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Advisory Groups icon showing a fire extinguisher next to a box full of burning paperProperty Appraisals

The Risk Management & Tort Defense Division (RMTD) and consultants conduct appraisals of selected buildings to establish accurate estimates of replacement cost values. Appraisals typically include an estimated value for the structure and the standard contents of a building. Agencies are responsible to submit values for special contents, fine art, boilers and machinery, and other assets located at a building location in accordance with the instructions provided through the state Property/Casualty Insurance Information System (PCIIS).

RMTD appraises buildings with estimated replacement cost values exceeding $1,000,000. Buildings valued at less than $1,000,000 may be added to the division's appraisal schedule as resources permit. Buildings are appraised on a five year schedule. Buildings with estimated replacement cost values exceeding $1,000 that an agency designates as "historic" through PCIIS are appraised on a separate five year schedule.

Agencies are responsible for reviewing and updating values of all assets reported through PCIIS as necessary with a minimum of once each fiscal year. Contact our loss prevention staff for additional information.