Increase in insurance

[Fernando]

I have another commercial insurance coming due and it increases like usual.
Past few years it increased 3.97% and 5.39%. Is that what y'all experiencing.
The cost to rebuild is like $360/sf.
Not trying to be cheap...ok I am penurious in cutting my bill. The chance of completely burned down is low.
Do you think it's a good idea to ask for lower fee for lower replacement cost?

 

[Tom D]

if you insure below the actual cost to replace, then you will not get the full cost to replace. they could also argue you tried to cheat them, and fight paying at all.

 

[Fernando]

if you insure below the actual cost to replace, then you will not get the full cost to replace. they could also argue you tried to cheat them, and fight paying at all.

Why would I cheat them? I want lower cost to rebuild. Just pay the amount I request say $1 million and I'll take care of the $1 million to completely rebuild.
The chance of a 100% destruction is rare and I'm willing to take a chance.

 

[glenn walker]

Why would I cheat them? I But there ant lower cost to rebuild. Just pay the amount I request say $1 million and I'll take care of the $1 million to completely rebuild.
The chance of a 100% destruction is rare and I'm willing to take a chance.

But their NOT and thats your problem BUT You already filed a Claim for $20K for roof damage and you cant even afford to fix minor repairs so how the hell would you ever come up with hundreds of dollars to Re-Build ? "Your clearly a "high risk " and since I doubt you own this free and clear, you also have a lender as a loss payee.

 

[Fernando]

But their NOT and thats your problem BUT You already filed a Claim for $20K for roof damage and you cant even afford to fix minor repairs so how the hell would you ever come up with hundreds of dollars to Re-Build ? "Your clearly a "high risk " and since I doubt you own this free and clear, you also have a lender as a loss payee.

So insurance doesn't work that way. I just want $1 million to rebuild from insurance company and the rest I take care like from FEMA or 2nd mortgage.

 

[glenn walker]

So insurance doesn't work that way. I just want $1 million to rebuild from insurance company and the rest I take care like from FEMA or 2nd mortgage.

Thats not how it works because FEMA is not insuring it and nobody is going to place a 2nd mortgage on a half burned down building except us and we would Foreclose on you the first chance we had-and even help City condemn it for us, so we could build a new one.

 

[Fernando]

Thats not how it works because FEMA is not insuring it and nobody is going to place a 2nd mortgage on a half burned down building except us and we would Foreclose on you the first chance we had-and even help City condemn it for us, so we could build a new one.

If there's a major disaster, FEMA always steps in and offers aid even if no interest loans. 2nd mortgage can be on my other properties.
All I want is Insurance to cover $1 million to rebuild and I can take care rest myself with resources out there when that time is needed.

 

[glenn walker]

If there's a major disaster, FEMA always steps in and offers aid even if no interest loans. 2nd mortgage can be on my other properties.
All I want is Insurance to cover $1 million to rebuild and I can take care rest myself with resources out there when that time is needed.

$1 Million today doesnt build much commercial property in the Bay Area. You are really living in La, La, Land and if you have this kind of money pay the mortgage off and self insure it and be done.. This is all BS and you know it.

 

[Fernando]

$1 Million today doesnt build much commercial property in the Bay Area. You are really living in La, La, Land and if you have this kind of money pay the mortgage off and self insure it and be done.. This is all BS and you know it.

What does self insure mean?

 

[Tom D]

this thread is really funny. i think we are being punked glen.