Insurance Appraisals
Collins and Associates provide dependable and accurate appraisals near Malibu, Los Angeles County, Southern California and beyond. Principal David R. Collins is a licensed Certified General Appraiser, with appraisal designations (G.A.A., S.C.R.E.A.) with over 50 years of experience. We appraise real estate insurance value and insurance losses, providing the type of reliable values that banks, major lending institutions, courts, Internal Revenue Service and you require.
(562)694-4920-call for more information and a FREE CONSULTATION.
INSURANCED POLICY VALUATION APPRAISALS
Most property owners, managers, boards and insurance agent agree that obtaining a property insurance appraisal is one of the best decision. Along with peace of mind, some reasons for getting an appraisal, includes a replacement cost analysis, giving you an accurate estimate of the amount of insurance required to replace each structure and / or improvements so they are exactly the same as they currently exist. We calculate each building's reproduction cost, which provides the most accurate valuation available. This will insure you have the correct coverage.
No place is immune from catastrophes such as earthquakes, fires, flooding and explosions. Knowing the potential for such a loss, owners should be proactive and take every precaution to make sure to have accurate insurance coverage.
INSURANCE PROPERTY CLAIM APPRAISALS
If you have a property insurance dispute, an uncommon form of ADR could help avoid a lawsuit. Under California Insurance Code Section 2070-2071, fire insurance policies must contain an appraisal provision that may be invoked to settle disputes over the value of losses. An appraisal only applies where the disagreement involves the amount of the lost, an appraisal may not be used to determine the cause or extent of the damage, policy interpretation, or coverage issued (Figi vs. New Hampshire Ins. Co. !980) 108 CaI.App.3d 772).
As a form of contractual arbitration, an insurance appraisal is governed by Code of Civil Procedure Section 1280, et seg. (Appalachian Ins. Co. vs Rivcom Corp. (1982) 130 CaI.App.3d 818.) When a party demands an appraisal, the process is mandatory, except in the event of a government-declared disaster, (Insurance Code 2071). Each side selects a competent and independent appraiser, two appraisers then choose a neutral umpire. After considering the evidence, the panel will deliberates and issues an award.
The appraisal report is called a retrospective appraisal. The real estate is valued as of the date of loss using the cost approach, market approach and the income approach as deemed applicate for the type of property.
