Why do I need Feesible?
You can't prevent special assessments, but you can protect yourself from them
HOA peace of mind at a great price
- Saving is hard. More than 70% of associations have insufficient funds to cover expected maintenance expenses
- Most need special assessments every 4-5 years for bigger repairs
- Assessments are usually less than $10,000 per home but can exceed $100,000 for serious issues
Feesible has low cost protection against high cost surprises
Special Assessment Insurance vs. Homeowners Insurance
Feesible Assessment Protection
Homeowners Insurance
What is it for?
$$$ to pay for condo & HOA special assessments
$$$ for damage or theft of your property
Does it cover HOA special assessments?
Yep, 90%+
Less than 5%
What assessments are covered?
Maintenance, wear & tear, reserve shortfalls, HOA lawsuits, most other things
Damage from fire, lightning, weather; HOA lawsuits
What assessments aren’t covered?
Fire, natural disasters, operating expenses, expected assessments
Maintenance, wear & tear, reserve shortfalls, operating expenses
Assessment coverage limits
Up to $25,000
Usually $1,000
Feesible vs Homeowners Insurance
Feesible Assessment Protection
Homeowners Insurance
What is it for?
$$$ to pay for condo & HOA special assessments
$$$ for damage or theft of your property
Does it cover HOA special assessments?
Yep, 90%+
Less than 5%
What assessments are covered?
Maintenance, wear & tear, reserve shortfalls, HOA lawsuits, most other things
Damage from fire, lightning, weather; HOA lawsuits
What assessments aren’t covered?
Fire, natural disasters, operating expenses, expected assessments
Maintenance, wear & tear, reserve shortfalls, operating expenses
Assessment coverage limits
Up to $25,000
Usually $1,000
Feesible vs Homeowners Insurance
What is it for?
$$$ to pay for condo & HOA special assessments
Feesible Assessment Protection
$$$ for damage or theft of your property
Homeowners Insurance
Does it cover HOA special assessments?
Yep, 90%+
Feesible Assessment Protection
Less than 5%
Homeowners Insurance
What assessments are covered?
Maintenance, wear & tear, reserve shortfalls, HOA lawsuits, most other things
Feesible Assessment Protection
Damage from fire, lightning, weather; HOA lawsuits
Homeowners Insurance
What assessments aren’t covered?
Fire, natural disasters, operating expenses, expected assessments
Feesible Assessment Protection
Maintenance, wear & tear, reserve shortfalls, operating expenses
Homeowners Insurance
What assessments aren’t covered?
Fire, natural disasters, operating expenses, expected assessments
Feesible Assessment Protection
Maintenance, wear & tear, reserve shortfalls, operating expenses
Homeowners Insurance
Assessment coverage limits
Up to $25,000
Feesible Assessment Protection
Usually $1,000
Homeowners Insurance
The biggest risk to HOA homeowners doesn’t come from weather, pipes, fires, theft or floods. It comes in the mailbox.
The not-so-small print: Coverage DOESN’T apply to assessments …
for pre-existing conditions, fire or weather damage
- What are pre-existing conditions? We don't cover expected assessments or projects that are already planned or are being considered by your association when you sign up
- We don't cover completely new additions to HOA property. Renovations, yes, but not brand new clubhouses on our dime
- We don't cover traditional insurance risks (damage from earthquake, fire, flood, windstorms, etc.)
- Check out our coverage detail for more info
For the other 90%+ of assessments we've got you covered
Insurance protects against unknown, not known, risks. For example:
A new roof is needed and the board starts getting quotes for the work.
You bought coverage before planning began.
COVERED: The project and assessment risk were not known or expected before coverage started.
You bought coverage before planning began.
COVERED: The project and assessment risk were not known or expected before coverage started.
Your association has considered new paint for 2 years.
You bought coverage after planning discussions started, but before the work began.
During painting major balcony tile leaks are discovered that need repair.
Painting - NOT COVERED: The paint project and assessment risk were known before coverage began.
Leak remediation – COVERED: The project and leak repairs weren't expected.
You bought coverage after planning discussions started, but before the work began.
During painting major balcony tile leaks are discovered that need repair.
Painting - NOT COVERED: The paint project and assessment risk were known before coverage began.
Leak remediation – COVERED: The project and leak repairs weren't expected.
Claims are quick and easy
We’ll look at your association financial statements, board of directors documents, reserve studies, resident communications and other items to verify that projects and assessment were unexpected when coverage began.
Get paid quickly!
