No word from Karra yet about the questions that I sent her. I'm sure she's busy. I understand that she was instrumental in locating our new insurance carrier that seems to have saved us some money. I heard that she is now working on finding an electric power provider who will reduce rates below what CPL is charging.
I talked to Angie Ruddock yesterday. She is the local agent for our insurance. She said the insurance is different in that we had what is known as scheduled coverage and now we have blanket coverage. The difference, as she expalined it, is that previously we had $100 per square foot to repair any loss. The new coverage will allow damage to be repaired at a cost up the policy maximum. Therefore if only one building suffered any loss, more money would be available to cover the loss.
We talked about contents coverage also. It has always been accepted that our declaration dictates that coverage extends to interior walls, appliances, cabinets, ceiling fixtures, and HVAC units. It was interpreted that coverage would replace the unit to the condition of original purchase. She said she isn't so sure that is the case. The time to find out is not when there has been a loss. She will look into it further.
I told her that after all the horror stories associated with Katrina and insurance coverage, I was concerned that since the action to obtain coverage was taken outside of a duly called board meeting, our coverage could be in jeopardy. If an adjuster asked for minutes of the meeting whereby his company's proposal was accepted, there would be none and it could be grounds for nullification of the contract and that would not be good.
Chuck Madsen(107) said that he feels that peak hurricane season is not the time for a renewal. I can see that if a storm were eminent, and expected just a day or two after the current coverage were to renew, we may not get a renewal offer and no other company would want to offer anything. Chuck feels a spring renewal date would be better.