Best Practices for Appraising Unique Properties
by Melvin Ngayan, Director of Appraisal Services East When it comes to appraising unique properties for insurance replacement cost —like zoos, historical buildings, arenas, monuments, statues, and one-of-a-kind architectural marvels— the process can be intricate and demanding. As a risk manager for the insured organization, you become a guardian of these historically-, functionally- or architecturally-important […]
Reviewing Property Appraisal Data for Better Quality Control
by Gary Tate, Quality Control Manager Ensuring Appraisal Data Integrity When it comes to determining insurance ratings and rates, having accurate insurance appraisal data is crucial for more informed decision-making — both for insureds and insurers alike. Quality control reviews play a pivotal role in maintaining data integrity, safeguarding against errors, and enhancing data confidence. […]
Tips for Evaluating Your Upcoming Appraisal Pilot Project
by Justin Deem, Vice President of Appraisal Operations Embarking on a pilot appraisal project is a significant endeavor — one that demands meticulous planning, precise execution, and effective communication. This small starter project becomes such a big deal because your full appraisal will be based on the methods of data collection and the processes finalized […]
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 […]
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 […]
Desktop Valuations: Don’t Judge a Pump House by Its Cover
We’ve heard story after story of entities getting stuck with the bill after a catastrophe due to property values gone awry. These unfortunate instances expose how differences between an assumed property value and one attained on foot, by a trained professional, aren’t always noticed until it’s far too late. How did it happen? It often […]
Cost Fluctuations and COVID-19’s Impact on Property Values
The continuing aftershocks of COVID-19 and their effect on business — particularly in construction and property valuations — is resulting in higher construction costs. Supply chains have been disrupted and the cost for materials in certain areas have skyrocketed. While we can’t predict with any level of certainty what will happen next, it is vital […]