Why Ordinance or Law Coverage Can Be Important for Home and Business Properties
Changes in building codes often entail unforeseen costs that can surpass the coverage provided by standard insurance policies. Comprehensive protection is important to safeguard against potential financial liabilities arising from these adjustments.
Do you know how your home or other property would comply with current building codes if you had to rebuild after a fire or other loss? If not, you’re not alone; however, it’s a real concern that you need to consider. Changes to building ordinances and laws can require upgrading your building to new standards during reconstruction, which can result in extra expenses that may not be covered by a basic property insurance policy.
Ordinance or Law Insurance Covers Extra Expenses Not Covered by a Basic Policy
- Loss to the undamaged portion of the building
- Demolition and removal costs of the undamaged portion of the building
- Increased costs of repair or reconstruction due to building code changes
For example, your building is 50% damaged in a fire. Your local building code may require that the undamaged portion of the building be demolished or that you update components of the intact structure to current building codes to rebuild. The demolition or upgrades to the undamaged portion of the building wouldn’t typically be covered by a standard policy, which only pays for repairs and replacement of the damaged portion.
There are numerous other examples of situations where laws create extra expenses that will only be covered if you have the option of expanded Ordinance or Law Insurance added to your property policy. The age of your building may not be relevant, so don’t assume that just because your property was recently constructed, you don’t have to worry about ordinance or law situations.
To learn more about Ordinance and Law Insurance, please Contact Us at Murphy Insurance Agency.
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