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HOA Homeowners Need to Have Adequate "Loss Assessment Insurance"

All too often owners of condominiums and properties that are part of a common interest development learn about HOA loss assessment insurance the hard way-- that is, when the need arises after a loss and they find out that they either don't have any coverage, or they don't have an adequate amount of coverage. Loss assessment coverage is insurance that is purchased by homeowners and not the homeowners association.