Have you heard the term “insurance appraisal” at your strata meeting and wondered what exactly it is and why it is needed? Cameron Carter, President of Normac, gives us an in depth explanation as to what an insurance appraisal encompasses and who needs it in this short video.
Our team of experienced Insurance Appraisers endeavors to provide the highest quality appraisals in our industry. The main purpose of an insurance appraisal is to provide an estimate for replacement cost. We refer to this as Total Insurance Value (TIV) and it comprises the following:
- The structures including foundations, frame, exterior & interior walls, roof structure, roofing, interior finishes, HVAC, electrical, lighting, fire protection equipment, and elevators;
- The site improvements such as: pavement, curbs, trees, grass, and fencing;
- An allowance for demolition and removal costs; and
- An allowance to bring the original structure up to current Provincial and Municipal Codes for fire protection, parking, and handicapped access.
Our appraisals include photographs, construction details, description of assets included, description of assets excluded, the appraisal process described, and our replacement cost conclusion. Normac provides multi-year appraisal programs for our clients. The cost of the appraisal includes the initial appraised value, plus free annual updates.
To learn more about the significance of insurance appraisals, please visit our FAQ page.