Frequently Asked Questions
What is the purpose of a survey?
The primary reason for our survey is to determine an accurate replacement cost for the home and to provide a comprehensive risk analysis. This will give you and your customers the peace of mind that comes from knowing the coverage amounts are adequate. In addition, our loss control experts make recommendations on how to prevent a future loss and document unique construction and architectural features of a home.
How does the appraisal process work?
First, a Castle professional will set up an appointment with the homeowner. Secondly, a Castle professional will conduct a quick interior tour of the home. Next, digital photos of the home will be taken with the homeowner’s permission. Last, the perimeter of the home will be measured.
Will you represent my company in a professional manner?
Since our inception, Castle has emphasized the importance of professionalism throughout our organization. Our image represents your company; therefore, we select only the most skilled individuals to be Castle appraisers. To reinforce this commitment, professionalism is a central theme of our training program and is integrated into all aspects of the appraisal process. Our mission is to properly represent you and earn the confidence of your clients.
Do Castle Field Representatives complete a training program?
The majority of our high value appraisal staff is comprised of former underwriters, adjusters, loss control consultants, architects, and real estate appraisers. However, each Castle appraiser is required to complete our one-of-a-kind training program, regardless of their prior experience. This comprehensive program consists of both classroom and on-site field training. Each appraiser is educated in all aspects of construction, pricing, and risk mitigation. Appraisers then continue their pricing research by developing relationships with local builders and architects, ensuring the accuracy of our replacement cost valuations. Additionally, our quality control staff continually reviews each appraiser's reports to identify future training needs. Field Representatives for Castle’s Rapid Survey Group are carefully selected with professionalism in mind. We recruit only the highest quality field representatives. All Castle representatives are subject to a complete background check as a condition of employment and required to complete our proprietary training program, regardless of prior experience.
What is the Inspection Terminal?
Castle’s Inspection Terminal makes managing your ITV project even easier than ever. Now you can order, track, and maintain your inspections online. You can also gain access to ITV reports, Castle time service reports, and Hazard results.
FAQs for Homeowners
Why is my insurance company requesting an exterior appraisal of my home?
It is important to you and your insurance company to make sure your home is adequately insured. It is a good idea to re-evaluate your home's replacement cost every few years to reflect changes in the cost of materials and labor. New replacement cost figures should also be determined after any remodels, upgrades or modifications to your home. You can rest assured that when your insurance company requests an inspection from Castle, they are provided with an accurate assessment of the value of your home to help them make certain your coverage is adequate.
Will my insurance premiums increase?
Please understand that Castle is an independent third party appraisal service. We do not become involved in decisions regarding policy issues. Your insurance company determines coverage amounts, cancellations and changes in premiums. As a result of our survey, your insurance rates may increase, decrease or remain the same at your insurance company's discretion. Castle does not benefit from rate increases. Our objective is to provide your insurance company with an accurate representation of your home so that they, in turn, can provide you with adequate coverage. Please contact your agent directly if you have questions regarding these issues.
What is replacement cost?
In addition to our expert risk analysis service, your insurance company may request a replacement cost valuation for your home. Replacement cost is generally defined as “the cost to replace a structure with materials of like kind and quality without deduction for depreciation.” Castle does not determine market value. Market value is based on a number of factors that have no direct correlation to your home's replacement cost. Some of those factors include:
Replacement cost simply reflects the cost to rebuild your home in the event of a total loss. Your home is broken down into components (framing, roofing, etc.) and valued at the cost to reconstruct each component in today's economy.
How does replacement cost differ from new construction cost?
Reconstruction happens within an existing set of confines. Unlike a new construction site, workers need to work around existing trees, structures, neighboring houses, busy streets, etc. There is a lack of economies of scale. If your home was built as part of a development, generally there were large savings as a result of bulk purchases and other economies of scale. These savings will not be present in the reconstruction scenario.
Why does it cost more to replace an older home?
Older homes, generally those built before 1945, can cost up to 25 to 45 percent more than a newer home to rebuild “as-is.” Many features found in homes built before 1945 are more expensive to replicate and replace. Some “old home” features that can contribute to an increase in replacement cost are Solid Wood Doors, Lath & Plaster Walls & Ceilings , Extensive Hardwood Flooring , Old Home Architectural Techniques, Custom Millwork, Antique Carving, Leaded Glass, Plaster Moldings, Antique Light Features, and Quantity and Complexity of Moldings.
Thank you for taking the time to learn more about Castle Inspection Service, a division of Overland Solutions, Inc.