I think I lost at least 1 cabin in the Great "Smoky" Mountains...

FORANE

FORANE

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FORANE
Does anyone have experience with what happens after fire damage and subsequent insurance claim on an investment property?
 
Rains last night didn't put it out? Rough Ridge fire is out.
 
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FORANE said:
Does anyone have experience with what happens after fire damage and subsequent insurance claim on an investment property?
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That depends entirely on the insurance you have. But exclusions for "act of God" come to mind.
 
Supposed to get more rain tonight/tomorrow morning. Unfortunately there's going to be some high winds preceding the precip. Pretty sad watching the news tonight here in middle TN.
 
How do you have it insured? Contact your agent they should be able to walk you through the process. Just hope it totally burnt down as it makes the process easier.
 
I'd say you're covered.
 
Depending on what riders you have, the structure should be covered along with any loss of rental moneys. Good luck as fires are a pain.
 
When I lost a house to a range fire, the adjuster sought me out, and tripped over himself writing a check in the full policy amount...and asked how else he could help me. They could not have been more accommodating.
 
You are correct on the insurance company side (usually) problem comes with zoning/reg changes and lining up contractors when there are multiple properties that need replaced.
 
I have a friend who lost a vacation home that's been in the family for generations. Sad situation going on up there.
 
Was it insured as a rental property ?
 
mscard88 said:
Usually results in good sex, with the ex I mean, until you call her your present wife's name, hold on if you do. :cool:
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My mother, father and my aunt have all called my wife by my ex's name. I for some unknown reason have not.
 
FORANE said:
Yes
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They should make you whole, at least when it comes to the structure and cost like teardown.

I doubt there is going to be any business interruption coverage with regular property insurance. Look at your policy.
 
Related, but slightly off-topic. I was just at CHA over Thanskgiving and surprised by the number of Avro RJ85s they were using for firefighting. First time I'd seen one in a fire bomber role. When did they start using those?
 
Sorry to hear! Heard about the devastating fires up that way this morning. Hopefully the incoming rain tonight will provide some relief. We finally got some much needed rain down this way, and it appears most, if not all wildfires have been put out. Best of luck to you!
 
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Fearless Tower said:
Related, but slightly off-topic. I was just at CHA over Thanskgiving and surprised by the number of Avro RJ85s they were using for firefighting. First time I'd seen one in a fire bomber role. When did they start using those?
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They came in several weeks ago, toward the end of October along with a couple C130's and Firehawks. They do fantastic work!

I was out of town this Thanksgiving, would have loved to meet up with you. Hope you had a nice visit!
 
Fearless Tower said:
Related, but slightly off-topic. I was just at CHA over Thanskgiving and surprised by the number of Avro RJ85s they were using for firefighting. First time I'd seen one in a fire bomber role. When did they start using those?
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I got an impromptu tour of one of them just completed at Conair this past summer. The techs were just getting it ready for an early morning flight to deliver to a government client. The 3000 gallon holding tank is entirely outside the pressure hull and they have suspended it from the same "hard points" as the wing attach. Interior stripped of course. Interesting bit of engineering.

There's a 90 second video at the bottom of the page at this link that shows a lapse time build of one of these and some good still shots of some drops.
http://conair.ca/about
 
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Fearless Tower said:
Related, but slightly off-topic. I was just at CHA over Thanskgiving and surprised by the number of Avro RJ85s they were using for firefighting. First time I'd seen one in a fire bomber role. When did they start using those?
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Looked up the RJ 85 after the crash in Colombia last night.. there's about 8 of them in the US in fire service... those are the only ones left in US use/hands per Wiki....
 
FORANE said:
Does anyone have experience with what happens after fire damage and subsequent insurance claim on an investment property?
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Fire damage is a quintessential covered peril in many property policies, even those covering on a limited named-perils basis. There can be regional variations on some major types of damage, though. I'm familiar with insurance in FL, specifically in an area that has historically had issues with sinkhole damage (and related fraud, which was the real exacerbating issue). Subsequently, it's common to have a policy that excludes damage for sinkhole loss in my area. I'm not familiar with insurance in wildfire-prone areas, so I can't say whether they've done the same in your area for the peril of wildfire, but I doubt it. Read your policy in the covered perils and exclusions section.

You have duties under the policy to do what you can to prevent further damage and to report the claim in a timely manner, so carry on with those. Begin creating an inventory of owned Contents that may have been lost, and find out if you purchased replacement cost coverage for those Contents. Refresh your memory on what your deductible is.

Also, take a look at Tennessee's Valued Policy Law if you believe this is a possible total loss.
 
A lot of insurance brokers are thinking "there goes my christmas bonus this year"...
 
weilke said:
They should make you whole, at least when it comes to the structure and cost like teardown.

I doubt there is going to be any business interruption coverage with regular property insurance. Look at your policy.
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I believe business income loss was included in the policy.
I am uncertain how I ensure that any payout I may receive (still uncertain if I have lost 1 or more cabins) actually covers the cost of replacement (if the policy does cover replacement...)
 
Ryanb said:
I was out of town this Thanksgiving, would have loved to meet up with you. Hope you had a nice visit!
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It was a good visit, thanks!

I'll try to remember to give you a shout next time I come through. My wife's family lives in Chattanooga, so we usually stop through once or twice a year.
 
Fearless Tower said:
It was a good visit, thanks!

I'll try to remember to give you a shout next time I come through. My wife's family lives in Chattanooga, so we usually stop through once or twice a year.
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Sounds good, glad to hear it!
 
FORANE said:
I believe business income loss was included in the policy.
I am uncertain how I ensure that any payout I may receive (still uncertain if I have lost 1 or more cabins) actually covers the cost of replacement (if the policy does cover replacement...)
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Ideally it has been determined before a loss that the dwelling limit is already a good estimate of the cost to replace. But there are a lot of variables here.

Did you take a look at the Tennessee Valued Policy Law? It may govern payout for total fire losses in that state. The idea is that if you're paying for a certain amount of insurance, in the event of a total loss you get a face value payout.
 
I heard today Dolly Parton is starting a fund for those that lost their homes; something like a $1000 a month for six months. Might be worth looking into.
 
If you were in a condo or some other multi-family structure, I'd suit up for a mess...this might require ALL owners to agree to rebuild...there is always that one couple that wanted out and now have a check for stated value...even though they couldn't sell...if you are smelling what I am cooking...

Tough loss. I hope the process goes smooth and you are able to rebuild!
 
cgrab said:
I heard today Dolly Parton is starting a fund for those that lost their homes; something like a $1000 a month for six months. Might be worth looking into.
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I hope those funds go to those who really need it - that is: People who lost their _homes_, not people who lost investment property.
 
mtuomi said:
I hope those funds go to those who really need it - that is: People who lost their _homes_, not people who lost investment property.
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I agree. still not sure if I lost anything. I hear the spur at the pigeon forge side is blocked off and 321 at the grocery store is blocked off. They are not letting anyone in yet. Mine are stand alone cabins; or possibly were...
 
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