Phase II Begins for On-Site Property Appraisals

Over the years, MCIT has stressed that members schedule their buildings and assign accurate replacement cost values to those buildings. This ensures adequate coverage in the event of loss or damage.

To assist members in this effort, MCIT engages an appraisal firm physically to inspect and appraise all buildings above a predetermined scheduled value every five years. The MCIT Board of Directors awarded a contract for these services to valuation experts HCA Asset Management, which began its work last year.

Consistent with past practice, this project is divided into three phases over three years. Members in the northern third of the state were appraised in 2023, the middle third will be appraised this year and the southern third in 2025, followed by a two-year break.

Members in the middle third of the state will be contacted by a representative from HCA Asset Management starting in February. Its appraisal team will inspect all buildings with a scheduled value in excess of $100,000. This project requires that members assist by providing access to buildings, answering questions and in some cases supplying building plans and diagrams.

For planning purposes, MCIT ensures that members are notified of the appraiser’s visit well in advance.

Any adjustments to building values based on the appraisals will be made mid-year after consideration by the MCIT board. As in prior years, there will be no change in contribution charged for property values adjusted as a result of appraisals during the current coverage year.

All members will receive an appraisal report that includes current photos of buildings, a detailed description of the structure and its features, along with the current replacement and actual cash values.