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How does insurance approach this?
Automotive insurance will give you the fair market value of the automobile, not what you paid. But of course an automobile is the poster-child of a depreciating asset.
How would a home owner's insurance approach a home that's been salvaged in a storm?
Either way it makes the decision to move on pretty easy.. and you get sympathy and maybe some FEMA support too! Unlike, strategic defaulters :)
Some may be thanking Hurricane Sandy when the insurance check arrives.
as was the case with the California earthquakes in late 80s/early 90s.... the insurance companies went belly up... the cost was way way over what was able to be paid out.
Such events like earthquakes and hurricanes should give pause to the idea of run away home prices.
It doesnt always work out for anyone...
Curious what portion of the destroyed homes were underwater... before the hurricane hit? Some may be thanking Hurricane Sandy when the insurance check arrives.