What it does
The homeowners forms include a base amount of loss assessment coverage. HO 04 35 increases it at the residence premises and can add other locations.
Who needs it
Condominium unit owners and homeowners in associations with common property, especially where the master policy carries large deductibles.
Key provisions and limits
- The endorsement does not cover Section I assessments caused by earthquake (use HO 04 36) and may cap the number of additional locations.
Quoting and selling notes
- Compare the association's master deductible with the assessment limit; this is a frequent gap on condo files.
Editions and availability
Editions in use and where they apply: 03 22 (42 jurisdictions); 05 11 (10 jurisdictions: AL, CA, CT, FL, GA, HI, LA, NC, TX, VI); 10 00 (1 jurisdiction: PR).
Homeowners endorsements are built for a specific program edition. When a carrier moves a state from the 2011 (05 11) program to the 2022 (03 22) program, the endorsement editions move with it, so match the endorsement edition to the policy form edition shown on the declarations.
