Appraiser for Rebuilding Cost

Appraiser for rebuilding cost of your business building is needed now before disaster strikes leaving your business at risk. In addition to typical risks of theft and fire, natural disaster risks that can cripple any type of business prevail. It is essential that business owners have their buildings appraised by an accredited appraiser that is compliant with the new 2008 USPAP laws and then update their policies often to include improvements, major purchases and increased building costs, according to the Insurance Information Institute (I.I.I.).

Official Asset Appraisers have found that most business owners don’t have the right type of insurance and have vague gaps in their coverage. As a Business owner you should ask yourself these questions;
1. Do we have the right kind of insurance to rebuild our building and replace all of our equipment and personal property? (Your Business Personal Property includes these categories:

• Furniture and Fixtures,
• Equipment, machines, computers,
• Inventory: raw materials, merchandise, work in-progress,
• Personal property of your employees,

* If you or a tenant have made improvements on the building, were the improvement values added to the policy?)

2. What is the real construction cost and replacement of my equipment, if I had a total loss today?

3. If I as a business owner do not have enough insurance on my business building to rebuild and continue my business, what are my options?

• Borrow,
• Build smaller,
• Take the insurance money and quit the business.***

***If you are under insured by 1/2 (or any percentage) and decide to not rebuild, the insurance company can arbitrarily decide that the cash value you receive is not the insured amount, BUT, 1/2 (or any percentage) the amount your building is under insured!

4. If my business had a disaster does my insurance policy provide for demolition and clean up? Is this paid out of the general rebuild fund? NO! Demolition and clean up is usually not addressed in the insurance policy! Therefore YOU pay for the clean up and disposal of the demolished building out of your pocket.

5. If I have replacement cost insurance, doesn’t that cover all I will need? NO! NO! NO!

Solution:
Get an accredited USPAP compliant appraiser to find out what the real construction cost of your business building will be today! Have Official Asset Appraisers appraise for the total amount to open your doors and continue business after a disaster so that you can adjust your insurance coverage. A desktop appraisal or “guesstimate” of square footage price is a tremendous risk. Only an experienced appraiser that can certify your appraisal should be used for this task. Official Asset Appraisers have 29 years experience as Commercial General Contractor, Graduate of Drafting and Engineering and appraisals. These qualifications will insure that you can circumvent the problem of SURPRISE! … “You have a disaster AND you don’t have the building insured for enough to rebuild!” … Every type of appraisals can be accomplished by Official Asset Appraisers! If you have questions, give us a call.

Phone 480 326 3907.

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This entry was posted on Thursday, February 28th, 2008 at 6:56pm and is filed under Insurance Appraisal. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.