What You Need to Know About Loss Assessment and Consultations

Do you own a house or condo that’s part of the Homeowners Association? If so, your payment dues entitle you to a certain level of coverage in the case of property damage or loss. The exact amount of your disaster damage coverage depends on your HOA’s master policy — it’s different for everybody. Likewise, if you run a business and own a workplace, you should have a specific insurance and loss coverage policy.

We know this topic can be confusing, and it’s likely the last thing you want to be dealing with when disaster strikes. We’re here to help. Unlimited Restoration (URI) has a team of claims consultations to help you handle these details. With more than 30 years of damage assessment service, we can help break down your loss assessment claims and make a plan for how to proceed.

Our goal is to make a complex topic as simple and streamlined as possible. To that end, review these big takeaways before heading into a loss consultation.

Understand What’s Meant by Loss Assessment Coverage

Loss assessment coverage specifically covers property damage that’s also covered by your home insurance policy. It likely doesn’t include coverage for disasters like floods or earthquakes. Loss assessment coverage may also cover liabilities, like a guest’s injury, if the liability amount extends beyond your master policy’s coverage limit.

Your loss assessment coverage will protect you in three specific ways:

  • Common area damage: Loss assessment coverage can reimburse you for covered damages to common areas, as long as the HOA is responsible for them.
  • Master policy deductible assessments: If you’re assessed for the master policy deductible, loss assessment coverage can help you pay your portion.
  • Liability assessments: If your HOA is held legally responsible for a guest’s injury and you face paying a portion of these liability damages, a loss assessment coverage can help. Again, this will only happen if your master policy coverage has already reached its limit. Depending on the situation and liability amount, these assessments can cause a significant financial strain for each HOA member. Loss assessment coverage can be a game-changing asset in this case.

What to Expect From a Loss Assessment Consultation

If you opt for a consultation after an emergency, damage consultants will arrive onsite quickly to assess the situation. They’ll also help to formulate a fast-moving, cost-effective recovery protocol. URI’s loss and damage consultants are known for their team-centered approach as they collaborate with homeowners, business managers and insurance professionals to place every puzzle piece needed and get you moving again.

Are you a business owner? If so, our consultations will weigh your business productivity and schedule, as well as your insurance coverage and financial needs, when we offer damage recovery costs and timelines.

Contact URI to Set up a Consultation Loss Assessment

Do you need help wading through the details? Our claims consultants are here to help. With decades of experience behind them, our team members are able to go to the source and investigate your loss incident to make sure every detail has been considered. We use cutting-edge claims review and reporting procedures to provide insurance professionals with objective overviews of claims. Reach out to us today to receive assistance from our emergency response and damage consultants.


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