Insurable Replacement Studies
Lamb Hanson Lamb Appraisal Associates, Inc. provides insurable replacement cost analysis. The term “insurance cost or value” is commonly used by insurance companies as the basis for determining the appropriate level of coverage.
Estimating the insurable replacement cost of any improvement requires a diligent effort on the part of the consultant to be accurate and credible. If the valuation is being performed for the first time or changes have taken place to the property since the last valuation, a detailed site inspection of all insurable components takes place with the property representative. If necessary, this is followed by a consultation meeting in which the components observed are discussed and their relevance to the valuation considered. This is then followed by close examination of construction plans to estimate the quality and quantity of each component. If plans are not available then physical measurements and inventories will be taken. After all the property data is obtained, the valuation and reporting process commences.
Insurance replacement valuation reports issued by Lamb Hanson Lamb Appraisal Associates, Inc. are generally based on replacement cost square foot method or segregated cost method derived from the Marshal Valuation Service Cost Guide, a trusted nationally published source. In addition to this cost data, our staff has formed many relationships with local contractor, architectural and engineering firms which are utilized in support of the cost data, as needed.
The depth and breadth of our team’s experience allow us to quickly concentrate resources on even the most complex insurable replacement issues. Lamb Hanson Lamb Appraisal Associates pay the utmost attention to quality of service and timeliness.