Life is better without bad surprises

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Special Assessments 101

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Who?

All property owners in condominiums or HOAs are obligated to pay mandatory assessments to their associations to fund operating and maintenance costs

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What?

Special assessments are charges that all association unit owners must pay in addition to their regular (usually monthly or quarterly) maintenance fees to pay for expensive, needed repairs

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Where?

No building is immune. 70% of associations are underfunded and regularly resort to special assessments to pay for maintenance; some repairs can exhaust the savings of even the most well-heeled buildings

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When?

It depends on an association’s reserve funding and repairs needed, but most associations end up charging assessments every 3 or 4 years

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Why?

Associations rarely have enough saved to pay for the increasing maintenance needs of their facilities. But roofs need replacement, balconies leak, concrete cracks, and surprises happen. Associations charge owners when they come up short

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How Much?

Most assessments are under $10,000, but some can reach $100,000 or more for serious structural repairs or infrastructure upgrades

Frequently Asked Questions

Tell me more about Feesible
What is Feesible’s assessment protection insurance?
What does it cover?
What do you mean by “foreseen” and“foreseeable”?
Who is it for?
Who is eligible?
What do I do if I get a notice of assessment?
What else do I need to provide before you process my claim?
What do condominiums or Homeowners Associations (HOAs) do?
What does it mean if your own in a home in a condo, cooperative or HOA?
How do HOA fees work?
What happens if I don’t pay my homeowner's assessments or special assessments?