Insurable Value AppraisalsDue to the recent hurricanes, insurable valuations are often required for both hazard insurance as well as flood insurance. Whether you have a commercial property, condominium project, or you are in charge of a homeowner’s association, James M Hanson, Associates, Inc. can get the job done in a timely manner. Insurable Value is defined by the Appraisal institute as: the value of an asset or asset group that is covered by an insurance policy. The purpose of an Insurable Value Appraisal is to generate a Replacement Insurable value that can be used to support insurance coverage or as part of a “required insurable amount” dispute resolution. It includes an inspection of the Property and a review of all available plans and surveys, which assist in estimating the sizes and areas of the individual units, balconies, common areas, or any other pertinent structures. The property inspection is limited to things readily observable. What is involved in an insurance value appraisal?
For more information or to schedule an Insurable Value Inspection, please call 609--884-9185 or Contact us by email. |
All insurance value appraisals begin with an inspection of the property. When we first arrive on-site to start the inspection, we typically will meet with a property manager or an authorized representative for the property to review specific details and discuss any related concerns. After the meeting we will begin the inspection, where we will first identify all of the buildings, structures and improvements to be included, and then determine the major construction assemblies or systems for each. We will then photograph, measure and quantify the assets as needed. After the inspection we will begin preparing the appraisal report in the following manner: