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Insurable Value

An insurance appraisal requests the reconstruction value of the improvements as with like-kind material, no consideration of depreciation and the exclusion of the underlying land value. The scope of work is generally defined as the Replacement Cost Value “As Is” and should be appraised as such. This type of appraisal is most often used by lenders to determine the potential loss associated with the improvements and by insurers in an effort to determine coverage amounts used to set insurance premiums binding coverage.