{"id":86,"date":"2026-08-28T04:00:00","date_gmt":"2026-08-28T10:00:00","guid":{"rendered":"https:\/\/www.kjbinsurance.com\/blog\/?p=86"},"modified":"2026-08-11T10:14:28","modified_gmt":"2026-08-11T16:14:28","slug":"loss-assessment-risks-and-why-condo-owners-should-pay-attention","status":"publish","type":"post","link":"https:\/\/www.kjbinsurance.com\/blog\/loss-assessment-risks-and-why-condo-owners-should-pay-attention\/","title":{"rendered":"Loss Assessment Risks and Why Condo Owners Should Pay Attention"},"content":{"rendered":"

If you own a condo and carry adequate condo insurance, you may think you have sufficient protection. However, there’s a hidden risk that can catch you off guard and leave you unprepared for a significant problem.<\/p>\n

What Is a Loss Assessment?<\/h2>\n

The owner of the condominium complex, or the condo owners’ association (COA), typically carries a master insurance policy to cover the common areas and building structures that aren’t the direct responsibility of individual condo owners.<\/p>\n

As a condo owner, you may not be directly responsible for the master insurance policy, but you can still be affected if that policy fails to provide adequate protection. This risk often takes the form of a loss assessment.<\/p>\n

A loss assessment is a charge to you for your share of an uncovered loss experienced by the condo complex as a whole. This can result in an unexpectedly significant bill. If you’re unable to pay your share, a lien could be placed on your condo’s title, which would need to be resolved before you could sell or refinance.<\/p>\n

Work With Your Agent to Understand the Insurance<\/h2>\n

Request a copy of the master insurance policy from your COA or building owner, and check whether premium payments are current with the insurer.<\/p>\n

Ask your agent at Kimberly J Brennan Agency in Patterson, NY, to review the master policy and provide recommendations regarding any coverage gaps, hidden risks, or underinsurance concerns.<\/p>\n

Reach out to us at Kimberly J Brennan Agency in Patterson, NY, serving clients throughout New York, for all your condo insurance needs.<\/p>\n

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If you own a condo and carry adequate condo insurance, you may think you have sufficient protection. However, there’s a hidden risk that can catch you off guard and leave you unprepared for a significant problem. What Is a Loss Assessment? The owner of the condominium complex, or the condo owners’ association (COA), typically carries […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[28,29,11,13,30,21],"class_list":["post-86","post","type-post","status-publish","format-standard","hentry","category-condo-insurance","tag-condo","tag-insurance","tag-kimberly-j-brennan-agency","tag-new-york","tag-ny","tag-patterson"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t