Property Insurance Roundtable

This discussion is about ordinance or law coverage and how to insure for this potential exposure. After a disaster causes property damage or loss many policyholders discover that rebuilding the structure to conform to the latest building codes can add 50% or more to their recovery cost. Then comes the unpleasant surprise of discovering the ordinance or law exclusion that prevents a full recovery. With building codes, such as sprinkler systems and handicap accessibility, frequently changing, it is important to understand what your insurance excludes and how to acquire adequate coverage.   Key Takeaways: [1:47] What is the ordinance or law exclusion? [3:59] What are the three distinct areas of uninsured losses under the ordinance or law exclusion? [10:00] How to determine if the exclusion will apply and what its probable expense will be on the loss adjustment? [12:59] How can policyholders protect themselves from the ordinance or law exclusion? [18:26] What types of coverages are available for policyholders to