Real Estate Cost Determination

Probably, you shouldn’t even remind thatreal estate appraised value in case of insurance is extremely important element of the agreement. It is connected with direct link of this indicator, with payment for insurance in case of loss occurrence.

And naturally none of insurance companies is interested in overestimating of cost of your dwelling and will try to underestimate this figure whenever possible.

If we deal with apartment it is rather simply. The indicator of its cost is rather easily determined and usually doesn’t cause disagreements between the insurer and the insured.

But it is much more difficult with house and adjacent structures and territories. If your house has been recently built the available estimates will considerably facilitate the task. The appraiser will surely consider and will take into account the amounts spent by you. But anyway will make an assessment according to his principles. It is connected with that fact that estimates not always reflect the real expenses. Often they are overestimated or on the contrary, underestimated.

The assessment of houses is carried out using following data: house location, material of which the house is built (brick, plates, wood, etc.), executed improvements in comparison with the main option are also considered, etc.

Within insurance validity period house cost is periodically reviewed. Sometimes house cost grows and you should pay higher cost of the insurance even if you receive lowering of calculation ratio due to breakeven.

Comments are closed.