Back to School with Property Appraisal
by Jennifer A. Kolbasinski
As the kids head back to class and we settle into the business of education for another year, I thought I’d use the time in between to review a few important, and hopefully interesting, things about Property Appraisal.
- Property Appraisal adds/deletes buildings and structures to your property schedule, provides building drawings and valuation reports, updates your property values yearly, and provides appraisal services
- The property schedule is made up of two sections: Buildings and Additional Structures. Buildings are formally appraised through the Commercial Building Valuation Program and have footprints drawn. Additional Structures are not.
- Construction Terms or Insurance Services Office (ISO) codes are: 1–Frame, 2–Masonry/Jointed Masonry, 3–Pre-Engineered Metal/Non-Combustible, 4-Steel Frame/Masonry Non-Combustible, 5– Protected Steel Frame/Modified Fire Resistive, 6–Reinforced Concrete Frame/Fire Resistive.
- Architectural Fees and Overhead & Profit are built into the building’s appraised value at an industry standard of 27%.
- Please report newly constructed buildings, additions, and renovations within 90 days of completion for coverage.
- Buildings and additions reported to us are added to an appraisal schedule and formally inspected within four to six months.
- A Change Authorization form must be signed and returned for that new building to be officially added to your property schedule. Don’t forget to send these back in!
- Cancelling Builder’s Risk coverage does not automatically add your new construction project to the property schedule. You must call Property Appraisal and report the new building.
- Reinsurance requires complete physical or “911” addresses, including accurate zip codes, for all buildings and structures listed on your property schedule.
- Building drawings are no longer included in the yearly property appraisal packet but are available electronically upon request. The drawings are updated each time you add a new building.
We are here to make your job easier and are happy to help you. Enjoy the new school year and call us if you have any questions 800.482.7276, ext. 7411.
