How To Estimate Commercial Fire Damage

8/28/2022 (Permalink)

How To Estimate Commercial Fire Damage

A commercial fire is devastating, and after a fire, you may feel confused, frustrated and scared. In many cases, the insurance companies have adjusters that will do the actual calculations, but you still need to tell them exactly what was lost in the fire. After contacting your insurance agent, you will need to estimate what was lost. This may seem like a difficult task, but there are very basic things that you can do to make it easier.

Take an Inventory

The first thing you want to do is take an inventory of everything that is damaged. Write it all down, even if it seems inconsequential. You should write down:

• Damage to the exterior and interior of the structure
• Inventory loss
• Equipment loss, particularly electronics
• Supply loss

Knowing what you lost is the first step in getting an accurate estimate of the damage caused by the fire and firefighters. Fighting the fire sometimes causes more damage than the fire itself.

Evaluate Structural Damage

You should only enter the structure when it is safe to do so. If the structure is damaged beyond repair or the damage is extensive, you can use the formula, square foot cost to rebuild or repair multiplied by the total square footage of room or structure to approximate the cost of rebuilding or repairing the damage. You will also need to add in the cost of water damage and fire damage restoration in Prescott, AZ for your calculations to be accurate.

Approximate Equipment Loss

Approximating damages in a commercial fire also includes damage to equipment, inventory, and supplies. You can do this by performing a reverse inventory. Take an estimate of what you had before the fire and subtract what you have now. This is what you lost. It is particularly important in a commercial fire where inventory and supplies are damaged.

Remember, insurance companies have adjusters that use formulas to estimate the value of what was lost. You should only need to give them an accurate picture of what was lost.