In-Depth Analysis of Property Valuation
Real Estate Sector: Commercial
Specialization: Hotels & Retail
Resource: IMPACT Analytics
Valued Client Since: 2016
An insurance carrier renewal included a substantial increase in property values resulting in an increase in premium. Without the increased values, the insurance carrier would not maintain blanket coverage with no coinsurance, a substantial reduction in coverage.
The AP real estate analysts conducted an in-depth review of the building square footage, ISO construction classification and construction components. Our property assessments resulted in a much lower property valuation. AP then provided a side-by-side comparison of our building assessments with correct information compared to the insurance carriers’ evaluations. The individuals completing the building assessments for insurance carriers frequently only use basic building information, then allow the system to default construction components. This often results in higher building valuations. Our detailed building components provide a more accurate building assessment that typically is lower than when the assessments are done using default information.
After seeing our detailed assessment of building values, the carrier agreed and reduced the values resulting in a 12% decrease in premium.