Insurance appraisals that set coverage on what it costs to rebuild
An insurance appraisal tells your board how much coverage it needs to rebuild. It’s a statement of the property’s total insurable value, meaning the cost to replace the buildings and insured common elements, not their market value. Carriers use it to set limits and settle claims. If the number is too low, the association absorbs the gap after a loss.
Prepared by Margery J. Schultz, founder
Inspecting buildings since 2008 · 2,000+ reports
How often does a Florida condo need an insurance appraisal?
Under Florida Statutes 718.111(11), a condominium association must carry adequate property insurance based on replacement cost, determined by an independent insurance appraisal or an update of a prior appraisal at least once every 36 months. Boards that let the appraisal lapse lose the documented basis for their coverage limits.
Statutes: Fla. Stat. 718.111(11) · Reviewed by Margery J. Schultz · Last reviewed:
This is a plain-language summary, not legal advice. Confirm your association's obligations with your association attorney.
What's the difference between an insurance appraisal and a market appraisal?
An insurance appraisal estimates the replacement cost: what it would take to rebuild the insured buildings and common elements with today's labor and materials. A market appraisal estimates what a property would sell for, including land and location. Carriers set coverage limits and apply coinsurance on replacement cost, not market value.
Does an HOA need one?
Florida HOAs are not held to the condominium 36-month appraisal rule, but carriers and lenders often ask for a current replacement cost valuation. For an HOA that insures clubhouses, pools, gatehouses or other shared buildings, an appraisal is the documented basis for setting those coverage limits.
What does the report include?
Each Independent Works insurance appraisal documents the insured buildings and the cost to rebuild them, organized so your insurance agent and carrier can work from it directly. The report includes the items below, with the assumptions behind every figure written down.
Building inventory and measurements
The insured buildings, documented.
Replacement cost new by building
With the assumptions behind every figure written down.
A summary page
Formatted for your agent and carrier.
A draft to review
The board and manager review a draft, with a walkthrough call.
Final signed report
Ready for your agent, carrier, and budget.
Can we combine this with our reserve study?
Many associations schedule the insurance appraisal alongside their reserve study or SIRS, because both start from the same inventory of buildings and components.
Cost and timing
Every proposal is a fixed fee with a scope and schedule.
Tell us your deadline when you ask for a proposal.
Request an appraisal
(727) 204-6000Tell us when your last appraisal was done and we’ll confirm whether an update is enough.