Thank you. Yes, granted it is in a steep lot but the $250/sf quote was way higher than I was expecting to hear and just isn't going to happen. Unfortunately, it is the first actual quote I have been able to obtain as everyone is busy. Of course, I did get 1 other builder to look at the lot. He offered to buy the lot for a little under 20% of what the assessor thinks it is worth.
We had another cabin with a little charcoal pitting on the side from ash thrown at it. The cabin beside it and across the street from it were completely destroyed. That is good of you to help rebuilding the church. Thank you.
The cabin was used as an overnight rental and most renters want a log structure (or at least log look structure). Here is an example of what they are:
I spoke with my insurance agent (who is based right there in Gatlinburg). She did provide a list of 4 builders who were doing work for $160/sf "on up" and said if we wait a couple years it should come down.
I don't have the documents with me now but I seem to recall it was named recovered depreciation rebuild cost so something similar. They said we were eligible to receive it only if we rebuilt.
We did have guaranteed replacement cost on the interior furnishings. It had a paltry 5k limit. They said that guaranteed replacement in that setting was capped at 5k regardless of the words guaranteed replacement.
Ok, that's good news that they're willing to extend the deadline. Be sure that's in writing.
There is a disconnect, here. Double check your policy. If the word "guaranteed" is in the name of the coverage, they should not be adhering to the $5k limit. That's the point of the guarantee part. I think it's likely you just have Replacement Cost Contents, which simply adjusts the loss payout on each item of your damage/destroyed contents at replacement cost (vs. adjusted for depreciation), but only up to the stated policy limit. If the word "guarantee" is anywhere in the coverage language for the structure or contents, I think you've got a lot of leverage here.
There are two primary issues with accepting just the standard "Contents" coverage in the policy:
It was a commercial policy with provision for rental income loss reimbursement. The rental loss payout in my case was equivalent to about 1 years income so thus far I haven't lost any rental income. of course the insurance company deducts the property management share which in gatlinburg is typically 40%. That seems high but renting it like a hotel the management company brings value to the table.
