Common use of Damage to Unit Clause in Contracts

Damage to Unit. If your unit is damaged by theft of attempted theft, or if its interior is damaged by vandalism or malicious acts, and the damage is repaired or replaced with materials of similar quality within a reasonable time after damage, we will pay for the actual cost of repairs or replacement (whichever is less) without deduction for depreciation. If loss or damage is not replaced or repaired we will pay the actual cash value of the loss or damage at the date of the occurrence. We are responsible only for the amount by which the loss or damage covered by this policy of insurance exceeds the amount of the deductible shown on the Certificate of Property Insurance in any one occurrence. If your claim exceeds $25,000, and the applicable deductible amount on the Certificate of Property Insurance is $1,000 or less, the deductible will not apply to your claim. If your claim involves personal property on which the Special Limits of Insurance apply, the limitations apply to losses exceeding the deductible amount.