Lake State Realty has helped insurance companies with their valuation needs for over 30 years. Major insurance companies and brokerages recognize our valuation services and recommend Lake State Realty as a preferred provider of valuation and appraisal services. We have the experience and competence to complete appraisals of many different property types.
Insurance Appraisal Process
Our services to insurance companies include the insurance appraisal process. Whenever there is a disagreement over an insurance company’s valuation of an insurance claim for loss in real estate. Some people may believe that the only way to settle the dispute is to hire a public adjuster or an attorney to file a lawsuit, and this is simply not the case. In Minnesota, most policies have a clause that allows you to ask for an appraisal of the loss. Policyholders as well as insurance companies are allowed to select an appraiser to represent them. A third, mutually agreed upon appraiser will also be commissioned and together they will appraise the loss and determine a value.
Insurable Value Appraisals
The purpose of home insurance appraisals is to determine the replacement cost of your home or building, not including land value. Land is generally not at risk of fire, theft, or other perils that are covered by insurance.
Insurers and underwriters regularly rely on accurate property values for risk assessment. Inflated property values can result in payment of exorbitant premiums, while inadequate insurance coverage can be disastrous in the event of a loss. Our keen understanding of local market knowledge helps our clients effectively estimate the optimal sum insured. Our insurance valuation products are custom tailored to meet our client’s needs and help to determine effective replacement cost estimates which form the basis for accurate insurance coverage.
Other Services to Insurance Companies
Lake State Realty can assist with all major claim events including fire, floods, civil unrest, hail, contamination, construction defects, and tornado damage. Whether you require an appraisal report, an appraiser for hearings, or expert witness testimony, we have you covered. Our services include:
- Historical dates of value
- Allocation between land and improvements
- Diminution in value
- Fair market rental value
- Replacement costs
- Stigma
- Bad faith claims
- Relocation costs
Appraisal Services to Insurance Companies
If you are looking for an appraisal firm to partner with, you have come to the right place. Give us a call and see how our decades of appraisal experience with insurance companies can assist you!
Past Clients
