Replacement Costs vs Reproduction Costs for Appraising Historic Property
by Gary Tate, Property Appraisal Quality Manager When you’re insuring a historic property, you’re likely to face questions you wouldn’t encounter with more modern buildings. One of the biggest of these is whether you insure the building for replacement costs or reproduction costs. But before we dive into that, first let’s talk about what constitutes […]
USPAP Standards: What is a USPAP Appraisal?
If you’re looking for a property insurance appraisal, you may have heard that a USPAP appraisal is a highly- trusted way of collecting property valuation data for your annual Statement of Values (SOV). But what is a “USPAP appraisal” and how is it different from a standard appraisal? All About USPAP USPAP stands for the “Uniform Standards […]
What are the Benefits of a Property Insurance Valuation?
Before the next hurricane season sweeps the U.S., it’s a great time for property risk managers to batten down the hatches on an important but sometimes overlooked method of reducing risk — getting an accurate on-site property insurance valuation. An accurate property valuation offers serious benefits to help you reduce your organization’s risk and recoup […]
Writing Your Appraisal RFP for Property Insurance Appraisal Services
by Greg Friz, Director Comparing apples to apples, or apples to oranges? As a Director of Accounts at Centurisk, I’ve been involved in our division’s response to numerous RFPs over the years. So I understand the challenges that organizations face when trying to sum up their entire property insurance appraisal needs in document form. Because […]
What to Look for When Choosing a Property Appraisal Company
We all know that age-old saying: “You get what you pay for.” And when you’re choosing a property appraisal company, there are several important factors that can prove that adage true. When you engage an appraisal firm, you place a lot of heavy responsibility into the hands of your vendor because, let’s face it, your […]
2022 Construction Cost Trends and Property Valuation
COVID-19’s business ramifications extend well-beyond the more popularly-discussed healthcare and restaurant industries. Throughout 2021 and into ’22, the construction industry faces skyrocketing costs, presenting significant challenges for new construction projects as well as property repair and replacement work. This, in turn, creates a dilemma for organizations with large property portfolios. How do you place value […]