What Does an Insurance Appraisal Include?
An insurance appraisal from Reserve Advisors begins with a complete on-site inspection and review of the insured buildings and structures and blueprints and construction drawings, if available. Based on the inspection and drawings, an ASA designated appraiser evaluates each building or structure on the property to determine a cost to reproduce or replace the buildings in new condition, all at one time.
Local and Accurate Current Replacement Cost
To determine an accurate current replacement cost, we use our proprietary database and research local market rates for construction labor and materials. We also apply our 20 years of knowledge and experience that we've gathered in working with more than 5,000 community associations in 48 states. This accurate and up-to-date replacement cost becomes the foundation of your Reserve Advisors insurance appraisal.
Property Inventory
Typical components included in our insurance appraisal are buildings and other structures which the association is responsible to insure per the governing community association documents. These may include the following components:
- Excavation and grading (within the footprint of the building)
- Foundation/footings
- Structural framing
- Roofing
- Ceiling
- Exterior walls/construction
- Interior walls/construction
- Plumbing and electrical fixtures, wiring and pipe systems
- Heating/cooling equipment and systems
- Communications and life safety systems
- Stairways
- Elevators
- Covered walkways
- Interior finishes, walls, doors, cabinetry and built-ins
- Exterior structures may include playgrounds, arbors, gazebos, signs, monuments, pools, fences, gates and guard houses
A Reserve Advisors insurance appraisal also identifies elements excluded from insurance coverage, such as land, improvements made to individual residences and common property furnishings, including furniture, artwork, fitness equipment, etc. If building foundations are excluded, the insurance exclusion amount is deducted from the new replacement cost to arrive at an insurable value.
Supplemental Underwriting Data
For each building or structure, Reserve Advisors also delivers helpful supplemental underwriting data, making the process of obtaining competitive quotes easily comparable for management and the board. The data includes:
- Property address
- Gross square footage (based on a review of "as-built" blueprints or physically measuring each building)
- Structure height/number of stories
- ISO (Insurance Services Office) construction class to facilitate the process of insurance underwriting and obtaining competitive bids for property insurance
- Presence of building systems which may reduce insurance risk and your insurance premiums, i.e. detection, life safety and alarm systems and fire sprinkler system