How to reassess your property values to account for inflation
Added on 22 January 2024
To keep your structures protected, here are some tips to make sure your property values — and insurance — have kept pace with economic changes.
Why Reassessing Your Property Values Matters
When you rely on outdated values, you may underestimate the actual cost it takes to rebuild facilities after significant damage.
Discrepancies between outdated valuations and real-world costs can translate to coverage gaps. Inflation, over time, can compound the problem. The result could leave your business financially responsible for the uncovered amount.
A timely property checkup can help you ensure your insurance accurately reflects your property’s inflation-adjusted value.
Top Reasons for Reassessment
Today’s inflation has put a greater spotlight on property assessments. However, a regular reassessment is often a good practice for several reasons. Here are a few factors to consider:
- Added technology and infrastructure. Advances and upgrades to equipment, irrigation systems, or automated processes can enhance the overall value of your property. A reassessment can help capture these improvements to your greenhouse. That way, you can have greater confidence that your valuation, and insurance, aligns with the cost to repair or replace any new additions to your business.
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