Riordan Houswarming
Posted by James A Dunny
Jay and Brenda Riordan's Housewarming Party provided an additional benefit to another Rotarian in attendance.
On Saturday, November 8, 2008, Jay and Brenda Riordan hosted a housewarming party at their new home. Many friends and fellow Rotarians and their spouses attended. The party celebrated a milestone for the Riordans, whose original home was one of a group of 15 homes in that section of Westwood that were destroyed in last year's wildfire that devastated so many homes in Rancho Bernardo. Prominently displayed on the wall in the upstairs hall is the condemnation notice by the safety inspector of their original home.
It was truly wonderful to celebrate with Jay and Brenda to mark this milestone in their lives. It was a time to reflect on what we all felt in October 2007 when we had to evacuate our homes. I spoke with Jay today at our regular meeting and he wanted me to share the following with everyone.
At the party, I was discussing the replacement cost with Paul Sullivan, another RB Sunrise Rotary member who also had lost his home in the 2007 wildfire. He reported that the cost per square foot to rebuild was at least $200. In his case it was higher, but he stated that $200 a square foot was a minimum amount for adequate insurance coverage.
I checked my homeowner's policy and found that my coverage was not adequate. A phone call to my insurance company was all that it took to remedy this. For a small increase in premium, I was able to increase my replacement cost coverage to an amount that was well above the $200 per square foot yardstick.
I would recommend that everyone look at their homeowner's policy and calculate the actual replacement cost coverage. The replacement cost benefit is listed in the policy. The number looks good, but this has to be converted to a dollar amount per square foot. This is just a simple division calculation. Divide the replacement cost coverage by the square footage of your home. If the dollar amount that is the result is less than $200, you may well be underinsured.
As has often been the case in the past, a conversation at a party can result in an unexpected benefit. I hope I never have to use the coverage for replacement of my home. However, I certainly am more confident now that I have reviewed and altered my homeowner's coverage.
Thanks again to Jay and Brenda for a great party to celebrate such a happy occasion.
It was truly wonderful to celebrate with Jay and Brenda to mark this milestone in their lives. It was a time to reflect on what we all felt in October 2007 when we had to evacuate our homes. I spoke with Jay today at our regular meeting and he wanted me to share the following with everyone.
At the party, I was discussing the replacement cost with Paul Sullivan, another RB Sunrise Rotary member who also had lost his home in the 2007 wildfire. He reported that the cost per square foot to rebuild was at least $200. In his case it was higher, but he stated that $200 a square foot was a minimum amount for adequate insurance coverage.
I checked my homeowner's policy and found that my coverage was not adequate. A phone call to my insurance company was all that it took to remedy this. For a small increase in premium, I was able to increase my replacement cost coverage to an amount that was well above the $200 per square foot yardstick.
I would recommend that everyone look at their homeowner's policy and calculate the actual replacement cost coverage. The replacement cost benefit is listed in the policy. The number looks good, but this has to be converted to a dollar amount per square foot. This is just a simple division calculation. Divide the replacement cost coverage by the square footage of your home. If the dollar amount that is the result is less than $200, you may well be underinsured.
As has often been the case in the past, a conversation at a party can result in an unexpected benefit. I hope I never have to use the coverage for replacement of my home. However, I certainly am more confident now that I have reviewed and altered my homeowner's coverage.
Thanks again to Jay and Brenda for a great party to celebrate such a happy occasion.