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Insurance Appraisal What Is This All About

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Corey Lee

Freshman Member
Joined
Feb 23, 2003
So this guy has 140 assignments sitting on his desk that he showed me from insurance companies. He goes through and basically costs out everything on a house as if you had to build it today no depreciation taken in to account.
My question is has anyone done this or heard of this?
What can you charge for this service? He will pay me $100 a assignment is this good/bad?
Also how long does a "typical" assignment like this take to cost out a higher end house?
He also told me that these hours count toward my 2000 hours is this true?
Sorry about all the questions but I am trying to spread myself out over different areas of this field and not be held to just residental.This weekend my USPAP instructor went over 20 different branches of appraising and got me excited. Thanks for the help. By the way I got 46/50 on USPAP test so I must be ethical right????
 

Birdman

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Insurance Appraisal

I have an appointment with a fellow tomorrow to discuss your topic. Don't know anything yet will email you after the meeting. At the present time I'm looking to diverify my company before the refi boom is over.

SS
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
ALWAYS remember that if you put a value on it, it IS an appraisal and subject to USPAP. Charge accordingly. Let us know what you find out about these.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
What you are figuring is REPLACEMENT COST, not market value. Insurance companies are interested in what these suckers cost for their pricing. For example, if you insure your home, excluding lot, for $100,000 and the "Reproduction Cost" is $150,000, you have insured your home for 66%, less than the normal 80% of value threshold. As such, they will only pay 66% of your insurance value, not replace your home if it burns. So, what you are doing is not an appraisal but rather a cost analysis. At least, that's what I've run into.

Roger
 

Corey Lee

Freshman Member
Joined
Feb 23, 2003
That is exactly right Roger
I think that is why people who are not licensed are able to complete these because your opinion of value is not going to be used for a federal transcation so you dont have to follow title XI. Does any one know how much these cost and how long they take. Thanks for all the info.
 
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