Posted on 09/01/2020 6:02:20 AM PDT by karpov
No, you idiots, insurance will not even begin to cover the short- and long-term damage inflicted by riots in Portland, Kenosha, Chicago, and elsewhere.
In fact, as business owners whose shops were destroyed or badly damaged during the Minneapolis riots are finding out, the cost of recovery is far greater than their insurance payouts.
“Dozens of owners whose Twin Cities properties were severely damaged in the May riots have been stunned to discover that the money they would collect from their insurance company for demolition won’t come close to the actual costs of doing the job,” the Minneapolis Star Tribune reports.
It turns out that several business owners, including many immigrant entrepreneurs, are struggling to find ways to recover.
“One day after rioters destroyed the Sports Dome retail complex in St. Paul, a construction crew hired by the city knocked the building down because it was dangerously unstable,” the newspaper reports. “Then the city presented the property owners with a $140,000 bill for what it would cost to haul away the debris.”
It adds, “Like dozens of other investors whose properties were severely damaged in the May riots, the Kim family was stunned to discover that the money it would collect from its insurance company for demolition won’t come close to the actual costs of doing the job. Most policies limit reimbursement to $25,000 to $50,000, but contractors have been submitting bids of $200,000 to $300,000. In many cases, the price of the work is not much lower than the actual value of the property, records show.”
Contractors told the Minneapolis Star Tribune that prices for riot-related projects are indeed higher than usual. However, those contractors said, that is because government ordinances mandate that they treat debris from burned-out buildings as “hazardous,”
(Excerpt) Read more at washingtonexaminer.com ...
Businesses destroyed are businesses lost. Insurance does not pay for riot damage.
Most insurance policies exclude ‘riots’ and ‘acts of war, whether declared or undeclared’................
Sue the City for not providing the necessary protection, then add the politician names in the action.
And yet, trying to protect your business with firearms will get you thrown in jail. You lose either way.
I’m a victim of a recent major natural disaster(hurricane) and for a fact insurance does not cover the losses. Even getting the minor stuff rebuilt is a chore and no matter the insurance nothing will ever repay me for the stress and heartache of trying to rebuild our lives.
As someone who had more than a passing interest in the LA Riots, you can imagine how surprised I was to recently learn that most current commercial/business insurance *does* have riot coverage these days.
Whether it is enough coverage financially is a different question, but underinsuring from damage no matter what the cause is endemic everywhere and for everything, not just for riots. An acquaintance of mine just plowed into a rather expensive car in Dallas (texting while driving) and was shocked to find that she’s going to be on the hook for $30K over and above her insurance coverage. Hint: Plowing into someone’s McLaren is not a good idea if you have minimum coverage.
A lot of people let their shops burn because they thought their insurance would cover all their losses. More than a few found out that while they did have riot coverage, it wasn’t enough.
And I bet you cannot obtain insurance for riot damages in these cities anymore. The premiums would be sky high.
I would say the city is price gouging after a disaster.
Wounder what the tipping fee for a truck load of construction waste is at the local land fill?
But it usually does cost more than people think for clearing a lot. Couple of big dumpers, bulldozer, large backhoe, people, etc, etc.
Sue the City for not providing the necessary protection,
then add the politician names in the action.
*************
That may be a long term solution. But for the immediate time
money, rebuilding or relocating are the goals. That takes cash
in hand or loans.
I don’t know that that’s the case, but I suspect that they won’t be writing new policies period in those cities for a while, at any price.
When policy writing resumes, the premiums will likely be astronomical (as you mention) - but then when businesses don’t reopen/return and cite insurance as the reason, watch the local politicians dispute that and say that insurance is available, ‘you’re just being racist.’
Yup. She hit a new one that still had a temp tag on the back. $60K+ for repairs.
A few years back I saw a box for children handed out by St. Paul’s public schools system. There was only one religion depicted on it, Islam. I took that to mean it was another Little Mogadishu. People who want to live in law abiding areas needed to move. The rule of law is no more.
I suspect those of us a few miles out from cities are going to see real refugees soon.
Leave the destruction as it is. A memorial to the BLM movement.
Much of these areas will be permanently ruined. Empty parking lots with foundations where buildings once stood. The owners bankrupt. No one will buy or redevelop the properties. Street gangs shooting at each other from behind the remnants of walls. Neighboring houses being abandoned because the area isn’t safe. The abandoned houses becoming crack houses. Whole areas a no-go zone for the police.
40-55$ a ton in Rochester, NY. My neighbor is in the business.
All I've heard since this rioting is how the insurance will pay for it. LOL! I wonder how many of these business owners thought they were going to get their businesses replaced for nothing. The wild party is always fun until you're presented with the bill.
BTW-I can hardly wait until the Portland's mayor condo association gets their bill of the damage to the condo tower. We'll see how popular he is in his own building.
There’s no reason to rebuild them anyway.
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