Need a market for high-end condos? ACE Platinum Portfolio, accessible via the “Affluent Program - New Business” section of Big “I” Markets, covers condominiums and co-ops. Program highlights include:
Full replacement cost on additions & alterations (A&A): Select a limit of insurance for the improvements a current or prior owner may have made, such as custom kitchen cabinets, built-in bookcases, custom floor coverings, upgraded bathroom fixtures, security systems and home theater systems. ACE provides a complementary inspection of the unit to help ensure the A&A limit is adequate. The policy includes full replacement cost upon insuring the residence to the appraised value, covering losses even if they exceed the stated A&A policy limit. Insureds are even entitled to a cash settlement option if they decide not to rebuild at the current location.
Personal property at replacement cost: Condo association policies do not cover personal property within your unit such as furniture, clothing and items in storage. The ACE Platinum Portfolio settles such property losses without deductions for depreciation.
Loss of use: The policy covers additional living expenses incurred after a covered loss, providing peace of mind while the insured seeks temporary housing without compromising standard of living.
Mold and flood coverage: Water damage is one of the most frequent and costly types of loss and can also lead to significant mold losses. ACE automatically includes $10,000 of mold coverage, with higher limits available, for replacing property damaged by mold as a result of a covered loss. Coverage may also include air quality tests on the home after a mold loss. ACE offers an optional flood endorsement to protect the residence and property from flood damage.
Loss assessment coverage: $100,000 of coverage is available for a loss assessment share; $10,000 for assessments made by the corporation or association of property owners resulting from an insurance deductible.
"Good neighbor" coverage: In the event of damages caused the insured causes to another person's property, up to $10,000 in voluntary payments coverage is available to help deter potential litigation.
Learn more about the ACE Platinum Portfolio by logging in to Big "I" Markets.