Insurance and the Tornado, the second disaster!

[Jstpssng]

So using your logic, if a 18th century bronze & marble statue gets destroyed by an angry mob riot, does the statue get rebuilt in concrete & plastic?

Yes, with a motion controlled nuclear device inside!

 

[MossRoad]

Come on guys. It’s a church.

 

[RSKY]

I think the 'never gonna happen to us' idea is what messed up the coverage for the older larger churches. When the outside is made of huge blocks of stone you get the idea that the building is indestructible and that was proven wrong. I still cannot understand why they tore down the remaining stone walls. Insides totally destroyed, floor dropped into the basement, everything soaking wet, but the outside walls still stood.

Sister said they had been told that everything had to be built back to modern code (of course) and that will keep them from building back in the same form. Congregation has been told it may be three years until building back begins, and may be ten years before everything finished.

RSKY

 

[kevin37b]

So using your logic, if a 18th century bronze & marble statue gets destroyed by an angry mob riot, does the statue get rebuilt in concrete & plastic?

I thought you were baling hay ? Not BS .

 

[California]

you must know what coverage you're getting, and most importantly insurance company, you need to be selective and read customer reviews before opting for insurance

Advice needed: where can I get a quality independent review of the coverage I just bought?

As noted above this ancient and non-code farmhouse was dropped when the insuror quit writing policies in this state, then my local agency and another wouldn't cover it due to its age. The insuror who finally covered it seems more targeted at shabby mobile home parks. I had to drop many standard components (theft, loss of use) to get the price down to 3 times what I had been paying. No other insuror was found that would write a policy. Basically I'm covered for liability to others, and replacement in case of total fire loss. Not much else.

I need an independent and professional review of my policy.

 

[ultrarunner]

Was CA Fair Plan able to offer coverage?

Independent Adjusters are a good source to evaluate coverage.

No idea what a review would cost.

 

[Snobdds]

In some of these instances...assuming no mortgages - would it not be better to look at self-insuring for structure rather than paying out crazy premiums for the just in case event? Liability insurance is totally separate and needs to be paid for.

There are many ways to go about this. Self insure with excess loss reinsurance is probably going to be the best way. To fully insure a property in todays market, an insurance company would have to have such high premiums that it would be unaffordable.

Like my Ranch...

I self insure the first 25k through my property insurance and then my reinsurance company has everything above that to the limit. The catch is reinsurance does not deal with claimants, they deal with other insurance companies and brokers only. So I obtain coverage through company x for Y amount. Then I have to also pay them an administration fee to shop for coverage with their reinsurance companies and to file claims in the event of a loss. If there is a loss, the reinsurance company pays my property insurance that then pays me. Therefore, I still have a high total loss figure, but my premium is very low as I take the first 25k in losses.

In reality, if there is a total loss, I would find an area to recoup that 25k from some covered loss.

Insurance is a game and you have to know how to play it.

 

[California]

Was CA Fair Plan able to offer coverage?

I was told by three agencies this would cost even more and might need the building brought up to code - an impossibility.

 

[ultrarunner]

When I was shopping nothing about code but the coverage provided is minimal to satisfy lender requirements...

 

[Hay Dude]

I thought you were baling hay ? Not BS .

LOL
Nobody bales hay at 6:29 AM in my area.