Insurance Valuation can guarantee the property owner has adequate insurance and is not paying for excessive coverage. A property loss can be a devastating experience even when fully insured. Incurring a loss when inadequately insured can cause financial disaster. Casualty insurance costs rose sharply after hurricanes Katrina and Rita, particularly in the Gulf Coast area. Property owners are more acutely sensitive to the cost of insurance as a result of rate increases which occurred after hurricanes Katrina and Rita. Those who suffered a loss are also more aware of the level of coverage. Insurance Valuation provide evidence regarding replacement cost. Insurance Valuation confirm casualty insurance coverage is adequate to rebuild the property in event of a casualty. supplies you the values to allow you to set your insurable values at the proper and appropriate levels. Since construction costs have increased sharply in recent years, replacement costs have changed materially in the last few years. Purposes of insurance Valuation include making the following parties comfortable insurance coverage is adequate:
The objective of an insurance valuation is to provide adequate funding to replace the physical property destroyed by a loss. This would include the structure. Accurate replacement cost data can?ensure the insurer, lender and owner are adequately protected in event of a casualty. O’Connor & Associates staff complement of over 50 real estate professionals includes 12-15 senior staff members who can complete an insurance Valuation. They can also handle other due diligence tasks.? These professionals are supported by an experienced staff of over 100 who are accustomed to complex assignments. Our team has experience in all aspects of real estate including acquisitions, due diligence, ownership, appraisal, property tax appeals and dispositions.? Reduce your risk and stress by utilizing O’Connor & Associates’ breadth and depth of experience to evaluation your real estate investments.
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