Insurance Appraisals

Insurance Appraisal, What is it?

An insurance appraisal documents the estimated cost to rebuild improvements to a property after a catastrophic event such as fire, storm or flood.

Market value, land value and depreciation which are typically part of a mortgage-based appraisal are not considered.

The Replacement Cost New (RCN) estimate of a properties improvements can be obtained in (3) ways:

1) Your Insurer pays an expert to estimate RCN

2) Your Insurer uses "in house" cost estimating software

3) Property owner pays an expert to estimate RCN

Pros & Cons of each method

1) Good IF you get a say in who the contracted "expert" is

2) Good IF Insurer spends adequate time in the RCN estimate

3) Best   IF you are looking for "peace-of-mind" by knowing that you are not under-or-over insured.  Your insurer will likely prefer this method since they are not liable for you being underinsured under this scenario. 

Your Expert

Daniel Peele, RZ 887 is a State Certified General Real Estate Appraiser with over (35) years of full time commercial appraisal experience.  

CFAC or Central Florida Appraisal Consultants Subscribes to the Marshall Valuation Service "Manual", a (5) ring binder cost  estimating "book" that real estate appraisers have used over the past (50) years.

CFAC also subscribes to "Commercial Express", a computer web-based cost estimating service by CoreLogic.

Please have a look at our website at

https://www.CFAppraisal.com

CFAC Website




 

 

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