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Strategies & Market Trends : The coming US dollar crisis -- Ignore unavailable to you. Want to Upgrade?

To: HH who wrote (16707)	1/26/2009 9:20:25 AM
From: carranza2	Read Replies (2) \| Respond to of 71456

No. If the property is a total loss and the insurance policy is what is called a 'valued policy,' yes. Otherwise, no. Example I deal with every day: Property is worth $1 million and is insured for $1 million by a flood insurer and for $1 million by a windstorm insurer. Total insurance $2 million, but for different things. Big hurricane. House is worth $ 1 million before it strikes. House is damaged both by flood and by wind. Flood insurer pays $1 million, the value of the house. Windstorm insurer pays zero because the homeowner has been fully compensated. Windstorm insurer pays nothing despite fact that the house suffered windstorm damage. I am not going to debate this principle with anyone. I use it every day in my law practice.