Panama Real Estate Appraisals!
Thursday, January 04 2018 @ 02:06 PM UTC
Contributed by: Kevin Bradley
Fire insurance policies have an 80% coinsurance clause that will affect the $$$ amount you receive in the event of a claim for a fire or covered loss. You must insure the property for at least 80% of the actual $$$ value to receive 100% of the amount of total or partial claim.
For example: Panama Condo valued $500,000, insured for $250,000 (less than 80%)....suffers a loss of $100,000...80% coinsurance penalty for UNDERINSURANCE applied, will be paid $50,000 (50%)...."underreporting penalty" because you insured for 50% of the value.
If your Panama Insurance coverage is issued based on an appraisal from an authorized professional (I have the guy) for at least 80% of the $$$ value....you should not have a problem collecting 100% of any claim!
Prevent InfraSeguro....Get an appraisal!!!!
The following article by Silvia Merida Pellicer of Gogetit.com is a very clear, concise guide to the need for property appraisals here in Panama:
For a customized quote for Fire insurance Coverage of the "structure or contents" of your property or a need certified, professional appraisal, call us!
Carmen 322-1605 or email: firstname.lastname@example.org or Kevin 6674-1063