Condo Owners: Post-Winter Loss Assessments Are More Common Than You Think
After a harsh winter, condo associations frequently file claims for:
Roof damage
Pipe bursts
Ice dam issues
Water intrusion
When master policy limits or reserves fall short, associations may issue loss assessments to unit owners.
This is especially common in Evanston, Wilmette, and Highland Park condo communities.
What Is Loss Assessment Coverage?
Loss assessment coverage on your condo policy helps pay your share of:
Deductibles under the master policy
Shortfalls in master policy limits
Certain association liability claims
But coverage limits vary widely.
Some policies include $1,000. Others offer $50,000 or more.
Master Policy Gaps
Not all master policies are structured the same:
Bare walls coverage
Studs-in coverage
All-in coverage
Interior upgrades, custom flooring, cabinetry, and built-ins may fall on you — not the association.
Why Now Is the Time to Review
Winter is when many building-wide claims occur.
Before assessments are issued, review:
Your loss assessment limit
Interior improvements coverage
Water backup endorsements
A small adjustment now can prevent a large unexpected bill later.