by Michelle Ferris on Dec 22, 2014
Skyrocketing Costs for Demolition and Repair
Building Ordinance Insurance is often overlooked. Despite its importance, many insurance policies exclude this type of coverage. So what is Building Ordinance Insurance Coverage… and what makes it so important?
Let’s say there’s a fire in your building. Three quarters of the building is destroyed. Insurance will pay for the damaged three quarters of your building -- No more.
But the remaining quarter of your building which escaped damage is unlivable. In this instance, the city may tell you to knock down the remaining one-fourth of your building.
This can go even further into skyrocketing costs… When rebuilding, you will be required to bring your building up to code. This includes installing sprinkler systems, making it safe for earthquakes, adding an elevator and making the building ADA compliant, and more.
These costs can add up to tens of thousands of dollars. If you’re not prepared to pay it out-of-pocket, be sure you talk to your PLC Insurance agent about Building Ordinance Insurance.
What’s the Difference in Coverage Types?
Protect yourself from costs that put your business in peril with the appropriate type of protection. Contact a PLC Insurance agent to find out what type of insurance policy is best for your business.
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We have a customer, Al S. from Bothell, who went through a few different claims issues...
February 13, 2012
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