Here’s a revised version of your post:
Update on Our Recent Fire Incident
I previously shared that we experienced a fire, and unfortunately, it appears the building is likely a total loss.
We’ve discovered that we were underinsured by approximately $200,000. Over the past 15 years, no one thought to adjust our coverage to reflect the building’s value.
So, whose responsibility is it to ensure our coverage is adequate? Shouldn’t our insurance agent have advised us to increase our coverage? It feels like that’s a key part of their role—after all, what’s the point of having an agent otherwise?
Or perhaps this situation ultimately falls on us?
Let me know if you need any further adjustments!
I’m so sorry to hear about the fire and the challenges you’re facing with the insurance situation. It’s frustrating to feel like you might have been undersupported during such a critical time. While it’s important to keep in mind that ultimately, it is the property owner’s responsibility to regularly review and adjust their insurance coverage, your agent definitely should have been proactive in suggesting updates, especially if there were significant changes to the property’s value or local real estate trends over the years.
Regular check-ins with your insurance agent can help ensure that your coverage meets your current needs, but it should also be an open dialogue where you can ask questions about your policy. If you haven’t already, it may be worthwhile to discuss the situation with your agent to understand both sides and see if there’s any recourse available. Once again, I’m really sorry for what you’re going through. I hope you find a way forward from this.