Loss assessment coverage under Section II pays up to what amount per occurrence?

Loss assessment coverage under Section II pays up to what amount per occurrence?

• A. Up to $500
• B. Up to $1,000
• C. Up to $5,000
• D. Up to $10,000

Answer: (B)

Loss assessment coverage in Section II is there to help you if your homeowners or condo association levies a charge to repair or replace shared property after a covered loss. The amount it will pay for any single assessment event is up to $1,000. This means if the association charges more than that for a covered incident, you’d be responsible for the excess. This coverage specifically applies to assessments from the HOA or similar body for damage to common elements, not to your individual liability or non-covered events. So, per occurrence, the coverage limit is $1,000.

Loss assessment coverage in Section II is there to help you if your homeowners or condo association levies a charge to repair or replace shared property after a covered loss. The amount it will pay for any single assessment event is up to $1,000. This means if the association charges more than that for a covered incident, you’d be responsible for the excess. This coverage specifically applies to assessments from the HOA or similar body for damage to common elements, not to your individual liability or non-covered events. So, per occurrence, the coverage limit is $1,000.