Quote:
Originally Posted by LIforrelaxin
If they where just going to rebuild and not be concerned about insurance I would agree.... However the insurance company isn't going to just open there check book and say what ever it takes. It is in the best interested of everyone involved to go through a bidding process. There will also likely be a private insurance adjuster involved to help get the greatest recovery from the insurance company.
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The insurance company covers and will pay for their loss, not the new construction. The new building may have no resemblance to the building that burned and the insurance company will not be involved in the construction. They have no say in what the owners choose to build.
The owners can build whatever they want and it will be built to today's building codes and will probably be a much more expensive building than what was there. They may have "replacement value" insurance but that is usually calculated by the square foot of the property lost. Once the insurance company writes the check for the loss they are no longer involved.