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Insurance Replacement Appraisals Insurance Replacement Appraisals

Florida Insurance Appraisal Specialists: First American Valuation has over 30 years’ experience in Florida replacement cost appraisals. Appraisals are completed by Florida Certified Appraisers, which means we fall under the jurisdiction of the State of Florida's Real Estate Appraisal Board. Our insurance appraisals meet Uniform Standards of Professional Appraisal Practice (USPAP) criteria and are accepted by all insurance companies. Our expert staff has extensive experience in Florida insurance appraisals and replacement cost reporting on all types of properties. All our appraisers are all Certified by Marshall and Swift.

What is an Insurance Appraisal?

An insurance appraisal from FAV estermines a property's new replacement cost based on a thorough on-site inspection conducted by one of our experienced, independent professionals. The accuracy of a property's replacement cost is critical toward ensuring a community association is not over or under insured.

Economic changes can affect the amount of insurance coverage associations need. For example, construction costs have, in many cases, held constant or decreased due to the economy. An insurance appraisal can eliminate the annual inflation increases in insurance premiums.

A current FAV insurance appraisal helps associations avoid paying too much in insurance premiums. We can also eliminate the mistake of inadvertently self-insuring by having too little insurance. When an association is underinsured, property owners run the risk of paying a portion of the rebuilding costs in the event of a loss.

Who Needs an Insurance Appraisal?

Florida condominiums are required by Florida Statute 817 to have an appraisal every 3 years. Without a current appraisal the association runs the risk of paying a portion of the rebuilding costs in the event of a loss. Also, many banks will not finance loans in a condominium without a current appraisal.  this Insurance agents, property managers, property owners, condominium and homeowner associations must have an accurate insurance appraisal to properly cover the cost of replacing a structure without paying for excessive coverage. Owning real estate in Florida, a person cannot help but have thoughtfulness about proper insurance coverage on their property. No matter how big or small the property, each has put in a great effort to obtain it. This property could consist of a single home, an all-purpose commercial building, association of condominium, apartments, strip malls, religious gathering spaces, manufacturing plants or warehouse buildings. How does a person know that their insurance will carry their assets through a storm or major catastrophic event?

Replacement Cost Insurance Appraisals are the solution to provide replacement cost values that give owners, insurance agents, corporations, associations, and underwriting entities the ability to properly insure a structure and/or property. Replacement cost appraisals provide accurate assessments of the amount of insurance required. The objective is to provide dollar amounts of how much it would cost to replace each structure or amenity exactly as it stands the day the report is prepared utilizing current industry standard materials and costs.

Let FAV perform all your necessary Commercial and Residential Florida Insurance Appraisals and get the reports you need quickly and professionally. See our Insurance Appraisal Coverage Area. 

Please contact us today for a free Replacement Cost Appraisal proposal or with any questions.

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