Real Property Insurance Appraisal Courses / Manuals

[Zambendorf]

My internet search came up empty; are there any suggested courses or published textbooks/guidelines that cover insurance appraisals for real property (residential and/or commercial)?

Does the client or the appraiser determine:
a) which cost guides the insurance companies prefer/accept?
b) whether they want new construction or reconstruction basis?
c) what deductions to apply?

Thanks

 

[Mark A Rewbury]

I have searched for ever for courses, texts etc. Nothing. The costing service most popular for insurance is Marshall & Swift RCT and E2 Value for residential. The MS RCT is used for insurance while the Marshall & Swift is for market value appraisals. E2 Value seems to be used for both.

 

[Smokey Bear]

No onr would pay for it. They just use the cost approach from the last appraisal, for free, and then sue you later if it was insufficient. LOL

 

[PropertyEconomics]

My internet search came up empty; are there any suggested courses or published textbooks/guidelines that cover insurance appraisals for real property (residential and/or commercial)?

Does the client or the appraiser determine:
a) which cost guides the insurance companies prefer/accept?
b) whether they want new construction or reconstruction basis?
c) what deductions to apply?

Thanks

I think if I were you I would contact the major insurance companies and ask your questions. Im sure they send their "agents" to classes on cost estimating.
Best of luck to you.

 

[Zambendorf]

Thanks - it seems logical that insurance agents and underwriters would get training on how to measure exposures along with coverage issues.
But are real estate appraisers expected to take full blown insurance courses before they get into insurance appraisals?

 

[Carnivore]

Googling I located this as an example:

http://www.mdinsurance.state.md.us/sa/jsp/agentBroker/InitialLicensing.jsp

 

[Jonathan Miles]

In my past life, I was an adjuster and an appraiser.

Xactimate is the software many adjusters use.

http://www.xactware.com/

 

[Rob Frazier]

In the distant past, I was licensed in Insurance and Real Estate, and have provided appraisals for properties where a fire or other catastrophe caused a partial or total loss. I was engaged to estimate the "actual cash value" and then the "market value of the improvements excluding land", etc. SO..best way to start: intended use, intended user, value definition, and the develop scope of work (funny how that's always the best place to start).
Why do they need you? An adjuster is capable of providing an estimate of replacement cost, so do they need something else? You will need to read the policy and find out what is covered, then find out if they need replacement cost or actual cash value (or both). What about costs of cleanup and debris removal? We don't typically consider that in an appraisal for a mortgage lender, but is that something that the client needs you to consider? Is your cost guide based on some economies of scale (building brand new in a subdivision is cheaper per unit than re-building a single house in an already established area). Is there an adjuster already involved? If so, then he/she may be able to help you with some of this. If not, you may want to consider some consultation time with a local expert.

 

[Zambendorf]

I'm interested in training options for insurance appraisals that are being requested to support underwriting submissions, not loss adjustment.
For example, Florida Citizens requires supporting documentation from an appraiser for reported values, but guidelines are pretty vague.

Appraisers are advertising these as additional service offerings, but I haven't found courses or instructional guides specific to this type of work.

Will loss adjusters do pre-loss appraisals? I haven't seen them competing for these.