Minneapolis Business Owners Stunned After Discovering Insurance Won’t Be Enough
Business owners in Minneapolis are scrounging for answers after discovering that insurance money will not be enough to cover clean-up costs after rioters ransacked neighborhoods and hollowed out storefronts, according to a report published Monday.
Owners are being asked to fork over between $100,000 than $300,000 for construction companies to demolish and eventually haul away buildings that were all-but destroyed after the May riots, the Star Tribune reported. They are shocked and increasingly desperate, as most insurance policies cover only $25,000 in demolition costs, the report noted.
“We were really upset about that,” Jay Kim, a property owner in the city, told the Star Tribune. “We thought that was high. But we didn’t know how much demolition would cost at the time.” Kim’s insurance policy only covers $25,000 for the cost of flattening what remains of his business so he can rebuild, the...
