Yes — and it can arrive with little warning. When a covered loss to common areas exceeds your association’s master policy limits or deductible, the remaining cost is divided among unit owners as a special assessment. A single building incident — a lobby fire, a major pipe failure, a liability judgment — can result in assessments of $5,000 to $20,000 or more per unit. Most basic condo policies include only $1,000 in loss assessment coverage by default. We build that limit up to match the realistic exposure of your specific building.