Florida Law Requires Loss Assessment Coverage for Condominium Unit Owner Policies

Most condo HOAs have a master insurance policy that covers shared areas on the property in case of damage or liability. Like any policy, though, the master policy has limits and deductibles, and if damage to a common area exceeds the limit or falls below the deductible, the HOA’s policy might not cover everything. In that case, the HOA might levy a loss assessment (sometimes called a special assessment) on individual owners to cover costs.    Read the article…………………………….