Quote:
Originally Posted by GH85Carrera
I would assume some of the residents had wall safes or even gun safes. I wonder if any contents in a safe would have survived and can ever be returned to the owners.
To have your residence and all the contents just gone, and no insurance for that loss is devastating to a financial future.
I have never wanted a condo, and for sure never will. My house is insured for all reasonable risks. The things it is not insured against it earthquakes, or tsunamis. I have no worries about either event hitting in Oklahoma City.
For the condo owners of that building to not only be homeless, but all clothing, and the "stuff" of a lifetime to be gone is sad. And that only applies to the lucky ones that are still alive.
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People don't understand condominium ownership that is the big problem. As a single family homeowner we make our own decisions. In condominium ownership decisions are made by committee and/or majority vote.
I have little doubt this building was insured for "all reasonable risks" known as Special form coverage. This coverage was once known as "all risk" but was deemed misleading as there are exclusions, as you noted Earth Movement, flood as well as "collapse" and others. Special form means you are covered for everything but what is specifically excluded in the policy wording.
I would suggest you read your policy as you are not covered for far more than just earthquake and Tsunami which are probably defined as "earth movement" such as a sinkhole or other forms of subsidence, a Tsunami falls under flood. Unless you purchased a separate flood policy you do not have flood coverage.