What is an Insurance
Appraisal?
An insurance appraisal is a replacement cost analysis which provides
an accurate estimate of the amount of insurance required to replace
each structure and/or amenity exactly as it stands on the day the
report was prepared. The appraisal provides both a hazard and flood
insurable value (if the property is in a flood zone). GAB Robins’
appraisers calculate each building’s reproduction cost on
a component-by-component basis from the ground up. Our software
processes the complex calculations needed to correctly estimate
the labor and material costs for each building component and system.
Our software also calculates the taxes, fees, overhead and profit
to provide an accurate estimate of what it would cost to reproduce
the structure today.
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| Why
obtain an Insurance Appraisal?
Most property owners, managers, boards and/or insurance agents believe
that obtaining an insurance appraisal for their property is one
of the best decisions they have ever made. The reasons for this
are simple:
- Obtaining an insurance appraisal demonstrated due diligence
on the part of the board members, property manager and/or insurance
agent.
- The owners, board members, manager and/or agent have the
peace of mind knowing that the property is accurately insured.
- An insurance appraisal assists your agent in placing the
property coverage with a carrier by providing documentation
that underwriters need to write coverage.
- Obtaining an insurance appraisal prevents under-insuring,
which puts the property at risk for having funds to rebuild
in the event of a catastrophic loss, or over-insuring, which
results in paying extra insurance premiums.
- An insurance appraisal provides a third party, unbiased valuation
of the property’s replacement cost.
- If a loss occurs, a GAB appraisal, along with all data acquired
in performing the appraisal, will be available to the client
to help expedite the settlement of the claim.
- All digital photographs taken at the time of the physical
inspection are electronically achieved for the clients use in
the event of a loss.
- Having an up-to-date insurance appraisal provides accurate
values for coverage, eliminating the possibility of a co-insurance
penalty in the event of a loss.
What is Involved in a GAB Robins Insurance
Appraisal?
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A full consultation with a representative
of the property to discuss the scope of the work
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In-depth on-site inspection of the property
by the appraiser
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Examination of all construction plans for
the structures included in the insurance appraisal
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Production of appraisal report with the
construction plans utilizing state of the art engineering and
construction cost data software programs
The complete insurance appraisal
includes:
- Definition of Hazard Valuation (Any non-flood peril)
- Definition of Flood Valuation (based on National Flood Insurance
Program Guidelines)
- Detailed Building Descriptions
- Property Location Map
- Photographs of Each Appraised Structure (High Resolution
Digital Photographs)
- Recapitulation of Values
- Replacement Cost Estimates (Hazard and Flood)
- Insurable Replacement Cost Estimates (Hazard and Flood)
- Depreciated Replacement Cost Estimates (Hazard and Flood)
All digital photographs taken at the time of the
physical inspection are electronically achieved for the clients
use in the event of a loss.
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| Who
needs an Insurance Appraisal? |
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Condominiums
Home Owner Associations
Master Associations
Co-ops
Time Shares
Country Clubs
Golf and Tennis Clubs
Hotels and Resorts
Medical Buildings
Marinas
Retail Stores
RV Resorts
Bed and Breakfast Inns
Hospitals
Commercial Buildings
Office Buildings
Colleges and Universities
Libraries
Municipalities
Theaters
Museums
Strip Malls
Warehouses
Zoos
Retirement Homes
Banks
Service Stations
Restaurants
Private Schools
Public Schools
Sports Stadiums
Car Dealerships
Conservatories
Funeral Homes
Residential Properties
Private Estates
Yacht Clubs
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