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An interesting thing happened here recently.

A condo building burned to the ground. It happens.

The building was insured for catastrophic loss, and the insurance paid out in full. However, the payout only covered a third of the replacement cost. The building's current value had not been reassessed for several years, and was still insured at the old assessment value - but real estate prices have exploded higher in the interim years, such that the coverage was no longer adequate for a new building.

The owners are apparently trying to sue the management company but are probably SOL.

Their equity is basically now lost.

An interesting thing happened here recently. A condo building burned to the ground. It happens. The building was insured for catastrophic loss, and the insurance paid out in full. However, the payout only covered a third of the replacement cost. The building's current value had not been reassessed for several years, and was still insured at the old assessment value - but real estate prices have exploded higher in the interim years, such that the coverage was no longer adequate for a new building. The owners are apparently trying to sue the management company but are probably SOL. Their equity is basically now lost.

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[–] • 1 pt

that may work in some places, but the last two counties I have owned homes in the County Tax Assessor periodically reviews market area values surveyed and property taxes increased. The last county I lived in decided they could inflate everyones home value to create more tax revenue. There were 1000s of challenges to the assessments, and alot of new county board member after the last election.