Description:
Approximately one year after your first inspection and replacement cost reporting for your insurance company, Prestar Inspection Services will contact the insured and offer a replacement cost report. The replacement cost report will be a complete report to provide to your insurance carrier for your insurance renewal. The insured can also contact Prestar to request this report if it is needed in an earlier timeframe from the previous year.
At the time of the annual update, Prestar Inspection Services will contact the insured and verify that the property is in similar condition as when the original inspection report was performed.
If the property is in similar condition as at the time of the original inspection, then a physical inspection of the property is not required and the commercial property replacement cost report will be created at an agreed upon “update with no inspection” fee, which is 40% of the original price paid for the appraisal.
If the property is not in similar condition (i.e. renovations, damages, etc.), or an inspection was not performed during the last annual update, then an inspection of the property is required. Upon completion of the inspection, the commercial property replacement cost report will be created at an agreed upon “update with inspection” fee, which is 70% of the original price paid for the appraisal.
An invoice will be sent upon completion of the each update.
Using the annual update program for future commercial property appraisals for insurance purposes is a way to “lock in” future reports at a reduced fee. The use of the program for future replacement cost reports is optional however; every customer is enrolled in the program free of charge. You may opt out of the program at any time, however if you do opt out, future inspections and reports done by Prestar will quoted at full price. There is no fee for participating in the Annual Update Program.
If you have any questions about the program, please call our office at (866) 448-8111.
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