What does a “5% per building” wind/hail deductible mean?

This means the deductible is calculated as 5% of the total insured value of the building. For example, on a building insured for $1,000,000, the deductible for a wind or hail event would be $50,000. If the Association does not have enough in reserves to cover this, they may issue a Special Assessment to all unit owners to bridge the gap. We strongly recommend that owners carry Loss Assessment Coverage on their personal HO-6 policy to help pay for their share of such an assessment.