Required for Condominiums in Florida every three years
An Insurance Appraisal or Replacement Cost Valuation from Custom Reserves determines a property’s new replacement cost based on a comprehensive site inspection conducted by a qualified professional. The accuracy of a property’s replacement cost is critical toward ensuring community assets are not over or under insured. The insured value of replacement costs fluctuates from year to year based on current rates for local labor and materials.
Custom Reserves delivers helpful supplemental underwriting data for each building structure which makes the process of obtaining competitive quotes for property insurance easily comparable for management.
This data includes:
- Property address with Gross square footage
- Structure height/number of stories
- ISO (Insurance Services Office) construction class
- Presence of building systems such as life safety, alarm detection and fire sprinkler systems which may reduce insurance risk/premiums