What can I do about an under-appraised building that was a total loss due to a fire?
Question Details: About 2 years ago, I switched insurers. They told me that I was underinsured, so I upped my coverage. We own a farm and they failed to tell me that I needed farm coverage. So our livestock will never be reimbursed for. Then, 2 months ago, we lost both of our barns to fire. Just 2 years ago, they appraised the barns to be built from the ground up at $93,000. After the fire, the insurance company sent out a company to give them a bid for replacement cost. It was bid at $167,000. I was told that I should have reviewed my coverage and that it was ultimately up to me to make sure it was properly appraised. I trusted them and took thier word on this. Now our family is struggling to figure out how we will be able to afford to replace our barns.