Desktop Appraisals vs Full Appraisals for Property Insurance Valuation
As risk management and the insurance industry have grown and shifted, property insurance appraisals have changed along with them. The methods available for assessing property values have evolved with advancing technology, new rising needs, and global challenges like the COVID pandemic. Traditionally, the full appraisal (also called an “onsite appraisal”) has been the gold standard […]
Property Valuation Trend Factors for 2024 and How to Deal with Large Fluctuations
Understanding trend factors and how to manage their impact on property valuation is crucial in today’s dynamic insurance landscape. As organizations navigate through market fluctuations and economic shifts, the replacement cost value of properties can experience significant increases over time, directly influencing insurance premiums and risk exposure. Replacement cost value represents the expense required to […]
Property Condition Vs Quality: What Both Mean and How They Impact Valuations
by Greg Friz, Director An insurance appraisal is an assessment to determine the value of an insured item or property. It helps insurance companies determine coverage for the insured and set the appropriate premiums. Property condition and property quality are two factors that can impact the valuation of an insured property. What is Property Condition? […]
Defining the Scope of Your Property Insurance Appraisal Project: Key Questions to Answer
by Ryan Tate, Centurisk Director, U.S. East When it comes to risk management and property insurance, having a clear understanding of the scope of your property insurance appraisal project is essential. Whether you’re a seasoned professional or new to the process, gathering the right information upfront can help streamline the appraisal process, ensure you receive […]
Property Risk Management for Winter Storm Damage
When winter weather ravages regions unaccustomed to the icy attentions of Jack Frost (like one perilous February in Texas) the effects can be devastating and linger well-after the winter fury itself has passed. We’re talking about winter weather-related property damage, and the National Oceanic and Environmental Administration (NOAA) indicates that between 1980 and 2020, winter […]
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 […]
Three Tips for Selecting an Insurance Appraisal Services Partner
Selecting a property insurance appraisal services partner is not like buying a pack of gum. It is not simply a single transaction but rather the start of long-term relationship with your vendor, one in which you will be opening up your buildings to them. Below are a few things we think you should consider before deciding […]