If you are a member of the KACo Property and Liability Fund, you should have received your Statement of Values (SOV) back in November.
As a reminder, the SOV lists your property values from last year adjusted for inflation and should be reviewed for accuracy and returned by Jan. 19, 2024.
Getting your property values right has never been more important.
The property insurance marketplace has undergone rapid changes over the past few years, brought about by a record number of severe natural disaster losses combined with a perfect storm of inflation, outdated property valuations and worldwide supply chain disruptions.
KACo has attempted to help you get accurate values by contracting with an appraisal firm to evaluate your buildings every four years and recommend increases based on inflation. However, it is important to understand that it is still up to you to make sure the values are correct.
Whether you are ahead of the game and already returned your SOV, or it’s the next thing on your to-do list, take another look at your values. If you have questions, reach out to your agent to discuss, or contact us directly at insurance@kaco.org.
