Member Benefit: Property Valuations

  • Author | Halie Gallik
  • 3/3/2021 8:00 pm

One of the member services Public Entity Partners provides is a comprehensive property valuation on a rotating four-year schedule. This service includes a description, a detail on building construction type, flood plain information, and a replacement cost and actual cash value for each location. Whether you are insuring water treatment plants, traffic signals, ball field lighting, or a library we want to help ensure you have sufficient property coverage in place to rebuild important services that make a difference in your community.

PE Partners contracts with Huber & Lamb, a third-party valuation service that specializes in local government facilities. There are many factors that go into determining replacement cost and actual cash value, one of which is the price of materials, labor and construction. If the cost of concrete increases, the cost to rebuild a water treatment plant also goes up. If the cost of lumber increases, so does the cost to build a community center.

It probably does not come as a surprise that the cost of construction materials for municipal facilities has increased. Marshall & Swift, a leading construction and building cost estimator, is one of the tools that Huber & Lamb utilizes to determine replacement cost and actual cash value. Recent reports indicate that the cost of lumber has increased by more than 100%. Even for facilities that are not built with lumber, overall construction costs have risen.

Your property premium is determined by applying the base rate to the replacement cost or actual cash value of your property schedule. When a property valuation is completed, a copy will be sent to you or your local agent. This report is provided as a PDF, and we encourage you to review it.

If you have questions about the property valuation, please reach out to your regional underwriter. Our underwriting department can work with you to select the coverage that is right for your community.

Jim Bell Hatchel
Anthony Roman
Janine Helton