Be advised that I don't sell property insurance, so like you, I don't think of reviewing my coverage every year. Stop and think about doing it right now.
We all know construction costs have increased a lot lately. So, to restore a magnificent church structure by craftsmen that includes Tiffany stained glass windows and an organ with 4,114 pipes will be very costly in 2017. We have a great resume on working with historic structures. You get to a basic cost in the multiple of millions quickly.
We recently were tapped to access a 140-year-old church that is the cornerstone of the of a beautiful town in New Jersey. The request by our client was to establish the cost to restore the sanctuary portion of the campus to a Pre-loss Condition after a significant fire event. They had two other estimates that varied by 100% so you can understand the confusion. On this assignment we are collaborating directly with a contractor that rebuilt a historic church of the same vintage in Savannah, Georgia.
It looks so far like the insurance coverage may be off by $20 million or more. Who was doing who a favor with a lower value of coverage? If the unimaginable happens is not the time to worry about this type of issue. It makes me wonder what exposure I have on my properties. How about you?
Verify that you have enough coverage to restore your property and make sure you have Law and Ordinance coverage for covering building code updates. Bid out the coverage each year.
Also, we find the cause and origin of fires with older buildings is electrically related. Have a qualified professional look at the electrical system from a risk management approach for potential fixture and wiring defects that could be a cause of a fire in the future.