Property Classifications for Asset Management

November 24, 2021

Insurance Appraisals
property classifications

When it comes to accurately scheduling your property values for insurance, it’s important to classify items correctly. What you may picture as a building or structure may not line up with your policy language. Additionally, some may not be insurable. Below, we outline common characteristics of a building/structure as well as items which are typically classified as insurable PITO

General building/structure characteristics 

Generally speaking, if a piece of property has at least two of the following, it is probably a building:

Items typically classified as insurable PITO:

Next, unless they are physically attached to a structure, these are typically classified as insurable PITO:

Note: If any of the above are physically attached to a building, the value should be added to that


PITO items typically considered not insurable:

Some PITO items that are not usually insurable: 

If you need help determining what to do with this information or next steps to take, that’s where we come in. We’d love to partner with you to ensure your property schedules have the most accurate data possible. 

Reach out to us here and we’ll get started.