Property Values Increasing

  • Author | Heather Hughes
  • 2/7/2023 7:25 am

Industry experts are indicating that property values are increasing exponentially due to unprecedented global demand for materials, along with the rise in materials and labor costs. 


The values of our members’ properties are a big factor in determining the premium they pay each year for property coverage. There are many factors that go into determining actual cash value and replacement cost, including the price of materials, labor and construction. It’s important to bear in mind that if the cost of lumber increases, so does the cost to build a new city hall, and if the cost of steel increases, so does the cost to build a fire station.


Every four years, Public Entity Partners provides a professional valuation on locations valued at $75,000 or more for members who have property coverage. This program helps ensure that our members’ properties are properly valued and adequately insured. It also allows Public Entity Partners to provide true replacement cost and actual cash value coverages.


Public Entity Partners contracts with Huber & Lamb, a third-party valuation service that specializes in local government facilities, to prepare the property valuations. Property valuations are provided at no additional cost and PDF copies are made available to members.

Each property valuation includes:

  • Color photos
  • A description of any improvements
  • Property details (physical address, GIS location, flood map information)
  • Actual cash value
  • Replacement cost value

When renewing your entity’s policy, keep in mind that your premium is determined by taking the actual cash value or replacement cost of your property schedule and applying the base rate. Your property schedule and property valuation will be considerable factors in establishing your premium.


We know that all your properties are important for the function of your entity. Public Entity Partners wants to ensure that you have right coverage in place so that you can continue to serve your citizens under any circumstances.