Appraisals that specialize.

Florida requires condominiums to renew their appraisals every 3 years. The insurance industry lobbies to make sure property valuations are consistent with the premiums they collect. Your carrier may require an appraisal earlier than 3 years, due to rapidly changing market conditions.

As Tommy Lee Jones says in the “Fugitive”: “...search for every doghouse, outhouse, henhouse, farmhouse, warehouse, residence, and gas station in that area.” Each and every structure (regardless of size) in a community must be listed, including light poles, fences around trash containers, playsets, sheds and pools. The detailed appraisal should then be presented to your insurance agent, so your association can decide which items they want coverage for. Unlisted items are not covered under most commercial insurance policies.

While there is no statutory requirement, your insurance broker may ask for an updated report every few years.

Costs are typically within the $600 range for a small HOA; where a highrise can cost several thousand dollars. Reach out to Stone Building Solutions for a free estimate.

It eliminates a big jump in insurance premiums, and allows the board to budget better.

All improvements and repairs undertaken over a period of 5 years, 10 years, or the life of the structure are added up. When they total 50%, the building must be brought to floodplain compliance, as if it were new construction. A project is a substantial improvement when the project cost divided by the building’s market value is greater than 50%.

You can argue either project cost or market value. Stone Appraisal Group’s expertise in these appraisals includes working with you to consider all case facts. A market value appraisal can be submitted to the building department to prove your damages are less than 50%.

People see market value as the amount they could sell their property for today; including the land, landscaping, surrounding conveniences, and any auxiliary structures like pools, sheds, etc. The market value appraisal for this consideration is only of the building itself, which is a far different number.

1. An independent appraisal (excluding land), which does not use the “income capitalization” approach;
2. Detailed estimates of the building’s depreciated value;
3. The “adjusted value” listed by your tax assessor;
4. Value taken from National Flood Insurance Policy;
5. Judgment from the local building department.