of being required to pay thousands of dollars unexpectedly. Loss assessment coverage ensures you're prepared for these situations, protecting your financial stability.

At Riseson Insurance, we understand the unique needs of Arizona residents. Whether you’re in Tempe, Phoenix, Scottsdale, Tucson, Gilbert, or Chandler, we’ll help you navigate your options to ensure you’re fully covered.

With our expertise, you’ll gain:

Comprehensive Coverage : Add loss assessment protection to your policy for peace of mind. Expert Advice: Understand the terms of your HOA’s master policy and how it impacts your coverage needs. Local Support : As your trusted local agent, we’re just a call away to answer your questions.

Don’t let a special assessment take you by surprise. Safeguard your finances with loss assessment coverage that complements your existing policy.

Contact Riseson Insurance at 602-460-5470 to learn more about protecting your share of community costs. We proudly serve homeowners across Tempe, Phoenix, Scottsdale, Tucson, Gilbert, and Chandler. Let us help you secure the coverage you need to thrive in your community!

What is Loss Assessment Coverage?

Examples of Loss Assessments:

How Loss Assessment Coverage Works

Why Loss Assessment Coverage is Essential

Tailored Coverage with Riseson Insurance

Protect Yourself from Unexpected Costs

1. Property Damage : If a storm damages the roof of a shared clubhouse, the association's master policy may fall short of covering the full repair cost, leaving residents to pay the difference.
2. Liability Claims: A visitor is injured in a shared pool area, and the association’s liability coverage isn’t enough to cover the settlement. You could be assessed for part of the remaining costs.
3. Deductibles on the Association’s Insurance: Many HOA policies have high deductibles, which may be split among members if a claim is made.

• Damage to shared property.
• Liability assessments for injury or lawsuits.
• Costs exceeding the HOA’s master policy limits.

• Comprehensive Coverage : Add loss assessment protection to your policy for peace of mind.
• Expert Advice: Understand the terms of your HOA’s master policy and how it impacts your coverage needs.
• Local Support : As your trusted local agent, we’re just a call away to answer your questions.