When implementing a property appraisal program, you likely feel like you have a lot on your plate. We’re here to ensure you stay on track.
One of the most critical decisions you’ll face is selecting an appropriate threshold for property to be appraised. Most frequently, this involves weighing project cost against the anticipated benefit. If you leave certain property out of the process, be sure there is not critical data you’ll inadvertently miss out on.
Our advice: invest in a cost benefit analysis and determine the data you need versus what data you want.
Take inventory of your processes and make sure you’re set up for success by asking yourself the following questions:
What percentage of overall TIV falls below various threshold levels?
What data do you truly need for your underwriters and/or reinsurers?
What steps can you take to ensure you’re not missing any undervalued properties or assets?
Once you’ve asked yourself these questions and reflected on the answers, it’s time to ensure you’re not missing anything else.
We created a guide outlining frequent missteps risk pools make in preparing for a property appraisal program. This tool is intended to steer early decision making and assist you in evaluating processes to ensure the ultimate success of your program.
You can find the entire guide here.
Have any questions about this guide or want to discuss your answers to these questions? We’re here to help. Reach out to us here.