"Separate Deductible's" Make It Affordable to Use
Palomar's Quake Package
*Based upon qualified / approved claims / See Policy Details
HOME RESTORATION
You Can Receive > Home Restoration + Debris Removal
Home & Townhouse Claims:
Once your homes "Direct quake damage" exceeds the DEDUCTIBLE, your adjuster will begin issuing claim payments, for the debris clean up and construction costs.
(Payments will end, when the structure is restored or the limit is maxed out)
Condo Claims:
"Studs-In" Dwelling Repair: The above wording applies to repairs not covered by the HOA
Exterior Repairs: "Palomar provides up to $100,000 to restore communities, by paying qualified "Direct Quake Damage Loss Assessments", charged directly to you. (Separate deductible applies)
Details:
- Costs for Demolition + Debris Removal: Up to 5% of the dwelling limit can be used *
- Pools, fencing, spas, sport courts, are subject to smaller sub-limits *
- "Other Structure" coverage pertains to detached guest house, barns etc *
*Based upon qualified / approved claims / See Policy Details
PERSONAL PROPERTY
You Can Receive > Replacement of Your Personal Items
Once your personal property loss, exceeds the LIMITS DEDUCTIBLE, you'll receive payments to replace damaged clothing, electronics, appliances, furniture and personal items that were damaged as the result of direct quake damage !
- Personal Property Limits Range from $100,000 to $500,000
- The higher "Replacement Cost" is Provided when you replace the items
- Sub - Limits apply to certain categories such as jewelry, art, tools, etc.
PREPARE by creating, "A home inventory" with photos and receipts.
*Based upon qualified / approved claims See policy details
LOSS of USE
You Can Receive > Emergency + Long Term Housing
Emergency Money:
Approx $1,200 can be provided for "Emergency Housing Money"
(No deductible applies)
Loss of Use or Rent:
Funds to rent a home, as you wait to rebuild or Funds to cover the "Loss of Rental Income"
Up to $100,000 Limits available for this coverage
There's "No Time Limit" to Use the Limit:
This allows you to feel, relaxed and secure, as you wait months or years to rebuild your home.
HOA LOSS ASSESSMENTS
Unit Owners Can Receive: Up to $100,000
That's Right!
Unit owners get help paying their "Quake Loss Assessments" relating to "Common Areas" and "External Structure Damage" that is assessed directly to them. See Policy Wording
Condo Owner CAUTION:
Communities need to financially prepare for "5 Quake Insurance GAPS" (Listed Below)
5 GAPS "DEFINED"
When it comes to serious earthquake damage within a CONDO community, things can get complicated and very expensive as the owners are called upon to pay for the external portion of the structures and common areas.
GAPS to PREPARE For:
1) The Commercial Policy Quake Deductible
If the HOA owns a quake policy, it will require a huge deductible, split up among the owners, in the form of quake loss assessments.
Quake deductibles can reach 1 Million +
2) "AFTER SHOCK" DAMAGE occurring 72 - 96 hours after the initial quake, is processed as a "New Claim Event". This means, a new DEDUCTIBLE is required.
3) The HOA's quake policy limit is MAXED OUT, and the project isn't finished
4) Quake Coverage was NEVER PURCHASED by the HOA
5) Other "PERILS" occur after the quake, such as a fire, sewage leaks , or tsunami.
The direct damage from these events will require a different carrier and deductible.
CONDO "TOTAL LOSS" OPTION
With Palomar, if the damage is too extensive, unit owners can, "Take a Lower Settlement and Leave the Community", if they choose to NOT repair their "Interior Quake Damage".
Total Loss Claim Offers are based upon the depreciated, "Interior Structure Value", rather than, the higher "Replacement Value".
(The Noland Agency will help you navigate this process)
PALOMAR Allows 1 Year to Decide!
The owners are allowed 365 days after the quake, to decide if they want to return and rebuild.
Do You Have Quake Policy Questions?
Ask Troy...
Troy Noland's award winning agency is dedicated to provide quality service, value and expertise. His team is happy to go the extra mile to advise and assist.
Schedule a Meeting with Troy:
- Phone Call
- In Person
- On Line Meeting
503-297- 4811
4475 SW Scholls Ferry Rd, Suit 106
Portland, 97225
POLICY WORDING
UNIT OWNER - "LOSS ASSESSMENT" COVERAGE
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.