- 15 -
Mateo County, petitioner said that she had repaired the damage to
her property. The County reappraised the property at $350,705.
G. Petitioner's Insurance Claim
Petitioner was insured for earthquake damage up to $42,000
by USAA. Petitioner submitted a claim to USAA for personal
property damage of $59,967.99.
A USAA inspector estimated that petitioner’s real property
damage was $40,000 to $60,000, which exceeded the $30,000 policy
limit. Lentom General, a building contractor, estimated that it
would cost $50,000 to $55,000 to jack up the building to level
the floors. Lentom General sent its estimate to USAA.
On February 16, 1990, USAA paid $12,000 to petitioner for
personal property damage and $30,000 for real property damage
caused by the earthquake. This amount ($42,000) was the maximum
allowed by her policy.
H. Homeowners’ Association Insurance
The Homeowners’ Association insured the condominium complex
with Aetna Life & Casualty (Aetna). On April 10, 1990, Aetna
denied coverage for the earthquake damage. Aetna concluded that
petitioner’s damage was less than the deductible (5 percent of
the cost of her building). The policy excluded damage to the
foundation. Aetna did not consider foundation damage in
concluding that the damage was less than the deductible.
I. Petitioner’s Tax Returns
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011