You can't watch a clip of a violent riot these days without catching at least one balloonhead screeching into a bullhorn that the destruction and looting taking place are totes OK because "insurance will cover it."
Guess what?
First off, what a degenerate and dog-brained thing to say anyway. Yeah sure, it's OK to steal everything out of a store someone built with ambition and hard work and discipline and then firebomb said store into the ground because the owner might get some insurance money. OK. Moral logic of a 3-year-old right there.
Beside that, as a matter of fact, it is incorrect to say insurance will cover the damage left in the wake of the mobs.
Oh look, some examples from Minneapolis:
Owners are being asked to fork over between $100,000 than $300,000 for construction companies to demolish and eventually haul away buildings that were all-but destroyed after the May riots, the Star Tribune reported. They are shocked and increasingly desperate, as most insurance policies cover only $25,000 in demolition costs, the report noted.
"We were really upset about that," Jay Kim, a property owner in the city, told the Star Tribune. "We thought that was high. But we didn't know how much demolition would cost at the time." Kim's insurance policy only covers $25,000 for the cost of flattening what remains of his business so he can rebuild, the report noted.
A contractor first offered to demolish Faisal Demaag's store, Chicago Furniture Warehouse, for $18,000 before the price increased to $133,000, he told the Star Tribune. Demaag's insurer will only cover $25,000 while the Lake Street Council has agreed to bridge the gap, kicking in another $25,000, the report noted.
Ade Alabi told the Star Tribune that he is struggling to find a contracting company willing to demolish his 32,700-square-foot retail complex. One of the three contractors from whom he sought bids told Alabi that it will cost $363,000 to take away the debris, the report noted.
