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Property owner tells Clay County officials insurer paid half of lowest repair bid; asbestos and HVAC cited
Summary
A Clay County property owner told county staff the insurer paid roughly $130,000 — about half of the lowest repair bid of about $260,000 — after a loss to a building the owner says needs asbestos abatement and major HVAC and plumbing work before it is marketable.
A property owner told Clay County staff that an insurer paid roughly $130,000 after a claim on a damaged building and that outstanding asbestos abatement and HVAC problems leave the structure unusable and difficult to sell.
The owner said the insurer offered “half of the lowest bid,” and described a wide gap between bids: about $260,000 for the lowest estimate and a payment of $130,000 from the insurer. “I will never insure a building again for cash value because you're at their mercy,” the owner said, adding the insurer had valued the building at $9.75 (units not specified) on the policy paperwork the owner received.
Why it matters: the county assessor and staff were asked to inspect the building to…
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