Valuation of Building Contents

Scott Wightman

Area Executive Vice President

Arthur J. Gallagher

As you know, we provide updated building values for every member based on formal, on-site building appraisals conducted every four years with inflationary updates in the interim years. Last year, we provided some guidance for the first time on contents values which are a little harder to determine. We have had some claims recently, however, where the contents values submitted by members were questioned by our reinsurers and we would like to provide you some broad parameters again.

Our appraisal service engaged an expert in this field and he has offered these ranges (per square foot) for your consideration when you update your statement of property values this summer as part of the Renewal Questionnaire process:

Elementary School – $27.50-$33.00

Middle School – $28.00-$33.50

High School – $30.00-$35.50

Vo-Ag Building – $25.00-$29.00

Administration – $25.00-$30.00

Gymnasium – $20.00-$24.00

Bus Barn/Garage – $6.00-$8.50

For those buildings submitted on the Renewal Questionnaire below these ranges, we may reach out to you to see if there are any extenuating circumstances at those buildings. Our only purpose is to make sure we have appropriate insurance to value.