Who requests a fire insurance value appraisal and when?
The house owner is required to request a fire insurance appraisal of a new property no later than four weeks after it is brought into use.
The house owner is required to request a revaluation of the fire insurance value if it may reasonably be believed that the property’s value has increased due to rebuilding or renovation, as it is in the interest of the owner, in case of damage, that the fire insurance value reflect the true insurance value.
If a house owner believes that the fire insurance value does not reflect the true value of the property, he/she can demand that the fire insurance value be reappraised.
The first fire insurance appraisal is at no cost to the house owner, but an organisation fee is subsequently collected. The organisation fee is 0.3% of the fire insurance value of a new building and goes towards the Organisation Fund. A revaluation of a fire insurance value is charged according to the price list of Registers Iceland (in Icelandic)