Property Insurance Schedule of Values: A Multifamily Renewal Guide

Renewal is a poor time to discover that the same building has three names in three spreadsheets. A property insurance schedule of values gives your insurance team one location record, with a source and date behind the important numbers. Start with a building you know well, then make the rest of the portfolio follow the same rules.

A schedule of values, also called a statement of values or SOV, lists the locations, property values and risk details used to review a commercial property submission. It helps an underwriter understand what you want insured. Sending the spreadsheet does not bind coverage or establish which limits a policy will apply.

What to include in the schedule

Ask your insurance team for the submission format and valuation basis it needs. Gather current records for each building and make missing information visible rather than filling gaps with assumptions.

• Identity: Record the physical address, location or building identifier and owning legal entity. Use consistent names across the schedule and supporting documents.
• Occupancy: State the actual use, apartment count and vacancy. Identify commercial space or other uses that need a separate underwriting review.
• Building details: Confirm area, year built, construction type, roof information and protection systems from current records or inspections.
• Values: Keep building replacement value, owner-owned personal property and rental income in separate fields. Use the valuation basis and income information requested by the insurance team.
• Supporting records: Retain the source and date behind each figure, the person who verified it and unresolved questions. Carrying forward last year’s schedule is not a valuation method.

For an insurer’s submission context, FM Affiliated asks for construction, occupancy, protection and exposure details alongside values and other underwriting information. Its requirements are specific to its business.

The building value needs its own source

A purchase price answers what you paid for the asset. An insurance valuation asks what it would cost to repair or replace the insured property on the basis required by the policy. A tax assessment or loan balance does not establish that rebuilding amount. Have the insurance team agree the valuation method before filling every row with the easiest number to find.

Record who prepared the estimate, when it was prepared, which structures it includes and whether recent work is reflected. Keep land and the building’s insured value distinct. The California insurance regulator explains replacement cost, actual cash value and commercial property valuation.

Then check the policy structure: scheduled or blanket limits, any location or loss limitations, and applicable deductibles. A portfolio total does not tell you how much is available for one building.

Some policies also have a coinsurance condition that compares the amount carried with a specified percentage of the property’s value. An outdated value can matter even after a partial loss. Travelers explains that calculation and how an unmet condition can reduce payment. Your selected policy determines whether it applies.

Keep rental income out of the building column

The building’s replacement value, the owner’s equipment and rental income measure different things. For income, bring current rent rolls, lease terms and supporting financial records, then ask which income basis and period the insurer wants. Do not put annual rent into a building value or assume one year of rent is the correct policy limit.

Business income protection has its own covered-loss triggers, restoration terms and limits. The NAIC’s business interruption guide explains why the coverage and financial records need a separate review.

Assign the fields to people who can verify them

• Asset management: Confirm owning entities, acquisitions, dispositions and requested effective dates.
• Facilities: Verify construction, area, roofs, protection systems and completed improvements from records or inspections.
• Finance: Reconcile income figures and owner-owned property, with source dates and supporting records.
• Your insurance team: Confirm the requested valuation basis, final field set, policy structure and open underwriting questions.

Before you send the renewal file

Reconcile the location count to your current portfolio. Check whether separate buildings, detached garages, clubhouses or other structures need separate entries. Flag missing information instead of entering zero, and compare changed figures with the prior submission so a dropped building or misplaced decimal is easier to catch.

Keep one dated master file and a short change log. When a property is acquired or its use changes, send the details and requested effective date to the insurance team and obtain confirmation of the coverage arranged. Adding a row to your own spreadsheet does not amend a policy.

Beagle’s multifamily and portfolio insurance page lists the records to bring to a coverage review.

For the wider coverage decisions around the schedule, read the rental property insurance guide.

Bring the schedule, current policies and loss history when you book a portfolio coverage review. The team can confirm what else the submission needs.