Laserfiche WebLink
<br />I <br />I <br />Ie <br />I <br />I <br />I <br />I <br />I <br />I <br />Ie <br />I <br />I <br />I <br />! I <br />I <br />I <br />I. <br />I <br />I <br />- - <br /> <br />Pacific Northwest (U.S.A.C,E., 1974) the value of residential contents <br /> <br />was assumed to be 50% of the value of the structure (improvement value). <br /> <br />This percentage was used because it agrees with nationwide insurance ex- <br /> <br />perience. For mobile homes, contents were equated to 40% of improvement <br /> <br />value. <br /> <br />Under the National Flood Insurance Program, flood insurance is avail- <br /> <br />able for a single family residential structure that is located within a <br /> <br />community participating in the emergency program. Not knowing whether it <br /> <br />was a conscious effort on the part of Congress or not, but insurance is <br /> <br />available up to $35,000 for the structure but only $10,000 for the contents. <br /> <br />This gives a content value to structure value of about 28.6%. <br /> <br />In an effort to determine the most current relationships between con- <br /> <br />tent and structure value, both regionally and nationally, the author ana- <br /> <br />lyzed claim data from the National Flood Insurors Association (NFIA) and <br /> <br />the local servicing company, CNA. NFIA is the industry arm of the govern- <br /> <br />ment-industry run National Flood Insurance Program. <br /> <br />Regionally, a sample of 24 claims (12 homes) in which insurance was <br /> <br />held on both the contents and structure were viewed at CNA. The claims <br /> <br />were for flood damages within the states of Wyoming, New Mexico, Utah, and <br /> <br />Colorado during 1976 and 1977. The number of claims on file at CNA for <br /> <br />flooding in the Denver area was insufficient from which to draw any valid <br /> <br />relationships. However, from the 24 claims (all for losses to and within <br /> <br />single family residential residences), 39% was determined to be the percent- <br /> <br />age of actual cash value of the contents compared to the actual cash value <br /> <br />of the structure. This value was based upon an average of the twelve indi- <br /> <br />vidual percentages. A value of 42% was determined by dividing the total <br /> <br />26 <br /> <br />, <br /> <br />. ,- <br /> <br />.~ ,,~,_ !""'"7""""-~_""~~-~_ <br /> <br />~' ,','5'" ~_~ " <br /> <br />-.........~ <br /> <br />",,' <br /> <br />'., -""'c~""""_ 6;_:".l_-~,'i^,:"}._ "~"__._>,~,_"~-"':F""'_"'I"~->!," <br /> <br />",,,.~~",,,,,,,.,-,JJJ_. " <br />