By: Rick Martelo
Another year has passed and we keep getting older. So does our property.
The newer buildings are built to different standards. Changes to the building
codes happen all too frequently. Unless you are in the construction industry, they are not easy to monitor.
Will the governing authorities let you put the property back the way it was originally built, or will you have to build to today’s standards and codes?
This question can only be answered after a loss and will ultimately be determined by the City Fathers.
It is important to make sure that you have adequate Ordinance and Law coverage to make the necessary changes to bring the building up to code in the event
of a loss.
Thinking that your property was “just built” can be misleading as the latest building code changes were in 2012. Even a building that is fully built to code and brand new will need Ordinance and Law coverage. Insurance policies will pay for “direct physical loss” and if undamaged portions need to be razed, the unendorsed property policy will not pay you for that portion. In the event of a claim, Ordinance and Law coverage will provide additional dollars for debris removal that is very limited on the standard policy.
If you want to review your limits give us a call or email Rick Martelo to review your coverage.
Thanks for reading.