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| COMMERCIAL-RESIDENTIAL BUILDING VALUATION
The Citizens Property Insurance Corporation in Florida has adopted an alternative method to validate replacement cost for risks requiring an appraisal for insurance purposes.
Allview Property Inspections meets the requirement for providing building replacement cost valuation. This valuation can be performed on:
condominiums
motels / hotels
office buildings
hospitals
shopping centers
department stores
warehouses INSURANCE APPRAISAL: Replacement Cost Appraisal
An insurance value appraisal is a current reproduction cost estimate of the insurable physical assets of a property. These assets typically include buildings, structures and site improvements (pools, tennis courts, etc.) as well as contents and equipment.
Is that the same as a real estate appraisal?
No, it is a completely different type of appraisal. A typical real estate appraisal determines market value based on comparables. An insurance value appraisal estimates the current reproduction or replacement costs of the insurable asset. Or in other words, an insurance value appraisal determines what it would cost to replace or rebuild the insurable asset. Land values and market conditions are not part of an insurance value appraisal. Real estate appraisals are used for buying and selling while an insurance value appraisal is for determining insurance coverage amounts. How do I know if my home is properly insured?
To bring insured values more into line with replacement costs, many insurance companies are requiring brokers to complete new valuations on renewal of homeowner's policies
BENEFIT OF AN INSURANCE APPRAISAL
The benefit to the property owner is that you'll have documented support in the event of a partial or total loss. An independent, supportable insurance appraisal is your key to expediting claims with insurers. The real value to the property owner is that you are paying the proper amount in insurance premiums, neither too much nor too little.
INSURANCE AGENTS, BROKERS, ADVISORS, and COMPANIES:
Correct amount of insurance for placement purposes, proper valuation of varying assets for rate making purposes, and assistance at the time of casualty to prove the amount of loss.
WE APPRAISE
BUILDING:
Industrial complexes, commercial buildings, multi-family residential property, housing developments, hotels, hospitals, schools, and institutional and public property.
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