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However, your policy’s loss assessment coverage, if you have it, may protect you from out-of-pocket costs if a loss exceeds your HOA’s master policy limit. HOA insurance vs. condo insurance
Homeowners who live in a homeowners association might also want to consider this coverage. Loss assessment coverage can help pay if you are assessed for a covered claim, which is a fee assessed to ...
If you do get earthquake insurance, keep in mind that deductibles are higher than the standard plan, the Insurance Information Institute said, and could be equal to roughly 5 to 15% of the policy ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
In the past, earthquake loss was assessed using a collection of mass inventory data and was based mostly on experts' opinions. Today it is estimated using a Damage Ratio (DR), a ratio of the earthquake damage money amount to the total value of a building. [1] Another method is the use of HAZUS, a computerized procedure for loss estimation.
Builder's risk covers perils such as fire, wind, theft, vandalism and many more. It typically does not cover perils such as earthquake, flood or hurricane damage unless the policy has been specifically endorsed to do so. [3] However, earthquake riders can be economical, depending on where a project is located.
Progressive says that standard condo insurance policies generally provide a certain level of loss assessment coverage. But depending on your policy, it may not be enough to cover the cost of a ...
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related to: earthquake loss assessment coverage condo plan ohio phone number