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Insurance Appraisals

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.

 

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?

  • A full consultation with a representative of the property to discuss the scope of the work
  • In-depth on-site inspection of the property by the appraiser
  • Examination of all construction plans for the structures included in the insurance appraisal
  • 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.

Who needs an Insurance Appraisal?

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


 

INSURANCE APPRAISAL SCREEN SHOTS
The following are various screen shots from our condominium insurance appraisal sample report. These screen shots only represent a portion of the overall report. To see the full sample report in a PDF format, click here.
     

Hazard Value Definition
(Non Flood Peril)

Hazard Value Chart
(Non Flood Peril)

Flood Value Definition
 

Flood Value Chart

Property Data

Replacement Cost Data
(Summary)
 

Replacement Cost Data
(Detail)

Value Certification

GAB Client Benefits
 

 

 

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GAB Robins - 610 Crescent Court, Suite 212, Lake Mary, FL 32746 - Toll Free: 800-248-3376 (FL Only) - Phone: 407-805-0086 extension 379 - Fax: 407-805-9921.  Members and professional service providers of CAI (Community Associations Institute).  Professional members of ACI (Association of Construction Inspectors)
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