Many property owners, managers, boards, and insurance agents agree that obtaining an insurance appraisal is one of the best decisions they can make for their property. Here’s why:

• Demonstrates Due Diligence: An insurance appraisal shows that board members, property managers, and insurance agents are taking responsible steps to ensure proper coverage.
• Peace of Mind: It ensures that all parties involved—owners, board members, managers, and agents—can rest easy knowing the property is accurately insured.
• Assists in Coverage Placement: An appraisal provides essential documentation for underwriters, aiding your agent in securing appropriate property coverage.
• Prevents Under- or Over-Insuring: It helps avoid the risks associated with under-insuring, which can leave the property vulnerable, or over-insuring, which results in unnecessary premium costs.
• Unbiased Valuation: Offers a third-party, objective valuation of the property’s replacement cost.
• Claims Support: In the event of a loss, a ValueNet, Inc.  appraisal, along with all gathered data, is available to expedite the claim settlement process.
• Accurate Coverage Values: An up-to-date insurance appraisal ensures accurate values for coverage, eliminating the risk of co-insurance penalties during a loss.

• Comprehensive Consultation: We begin with a full consultation with an MAI designated appraiser to discuss the scope of work and understand specific needs.
• In-Depth On-Site Inspection: Our appraiser conducts a thorough on-site inspection of the property to gather detailed information.
• Construction Plan Review: We examine all provided construction plans for the structures included in the insurance appraisal.
• Digitization for Accuracy: All construction plans are digitized to determine precise square footage and material quantities.
• State-of-the-Art Reporting: We produce a comprehensive appraisal report using advanced engineering and construction cost data software programs.

In Florida, insurance appraisals for condominium associations are regulated by the legislature through Florida Statute 718.111. This statute mandates that adequate property insurance, whether specified in the condominium declaration or not, must be based on the property’s replacement cost as determined by an independent insurance appraisal or an update of a prior appraisal. This replacement cost must be determined at least once every 36 months

Insurable value extends beyond condominium units. Increasingly, homeowners associations (HOAs) and mobile home parks seek to ensure their common elements are correctly insured. In addition to replacement value, associations often request up-to-code values, which include code upgrades necessary for purchasing Ordinance of Law policies.

We also provide insurance valuations for common elements of HOAs. If your association consists of attached townhouses, insuring the HOA under one policy might be beneficial. Consult your insurance agent for further advice.

The complete insurance appraisal includes:

• Definition of Hazard Valuation (Any non-flood peril)
• Definition of Flood Valuation (based on National Flood Insurance Program Guidelines), if needed
• Detailed Building Descriptions
• Property Location Map
• Photographs of Each Appraised Structure (High Resolution Digital Photographs)
• Recapitulation of Values
• Replacement Cost Estimates
• Insurable Replacement Cost Estimates
• Depreciated Replacement Cost Estimates