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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Wyätt Gwyön who wrote (92769)10/24/2007 7:42:58 AM
From: carranza2Read Replies (1) of 306849
 
Right, structure only. Most policies exclude damage to land, i.e., sinkholes are not covered.

The Valued Policy Law essentially enforces a market driven response, i.e., the valuation is a result of a negotiation, at least in theory. You therefore don't see too much deviation from the cost to replace new for old. So, yes, the example I used is probably an extreme, but there will be a few of those.

In a mass disaster, this cost will of course go up. If the stx is not a total loss, and the policy calls for replacement value payments, the loss could become total if the estimates are jacked up due to higher post-disaster replacement expenses.
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