Insurance Appraisals
Insurance Appraisals
An Insurance Appraisal, also known as a Replacement Cost New (RCN) Appraisal, determines the new replacement value of a property. It calculates the cost of building a new structure as a replacement if the original one is damaged or destroyed by events like fires or natural disasters. Insurance Appraisals offer value to both homeowners and commercial enterprises, and they are applicable to various property types, including residential homes, apartment complexes, condo communities, and commercial establishments.
Why Do you Need an Insurance Appraisal
Insurance Appraisals are essential in ensuring that your property is not over insured or underinsured. While it may seem like a minor detail, having the right amount of coverage is critical in both residential and commercial settings.
Being underinsured could lead to unexpected financial burdens in the event of a catastrophe, even for smaller claims due to a common provision known as co- insurance. Under-insurance may require you to cover a portion of your claim costs, adding stress to an already difficult situation. On the other hand, being over insured means you're paying more than necessary for coverage, needlessly depleting your finances without added benefits.
Insurance Appraisals for Unique Homes and After Renovations
Consider an Insurance Appraisal after property renovations or if you own a unique home with custom features. Depending on the type of renovations you undertake, they can influence your property's value. An appraisal can also identify items not covered by your insurance, allowing you to add coverage for valuable items. For condominium owners, boards, and property managers, it's crucial to maintain accurate and up to-date replacement cost figures for their structures. Best practices often dictate annual updates.
Why Choose North Capital Appraisals
At North Capital Appraisals, we have a wealth of experience in performing Insurance
Appraisals. Our team combines the necessary expertise and knowledge spanning the
real estate and insurance domains to provide accurate information. Whether you're a
property manager, condominium board member, insurance agent, or property owner
looking to verify appropriate insurance coverage, our team is here to assist you.