This coverage applies to the condo interior or "Studs-In" structure.
DWELLINGS or TOWN HOUSES:
This coverage applies to the homes exterior and interior structures.
How Do We Determine Your Structure Limit:
We start with the FIRE policy structure amount...
Next, we add 25% to provide extra funds to deal with unexpected costs.
Don't get stuck with a quake mess!
Your policy provides direct quake damage, structure clean up money.
(Demolition and some engineering services may be covered)
Don't Become Homeless After a Quake!
If your quake damaged home can't be occupied, your Palomar qualified claim, will provide funds to help you set up emergency + long term housing.
Don't get stuck, with a lack of cash flow from your rental properties:
If your rental property suffers direct quake damage, and your tenant needs to evacuate, your quake policy, will cover the "Loss of rental income" as you wait to repair the home for occupancy.
Go Shopping to Replace Damaged Property!
If your homes direct quake damage, results in personal property damage, your quake policy, will likely pay to replace any, or all of the damaged items.
( Replacement value provided! )
Palomar's HOA - Loss Assessment Coverage, rises above the industry standard by providing condo unit owners up to $100,000 towards quake related, HOA loss assessments.
This valuable, "Source of insurance claim money", provided by Palomar, can be used to pay for teh communities quake related damages and loss, not covered by the HOA's "Master Policy". See Condo Policy PDF
COMPARE Quake Policies Before You Choose a Carrier:
By comparing Palomar's quake policy, with others available on the market, it's easy to see, Palomar is far more generous and affordable than most, if not all, other carriers.
When it comes to your HOA's, "Master Policy Quake Coverage", please don't assume, your insurance provider will be obligated to, clean up and rebuild your quake damaged structures in a timely manner.
The delay in receiving help, may be caused by a large deductible (Often 10% of the structure value) and the inability for unit owners to pay for repairs that wait fo rthe aros withnteh deurekl to pay must first be reached in the form of direct quake damages and loss.
In fact, you and your neighbors, could end up "Stuck" with severely damaged structures, and dangerous debris, unless everyone can pitch in to pay what falls within the deductible amount. (Deductibles often start at 1 million dollars)
Palomar's Quake Policy, Can Help "Fill Quake Deducible Gaps":
Palomar's Quake Policy, provided by The Noland Agency, can help each condo owner "Pay their deducible obligation" by using their "Loss Assessment Coverage", provided by "Palomar Specialty's Unit Owners Policy".
HOA administrators: Imagine, after a major quake, if most of the condo owners in your community, could not pay towards your master policies, quake deducible?
Where would rrhe one come from?
To help everyone in your community, purchase affordable quake insurance, and pay their share of quake loss assessments, The Noland Agency is happy to provide, "Sample Quake Quotes" for EVERY FLOOR PLAN in your community.
This group approach, can inspire more owners to examine their individual condo fire policy, to determine if, they own any type of "Quake" rider attached to that policy, and how much those coverage limits are. are the coverage limtis? Coverage", that notonly pays to renuidl heir interior , but also pays for earthquake related loss assessments.
The Noland Agency provides high limits such as:
Premiums typically range from $150 to $375 per year
1) The HOA's Master Policy includes a HIGH 10% DEDUCTIBLE:
"HOA Master Policy - Quake Deductibles", can reach over $1 Million Dollars, that is suppose to be "Shared" among the various owners.
How Deductible's Delay Claim Help :
Until the quake damage, reaches the deductible amount, most commercial carriers, are not required to pay anything towards the HOA quake claim. So, the exterior damage, could just, "Sit and Wait", for the HOA to collect loss assessment fees, in order to pay for the denied claim costs.
2) NOT ENOUGH "LOSS ASSESSMENTS" COLLECTED:
A lack of personal savings, can prevent owners from paying their share of denied claims, so only a portion of the damage get's repaired, until, more owners, find a way to pay their loss assessment fee.
3) THE HOA's INSURANCE "LIMIT" is REACHED:
The HOA quake coverage limit, may be set too low, to repair every structure, leaving families stuck with a damaged homes.
Another Option > Take the Money and Relocate (Below)
YOU DON'T HAVE to REBUILD
If your HOA can't afford to rebuild your exterior structure in a timely manner, or the burden to repair the entire community, is cost prohibitive, those with a Palomar Policy, may be eligible to receive a claim payment, based upon your "Interior" structures, "Depreciated Value" rather than the higher "Replacement Value".
You can use the claim payment as you choose, to purchase another home, invest or save.
YOU CAN, "CHANGE YOUR MIND" and Return to REBUILD!
Within 365 days, you can renegotiate your claim to rebuild, and receive the full "Replacement Value Payout".