Loss assessment will pay up to $1,000 for the insured's share of a property loss assessment charged during the policy period against the insured as an owner or tenant of the residence premises by a corporation or association of property owners (HOA). The assessment must be made as a result of direct loss from a covered peril to property that is owned by all members collectively as long as it is of the type that would be covered by the insured's policy if owned by the named insured.