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TOPIC: Insurance

Insurance 30 Apr 2005 01:32 #24862

  • BurneyFalls
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In another thread Wimovieman said:
"The $600,000 the insurance company wants it insured for is, in their estimate, what it would cost to rebuild--it has nothing to do with the value of the building that is there. All my buildings just got zapped by that--the isurance company MADE me increase coverage (so they could get more money in my humble opinion) to 3 times the appraised value of the buildings as they stand."

I agree. I tried to insure my new place for only the amount of the note. Nope, can't do that. Have to insure it for six times that.

Between fire/liability/and worker's comp insurance it's a wonder we make any money.
Seems like everyone wants a piece of the pie.
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Re: Insurance 30 Apr 2005 03:59 #24863

  • sevstar
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Yes we ran into the same thing. Have to insure for the amount of what it would cost to rebuild at todays prices.
Homeowners policies have been moving that way also.
Plus if you lease may as well expect a rent increase on the next renewal. Since I am sure the property owners will be getting hit with the new building insurance costs also. And passing them along...
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