Your clients insure their condominium unit under a Condominium Unit Owners Comprehensive policy, subject to $1,000 deductible, with no extensions. The building suffers severe damage by earthquake, which is covered by the Condominium Corporation's insurance, but there is insufficient insurance to cover the loss in full. The Condominium Corporation assesses each unit owner $5,000 to cover the shortfall in its policy. 25% of the unit owners are uninsured for Loss Assessments. How much of the assessment will your clients policy pay? $5,000.00 $4,000.00 75% of $5,000. Nothing.

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Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.