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Your policy should have a coverage known as Ordinance or Law. Ask your broker if you have it and if so, how much? You can increase that amount if necessary.
Hi,
A $500,000 limit on "Ordance or Law, ICC & Demo" coverage for three building complex built in the 1950's doesn't pass my initial sniff test as generous. Rather, it sounds like a lot of risk exposure. Would you agree?
Thanks!
Can't help you there. I imagine that to get an accurate number, you'd need some professional (architect, contractor etc) help.
Perhaps you should ask your broker for the cost to increase that coverage to $1,000,000, and if reasonable buy it as "sleep insurance".
If the three buildings are stand alone, i.e., not adjacent to each other, what is the likelihood that the three buildings will catch on fire at the same time or will be leveled by a bomb or a plane? Again, $500,000 may be enough or not enough according structures, etc.
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