Historic Property Valuation Services Solution Sheet2021-05-19T15:09:29-04:00

AssetWorks Historic Property Valuation Services Solution Sheet

historic property valuationThe National Register of Historic Places, authorized by the National Historic Preservation Act of 1966, is the official list of the Nation’s historic places worthy of preservation. Their goal is to coordinate and support public and private efforts to identify, evaluate and protect America’s historic and archeological resources.

What is a historic property?

There are certain processes and requirements that determine whether or not a building or area can be deemed historic. These locations:

  • Must be at least 50 years old
  • Must be either associated with events that have made a significant contribution to history or associated with the lives of significant people from our past
  • May include buildings listed in a Federal, State, County or Municipal historical register

Reconstruction Valuation for Historic Properties

When you insure for the reproduction cost of your historical properties, this typically includes the cost to repair, rebuild or replace with materials of like kind and quality compatible to those originally used. This includes the cost of skilled labor and authentic materials necessary to restore the property as close as possible to its original condition.

When AssetWorks assesses property for a historic reconstruction valuation, we consider:

  • Whether the same workmanship, building and architectural materials are reasonably available.
  • The valuation of the repair, rebuild or replacement will be based on the workmanship and architectural materials that are reasonably available.
  • If the same workmanship, building and architectural materials are not reasonably available, the valuation of the historical building will be based on the cost to repair or replace with workmanship, building and architectural materials that closely resemble those that existed before the loss or damage occurred.
  • For interior structural systems or mechanical systems, the valuation will be based on the cost of modern, more readily-available materials and technology.
  • Highly-skilled craftsmen, decorative artists, muralists, and stonemasons may be needed to reproduce features of the historical building.
  • Additional features for potential reproduction values include stonework, columns, towers, spires, clocks, carillons, and stained glass.

Valuation Methodology

Replacement of historic buildings is likely to require highly-skilled craftsmen, difficult-to-match materials, extra time to rebuild, additional professional services and may include hiring an expert who can document the rebuilding. In order to achieve proper replacement in the case of a risk event, AssetWorks’ valuation process includes:

  • Extensive photography
  • Comprehensive identification and quantification of construction materials and special features
  • The cost of ensuring the replacement is rebuilt, if possible, to comply with current building codes and regulations
  • The cost of ensuring the replacement is rebuilt, if possible, to comply with the Americans with Disabilities Act
  • Seismic/windstorm code upgrades

Protecting Your Historic Property

You can reduce losses by creating a careful and preemptive plan focused on property documentation and by effective building maintenance. And if any major changes occur to your property, you’ll want to complete the following steps and update your property data:

  • Document both real property and personal property
  • Digitally record buildings and contents including the property layout
  • Maintain cost information for all renovations and improvements

AssetWorks’ historic property valuation services help you protect and preserve the architectural features you and your community treasures. We help you reduce risk so your historic property can stand strong for years to come.

For questions about AssetWorks’ historic property valuations, or additional information on AssetWorks’ complete property valuation services, contact us at
info@assetworks.com.

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