Appraisal Valuation Following a Catastrophic Loss
Recovering from a catastrophic loss is difficult but it can be done. Determining the amount of a deductible loss is an essential part of recovering from a catastrophic event. If you have adequate insurance coverage in place, then recovery focuses on collection of the policy provisions. However, where insurance is not adequate or available, the possible benefits of a tax deduction can be an important consideration. In this case, a properly prepared appraisal demonstrating the decrease in the value of the property resulting from the catastrophic event is essential.
Please visit Account For Disaster Recovery for material that summarizes the unique aspects of these specialized reports compared to traditional appraisal reports. If you’ve experienced a catastrophic loss, understanding various appraisal valuation issues is crucial.