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#1921339 - 05/08/14 04:54 PM Low value outbuildings
CMLComp Offline
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Joined: Dec 2011
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The primary residential structure on a collateral property burned down and upon updated inspection several low value non-residential buildings were identified (RCVs 2 x $1000, 2 x $1500, and one at $2000). The insurance company is indicating the minimum deductible is $1500, which means all but one building would effectively have no coverage since deductible is same as or more than the coverage itself. Are policies still required on those buildings? What about the building that essentially has only $500 coverage?

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#1921461 - 05/08/14 07:09 PM Re: Low value outbuildings CMLComp
RR Joker Offline
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The Swamp
What are your values using ACV, not RCV on those non-residential non-OO structures. Chances are none will meet any minimums.
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#1921954 - 05/09/14 07:26 PM Re: Low value outbuildings CMLComp
CMLComp Offline
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Joined: Dec 2011
Posts: 90
I will have to go back to banker/agent for ACV, is that now the required figure for calculating the "lowest of three"? Just recently returned from medical leave and am still trying to catch up on everything while I was out (insurance no longer being required on non-residential out buildings?)

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#1922342 - 05/12/14 07:41 PM Re: Low value outbuildings CMLComp
RR Joker Offline
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Joined: Nov 2002
Posts: 20,654
The Swamp
Has been for a few years now, yes.

The only time you calculation using RCV is owner occupied residential property.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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