answersLogoWhite

0


Best Answer

It often is considered that and often a person's policy on their personal condo will extend to pay up to $500 of the Association's deductible. Could be less than $500 depending on how much the Association's deductible is and how many COA members there are.

User Avatar

Wiki User

14y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Is the deductible on a condo-owners association insurance policy considered a loss assessment?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Does loss assessment cover anything?

covers you for a loss assessment made by an association of property owners on common property for a "covered" cause of loss. important distinction there. i.e. condo needs a new roof due to old age - not covered. Also there are protections built in for deductibles - so condo association cannot have an extremely high deductible and instruct association owners to put in assessment claims


Are Association Fees Tax Deductible?

Homeowner association fees are NOT deductible on the individual taxpayers 1040 income tax return.


What is voluntary deductible on car insurance policy?

The voluntary deductible is the amount of your deductible agreed too when you purchased your insurance coverage. It's considered voluntary because we can choose our deductibles. Of course, the lower the deductible, the higher the rate.


Are home owners association dues tax deductible?

No, because they pay for a service, among other reasons.


Can you claim summer camp fees on your taxes?

No. Summer camp is considered entertainment and is therefore not deductible just as movie tickets are not deductible.


Is employee salary considered tax deductible for small business?

yes


High deductible health plans?

A high-deductible health plan contains certain minimum dollar limits on the annual deductible and maximum limits on the out-of-pocket expenses listed under the plan. An individual health care plan would be considered high-deductible if it has an annual deductible of at least $1,200. A plan for family coverage is considered high-deductible if it has an annual deductible of $2,400. Out-of-pocket expenses for 2011 may not exceed $5,950 for individual coverage and $11,900 for family coverage. Out of pocket expenses include deductibles, co-payments, etc. www.bankofkc.com /personal/hsa-faq.aspx


Are vehicle registration fees Michigan State tax deductible?

Yes, vehicle registration fees are tax deductible as they are considered a tax on personal property. However if the car was made before 1984, the registration fees may not be deductible.


Are homeowner association dues tax deductible?

Your answer may depend on your use of the real estate asset. Your tax advisor can answer your question specifically.


Are long term care insurance premiums tax deductible?

Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expenses exceed 7.5% of the individual's income.


what is an deductible?

A deductible is the amount that the insured has agreed to pay before the insurer is obliged to pay anything on a covered claim. It can be considered to be an amount for which the insured has agreed to "self-insure". In general, there is a correlation between deductibles and premium, in that a higher deductible will correlate with a lower premium.


Is a deductible due when the auto is considered a total loss?

Yes, if your own insurance is paying for an accident that you were at fault for provided you had full coverage and they are paying for your car. If the accident was not your fault, no you will not pay a deductible.