When it comes to insuring property there are many factors that need to be considered to confirm a property is adequately insured for all replacement costs, in the event of total loss.
Being underinsured can cost significantly. Don’t leave yourself exposed to risk by using an insurance appraisal based on assumptions.
The experts at Acumentis are up-to-date with current building codes, insurance clauses and today’s ever-increasing building costs. They offer insurance valuations of all property types and will provide an accurate and a comprehensive breakdown of the full amount it would cost to replace a property.
An accurate replacement cost estimate allows you to take out adequate coverage and ensure you are paying the correct insurance premium.
In some instances, an Insurance Valuation is required for compliance, dependant on the state in which the property resides. In all other cases Acumentis recommends getting an independent insurance valuation if:
At Acumentis, we offer three different types of insurance valuations, depending on what coverage and service you require.
These insurance valuations are necessary if inadequate levels of sums insured have been detected or suspected. In addition to this, an extensive valuation is necessary if there has been a significant time gap since the last valuation. Our extensive valuations are offered to all property types. We assist you to understand building replacement costs, reinstatement values, property, and asset insurance coverage.
An insurance review simply checks all of your assets are adequately covered by your current insurance company. Acumentis recommends you undertake insurance valuation reviews whenever your business undergoes a significant change. This may be to its asset base or if it has recently gone through other major changes.
The Acumentis revaluation services are offered as part of a longer-term insurance valuation program. Your insurance valuation expert provides essential advice and re-evaluation of insurance to confirm you have adequate coverage. At Acumentis, we advise all our clients to undergo regular insurance valuations of their property as well as plant and equipment assets.
To complement our valuation process, we also provide non-valuation services to address specific asset needs. These include at least:
Contact your local Acumentis office to learn how these property and building insurance valuation services will help your business.
It is a valuation of property for the purpose of replacement due to an insurable event such as a fire or natural disaster. An Acumentis valuation (also known as a replacement cost assessment) will make sure your building is insured for the full amount it would cost to replace, not just the replacement construction cost. Our experts will ensure all elements of replacement including building costs, escalation, demolition / removal of debris, re-design fees, application fees, and other professional fees are all considered and conform with current regulations. The value of land is not included in an Insurance Valuation as it is presumed that the land will still be intact after the insurable event.
- Engaging an expert will ensure accuracy and remove assumptions often used in market appraisals that could leave you underinsured.
- To ensure adequate coverage so in the event of a claim, owners are not left with substantial out-of-pocket expenses.
- Appropriate coverage will reduce the likelihood of paying unnecessarily high insurance premiums.
- Appropriate coverage is required to comply with regulatory requirements.
To discuss how we can assist with your insurance property valuation, contact your local Acumentis office.
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