Brokers are not professional appraisers and should not try to estimate appropriate values except under limited circumstances, e.g., guidelines for homeowners insurance and some commercial / farm policies permit the use of certain formulas and services such as Boeckh.
For all other cases a professional appraiser / building contractor / commercial property valuation expert should be used.
For definitions of various forms of insurance refer to Insurance Marketplace
- Appraisers Errors & Omissions
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