Insurance Coverage And "zoning" Rider
This seemed like the best forum for this question.
Has anyone actually tried to figure out what is covered under say a fire policy?
I talked to 2 different people at the agency and got radically different info.
The issue I was trying to understand is a potentially under insured condo (the master blanket policy).
They have the place insured for ~95/sq ft. replacement cost. The going rate for condo/townhouse construction is 130 to 150 a foot. Am I missing something here.
The other part has to do w/ the zoning/code upgrade rider, which give an additional 10% coverage to account for changes in the code since it was constructed.
The problem here is, this complex flat out could not be rebuild under the current code. So what happens in the case of a (be pessimistic) complete loss, do they just pay 1.1*95 and you divide it up among the 108 owners?
Thanks.
Also, the "Ordinance/Law coverage you describe is necessary only for partial losses. Assuming the reconstruction cost estimate and subsequent insured amounts are in line, new/reconstruction factors in new code, ordinance, etc...
The city calls our complex a "non-conforming structure". So the good news is, in the case of a total loss, they will let us rebuild the same as we had b4 the loss.
Quick, print out that section of the zoning code before it changes!
LOL
thanks.
No doubt!!