- 1,059
So when are we going to stop treating buildings like they're special and more like a vehicle or piece of equipment?
Give new builds replacement cost for the first 5 years, then everything is ACV. Don't want to throw a new roof on your house after 30-40 years? No problem. Don't want to maintain your commercial premises? Also not a problem... So long as you're okay with receiving the ACV claim settlement.
Maybe we could even kill two birds with one stone. The people who buy up hoards of property and become slum lords will actually have to learn to deal with the risk of their real property instead of just transferring it all to insurers.
Lenders might also think twice before giving out money like candy
Give new builds replacement cost for the first 5 years, then everything is ACV. Don't want to throw a new roof on your house after 30-40 years? No problem. Don't want to maintain your commercial premises? Also not a problem... So long as you're okay with receiving the ACV claim settlement.
Maybe we could even kill two birds with one stone. The people who buy up hoards of property and become slum lords will actually have to learn to deal with the risk of their real property instead of just transferring it all to insurers.
Lenders might also think twice before giving out money like candy