HOME REPAIR
DWELLING COVERAGE
CONDOMINIUMS:
Condo coverage limits, apply to the value of the units interior, or "Studs-In" structure.
HOMES & TOWNHOUSES:
This limit applies to the entire dwelling ( Interior & Exterior )
Only the cost to "Rebuild the structure" applies. (The land and market value does not )
OTHER STRUCTURES:
Separate garages, barns, guest cottages and entrance area fencing are covered by a separate limit.
Pools, gazebo's, sport courts: See policy details for sub limits that may apply.
YOUR DWELLING VALUE:
The Noland Agency will calculate your quake dwelling limit after evaluating the limit stated in your current "Fire Policy". We typically pad the limit by adding 25% or $100,000, whatever is greater. This extra coverage helps to decrease the financial burden from clean up costs and "Quake Inflation".
CLEAN UP FUNDS
You Get Up to 5% of the Dwelling Limit
Don't get stuck with a quake mess!
Your Palomar policy can provide funds to clear the mess and rebuild.
UNEXPECTED COSTS:
Demolition and clean up costs, can range from $5,000 - $150,000
What Effects the Clean Up Expense?
- Homes Size and location
- Recycling: Asbestos and lead paint disposal costs more
- Foundation Removal: Increases costs
- Engineering Fees
- Quake Inflation
ALTERNATIVE HOUSING
"Loss of Use" Coverage
If your quake damaged home can't be occupied, your Fire policy wont help you, but Palomar's quake policy, will provide "Loss of Use" coverage to help you set up and pay for emergency and long term housing.
- Palomar provides a unique $100,000 Limit ( NO time limit)
- The first $1500 is provided ASAP with no deductible
LOSS of RENT
"Loss of Use" for Landlords
If your rental property suffers direct quake damage, and your tenant needs to evacuate, your Palomar quake policy, will likely cover the, "Loss of Rental Income" that accrues, as you wait to repair your structure. This can help you maintain the mortgage payment and utilities.
- Loss of Use Limits start at $100,000 (No Time Limit as you wait to rebuild)
REPLACE YOUR BELONGINGS
PERSONAL PROPERTY COVERAGE
You'll receive payments to replace quake damaged appliances and personal property!
- Generous limits range from $100,000 to $500,000
HOA - LOSS ASSESSMENTS
Up to $100,000 Limits
Palomar's, Unit Owner's Quake Policy, rises above the industry standard, by providing up to $100,000 towards quake related HOA Loss Assessments.
That's right! Each owner can provide up to $100,000 towards qualified HOA Fees
The Huge Limit Can Apply To:
- The Master Policy - Quake Deductible
- Exterior Structure Repairs
- Debris Clean Up
- Parking Structures
- Pools and Club Houses
- Engineering Fees
CONDO OWNERS "NEED" A QUAKE POLICY
Here's why
After suffering serious quake damage, HOA board members and property managers, may find themselves, short on electricity, food, water and CASH. Things will be stressful.
GOOD NEWS HOA leaders can rely upon Palomar's policy holders to pay their share of the bills, while many others will not be able to pay.
Call for a Quote Today 503-297-4811
"TOTAL LOSS" OPTION
Take "Less Money" and Don't Rebuild
With most quake polices, condo and home owners can choose to, not rebuild after a quake, and receive a smaller payment, based upon the structures depreciated, "Actual Cash Value", rather than, the higher Replacement Value.
YOU CAN CHANGE YOUR MIND!
Palomar Specialty allows you approx. 1 year to restore the structure!
After the dust settles, you may decide to rebuild your damaged structure, and so, you will need speak with your adjuster to re-open the claim.
As your agent, Troy Noland, would guide you thru the claim process and help you navigate through any questions or problems.
HOA Questions ?
Ask for a Consultation...
Troy Noland brings over 20 years experience in the insurance industry, and is happy to meet with your HOA to discuss any insurance issues or quake insurance GAP concerns.
Call to Schedule a Meeting with Troy:
- Phone Call
- In Person
- Video Conference with your HOA
503-297- 4811
IT TAKES A VILLAGE TO REBUILD
We Provide Quotes for Every "Floor Plan"
To help everyone in your community, prepare for a quake, The Noland Agency is happy to provide, "Palomar Quake Quotes", for EVERY FLOOR PLAN in your community.
See Sample Pricing
"LOSS ASSESSMENT" POLICY WORDING
Policy Section E.
LOSS ASSESSMENT PAYMENTS
Subject to the Loss Assessment “limit of insurance” shown in the Declarations, “we” will pay “your” share of any loss assessment charged against “you” by a corporation or association of property owners because of a “covered event” during the policy period.
This coverage only applies when the assessment is made, as a result of direct physical loss to “covered property” owned by all members collectively, caused by a “covered event”. This coverage applies only to loss assessments charged against “you” as owner of the “residence premises”. “We” do not cover loss assessments charged against “you” or a corporation or association of property owners by any government body.
The Loss Assessment “limit of insurance” shown in the Declarations is the most “we” will pay with respect to any one ”covered event”, regardless of the number of assessments.
2.5% QUAKE Deductibles
2.5% Deductibles - Allow Faster Claim Help!
Most other quake insurance carriers, require a huge deductible, equivalent to 10% - 20% of the "Homes Structures - Coverage Limit".
Example: A homes structure value is $300,000 x 10% = $30,000 Deductible
This means, the value of the direct quake damage, must exceed $30,000, before a claim can be filed, to pay for damages above this amount.
We Provide Low 2.5% Deductibles
PALOMAR's Provides an affordable 2.5% deductible that applies to each coverage limit as you NEED it, such as "Loss of Use" that provides alternative housing.
How Claim Payments Are Made
After you file a qualified quake claim, you will begin to receive payments, after the "Direct Quake Damage", exceeds the deductible amount of the specific benefit you need to use.
See Actual Policy Details with Rules and Exceptions)