MossRoad
Super Moderator
- Joined
- Aug 31, 2001
- Messages
- 60,253
- Location
- South Bend, Indiana (near)
- Tractor
- Power Trac PT425 2001 Model Year
RSKY,Gonna be short and sweet on this one. Nearly all the churches destroyed in Mayfield were greatly under insured. Massively under insured. My sister's 100+ year old church building was destroyed in the tornado. It was insured for around $7 million. First estimates to rebuild were north of $30 million. Another across the road from a sister was destroyed. Insured for $700 thousand, rebuild $3 million.
You get the idea.
Some businesses were also underinsured. At least one had dropped all insurance because it was too high and was looking for another carrier. He lost everything.
Check your coverage!! Some companies get your business by undercutting competitors prices and then under insuring their client. They do this by not increasing coverage as rebuilding costs increase.
Check many carriers.
RSKY
thanks for the updates, and the warning/advice. Many of us think we just looked at numbers a few years ago and it’s 15-20!
Any pictures of what the church looked like before? Or an address and maybe we can get a street view?