safe Your House by Having Earthquake insurance

In the event that an earthquake was to charge your condo, do you know if you are covered through earthquake insurance? Knowing about the Condo connection policy held by the unit owners or renters could let you know if you are covered for this type of insurance.

If the condo connection has purchased a separate policy of earthquake coverage then you can be obvious that you are insured. The typical devotee policy guarnatee only covers the buildings of the actual construction and the surrounding public areas inside and out. Ordinarily condo owners are required to purchase their own separate guarnatee policies for belongings, liability, and earthquake insurance.

Earthquake & Tsunami In Japan

If the earthquake were to damage the buildings of the building, there would be a deductible that would needed to be paid for rebuilding. Knowing the cost per unit owner beforehand can aid to put aside that amount before the disaster strikes.

Learning later after the big one hits your condo is not an excuse for not having the right amount of coverage or the money to pay. The condo or construction may be ruined due to the size of the quake leaving you with the loss of a home.

The condo guarnatee for earthquakes if purchased by the connection may be a higher deductible with low premiums or a low deductible with high premiums. If you do not have the money set aside when an earthquake hits, it could be possible that you may have to experience legal operation for the connection to gather the money to pay for rebuilding.

In the case there are around 8 condos that have taken out a ,000,000 policy of earthquake insurance, the condo connection has to come up with around 0,000 - 0,000. This is contingent on the deductible for the policy and is an estimated figure. With the deductible being so high, each unit would have to pay between ,000 - 50,000! That is why it is essential to know the deductible and have the money set aside in the event the big earthquake happens.

Here are a few ways that this could be taken care of with regards to paying the deductible.

- Cea loss estimation - In the event that the owners of the units have purchased the loss estimation policy either through the devotee policy or individually, they would only need to pay a smaller measure of the deductible. This Cea estimation policy would pay the rest for the loss. This type of add-on guarnatee is a nominal fee each year depending upon the guarnatee business and other factors. Any condo owner can purchase this extra policy in order to protect themselves in this event.

- Pay the Deductible - the whole amount could be paid if the owner had it stored in the bank or through loans that would need to be paid back.

- Borrow Money - the Condo connection can borrow the money for all of the owners who do not have the loss estimation coverage. The money borrowed would wish collateral and the condo owner would then have a lien put upon their unit. Once the loan has been paid in full or the condo sold, the debt would be relieved.

- Foreclosure - In the case that the owner could not afford the amount for the deductible nor could the connection borrow the money to pay, the bank would have to foreclose. The bank would then pay the amount owed to fix the unit for resale.

safe Your House by Having Earthquake insurance