Coastal Property Valuations
Purpose
Accurate building and contents valuation is critical for maintaining adequate coverage of public entity assets. All too often, public entity property values are a combination of in-house estimates with inadequate documentation of improvements or additions over the years. Rising construction costs combined with an outdated property valuation can create unacceptable exposure to the fund balance in the event of a major property claim.
CPAT provides annual property valuations to confirm the Member buildings and contents are properly valued at replacement cost.
Action
Physical Inspection
The CPAT property valuation team physically inspects and documents all Member buildings and outdoor property, creating a clean-sheet inventory noting construction type, materials, age, and building quality. The property valuation team surveys the footprint of each structure to ensure accurate per square-foot valuation.
Property Documentation
All buildings, structures and outdoor properties are photographed and digitally archived. Properties inventories are documented via spread sheet property schedules, and a schematic of all properties is developed from the building surveys. CPAT provides each Member a property valuation documentation package in both hard copy and electronic formats.
Valuation System
All property valuation data is modeled using industry standard property valuation software systems to create a universally accepted replacement cost value for Member property assets.