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Don't Pay Thousands Out-of-Pocket... Get Building Ordinance Insurance Protection
By Mark Balcos, of Balcos Insurance, inc. Published: 11/03/2008
How to Make Sure You Don’t Pay Thousands of Dollars Out-of-Pocket
Building Ordinance Coverage is often overlooked, but is very important. Even so, some policies may not offer this type of coverage at all. So what is building ordinance coverage… and why is it so important?
If three-fourths of your building were destroyed in a fire, your insurance company would pay you for the damaged three-fourths of the building and no more.
The city may tell you to knock down the remaining one-fourth of your building, as it is not livable.
- If you don’t have enough of building ordinance coverage A, you would be paying for one-fourth of the building costs out of your pocket.
- If you didn’t have enough of coverage B, you would be paying to demolish and remove that one-fourth of the building as well.
These costs can add up to tens of thousands of dollars.
Coverage A: Covers loss in value of the undamaged portion of the building due to demolition pursuant to a building ordinance or law.
Coverage B: Covers the cost of demolition and removing of debris of the undamaged portion of the building, if building ordinance law requires demolition.
Coverage C: Covers the increased cost to repair, reconstruct or remodel damaged or undamaged parts of the building to comply with a building ordinance or law.
Make sure that you contact your agent at least once a year to review your coverage and make appropriate updates. Taking the time before something happens protects yourself and your investments.
(877) 388 - 0739
http://www.balcosinsurance.com
© 2008, Mark S. Balcos. The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report. Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader. The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.
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