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Must there be direct damage to the unit for a policyholder to receive Loss Assessment payment under a Condominium Unit Owners policy?

April 26, 2017assessment condominium damage loss owners payment policyholder

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Must there be direct damage to the unit for a policyholder to receive Loss Assessment payment under a Condominium Unit Owners policy?

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No. Up to $1,000.00 is covered toward the insured’s share of a loss caused by a covered loss that causes direct damage to the property owned by all members collectively.