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How do you calculate farm building's value?

  • 19-05-2010 8:01am
    #1
    JohnBoy
    Registered Users, Registered Users 2 Posts: 2,342 ✭✭✭


    Filling in the insurance forms for the first time and wondering how do you arrive at a value of sheds?

    is there any standardised costs per square foot for cubicle houses, haysheds and the like?

    or does one need to get a builder involved?


Comments

  • #2
    John_F
    Registered Users, Registered Users 2 Posts: 663 ✭✭✭John_F


    id imagine for insurance purposes that you would have to take depreciation into account, this can be straight line or reducing balance, better off see your accountant about that.

    But im open to correction. what did ya put down last year


  • #3
    JohnBoy
    Registered Users, Registered Users 2 Posts: 2,342 ✭✭✭JohnBoy


    We're taking over the running of the farm which has been a bit run down for the last few years, insurance was being handled by a broker who's very sketchy on details.


    Surely you'd insure buildings at replacement/reinstatement cost as opposed to book value. they're all 20 years old so have been well depreciated by now.


  • #4
    vanderbadger
    Closed Accounts Posts: 3,087 ✭✭✭vanderbadger


    was in the same boats a few years back, got fbd to send out a rep and she valued the sheds and went thru a fair bit of stuff with me


  • #5
    funkyjebus
    Registered Users, Registered Users 2 Posts: 1,547 ✭✭✭funkyjebus


    im an insurance broker and can advise that the value insured for should be its reinstatement value to the equilivent shed in todays market. be sure not to under insure. ring and get a quote from a new shed manufacture. the value should also include the cost of erection. if these are large sums (millions) a valuer should be hired.


  • #6
    JohnBoy
    Registered Users, Registered Users 2 Posts: 2,342 ✭✭✭JohnBoy


    Hi jebus,

    thanks for that.

    ugh, time to waste some more peoples time so :)


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  • #7
    Bitten & Hisses
    Registered Users, Registered Users 2 Posts: 1,202 ✭✭✭Bitten & Hisses


    Same as Vanderbadger, FBD sent out their rep to agree valuations with me, which were generally re-instatement costs. Turn the clock forward two years and a storm ruined the roof of one of the smaller sheds, meaning it has to be stripped and replaced. Cue a loss adjustor attempting to settle for 25% of his colleague's valuations. Negotiations are currently ongoing :rolleyes:


  • #8
    funkyjebus
    Registered Users, Registered Users 2 Posts: 1,547 ✭✭✭funkyjebus


    Bitten & Hisses wrote: »
    Same as Vanderbadger, FBD sent out their rep to agree valuations with me, which were generally re-instatement costs. Turn the clock forward two years and a storm ruined the roof of one of the smaller sheds, meaning it has to be stripped and replaced. Cue a loss adjustor attempting to settle for 25% of his colleague's valuations. Negotiations are currently ongoing :rolleyes:
    sounds like FBD gave you negligent advice. thats why they have professional indemnity insurance, so you can recover te rest if the loss adjustor doesnt agree. FBD are a shocking company, but at least they're better that quinn!!


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