INSURANCE APPRAISAL

An insurance value appraisal is a professional assessment of a property's insurable value.  This is different from the more commonly known real estate or market value appraisal.   The purpose of an insurance value appraisal is to know how much it would cost, in today’s dollars, to rebuild the building and other insurable improvements, in the event of a catastrophe.  An insurance value appraisal excludes land value and market desirability.

 

An insurance value appraisal prepared by Dreux Isaac & Associates will provide you with an experienced, unbiased, third party valuation of your property’s insurable value.  Our appraisals will provide both hazard and flood insurable values as well as square footages, construction details, ISO classifications, property photographs and floor plan diagrams. 

SECTION 1

General Information

  • Letter of Introduction

  • Florida Statutes Requirements

  • National Flood Insurance Program

  • Standard Flood Insurance Program

  • Report Definitions

  • Terms and Conditions

  • Company Information / Update Reports

  • Property Report Notes

SECTION 2

Cost Values

  • Summary of Values Schedule

  • Marshall & Swift/Boeckh Worksheets

  • CoreLogic Commercial Express Worksheets (Citizen)

SECTION 3

Construction

  • Building Square Footages and Construction Profiles

  • Site Improvement Construction Descriptions

SECTION 4

Photo & Plan Drawings

  • Property Photographs        

  • Building Plan Drawings

REPORT SECTIONS

1st Time Insurance Appraisal (Level 1)

This is the most comprehensive insurance appraisal service we provide. All new clients begin with a 1st-time insurance appraisal, which includes a complete on-site inspection. The tasks performed include:

  • Initial meeting with Client to discuss the process and answer questions

  • Site inspection of all buildings and other insurable improvements such as amenities, walls, signage, etc.

  • Identify construction materials and key building systems.

  • Perform field measurement and photograph all buildings and insurable improvements

  • Review construction plans

  • Perform square footage and quantity takeoffs using On-Screen Takeoff or PlanSwift

  • Determine insurance exclusions

  • Calculate values using CoreLogic's Segregated Cost Method or Commercial Express system

Insurance Appraisal Reinspection (Level 2)

This is also referred to as an "Update with Site Visit/Off-Site Review."  This service is offered to all existing clients.  Overtime costs and material changes will occur to your property.  A reinspection appraisal will ensure that you have accurate, up to date values and construction information.  This will help you get the proper amount of insurance coverage and effectively protect your assets.  The following tasks are performed:

  • Meet with Client to discuss any changes made since the last appraisal

  • On-site inspection of the insurable property (construction verification)

  • Identify any new construction and/or material changes to existing construction

  • Take measurements as needed

  • Photograph all buildings and insurable improvements

  • Update and adjust values to current costs.

Insurance Appraisal Update (Level 3)

This is also referred to as an "Update No Site Visit/Off-Site Review."  This service is offered to all existing clients and provides a very inexpensive way to keep values current.  All work is done remotely as there is no site inspection or site visit. The following tasks are performed.

  • Verify with the Client any changes made since the last appraisal

  • Review and adjust for any material changes

  • Update values to current costs

WHAT WE OFFER

There are three levels of insurance appraisal services that we offer.  Which level you qualify for depends on whether you are a new or existing client and when your property was last inspected.

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I  wanted to let you know that I just gave a reference for you. Of course, I rated you a 10 out of 10 and said you were outstanding.

 

-Tim Sheehan, Board President

INSURANCE APPRAISAL

An insurance value appraisal is a professional assessment of a property's insurable value.  This is different from the more commonly known real estate or market value appraisal.   The purpose of an insurance value appraisal is to know how much it would cost, in today’s dollars, to rebuild the building and other insurable improvements, in the event of a catastrophe.  An insurance value appraisal excludes land value and market desirability.

 

An insurance value appraisal prepared by Dreux Isaac & Associates will provide you with an experienced, unbiased, third party valuation of your property’s insurable value.  Our appraisals will provide both hazard and flood insurable values as well as square footages, construction details, ISO classifications, property photographs and floor plan diagrams. 

View a sample of the reports we offer.

REPORT SECTIONS