Why should I get an appraisal of my home or condo in Panama?
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!!!!
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: maria.dunkley@unityducruet.com or Kevin 6674-1063