Normac’s 2020 Year in Review

This year has truly been an unprecedented time for all of us, calling for changes in the workplace and coping with the strain that COVID-19 has had on our day-to-day lives. The team at Normac remained resilient and continued to offer our clients and partners the same excellent service that our company has grown to be known for. As we countdown the last few days of 2020, here are some highlights from this year.  

Note, you can also view this content as an infographic here.

New Website

To kick off 2020, we launched a new website! The goal was to create something modern and user friendly, that easily communicated who we are and the value we provide. This included new graphics, a simplified layout, and smart forms. We are committed to growth and innovation and therefore are always tweaking the site to improve our client experience.

CCI - South Alberta Luncheon

We were a proud sponsor for the CCI-South Alberta Insurance Luncheon. The seminar covered the current landscape of Alberta’s condo insurance market and best practices for condo corporations to prepare for the hard market. We had been given a few minutes prior to the start of the event to share who we are, and had an amazing time mingling with all attendees!

CCI - Okanagan Evening Educational Seminar

We were a proud presenter for an educational seminar held in the Okanagan region. The seminar covered topics on replacement cost values and the strata property insurance market. As one of the keynote speakers, we had the privilege of speaking to the audience on replacement cost values and the importance of insuring to full replacement cost.

Sandwich Making Event

Our head office banded together to hand out 100 meals in Vancouver’s Downtown Eastside. We spent the day shopping, assembling, and distributing meals to people facing social health and proper housing challenges. It was an eye-opening experience for our team, where we were able to help out and connect with individuals who live with disproportionate levels of poverty and marginalization.

Sandwich Making Event

Our head office banded together to hand out 100 meals in Vancouver’s Downtown Eastside. We spent the day shopping, assembling, and distributing meals to people facing social health and proper housing challenges. It was an eye-opening experience for our team, where we were able to help out and connect with individuals who live with disproportionate levels of poverty and marginalization.

Real Estate Conference in the Sun

We were one of the proud sponsors for the biennial Real Estate Conference in The Sun, this year held in San José del Cabo. A joint PAMA and IREM excursion that hosts property managers and industry partners for educational events, networking, and social activities. A wonderful winter escape from 

the snow!

CCI - Golden Horseshoe Chapter Conference

We were one of the proud sponsors for the CCI-Golden Horseshoe Annual Chapter Conference. The event hosted educational seminars, motivational speakers, and ended with a post reception party at the Courtyard Marriot. We had a great time mingling with industry professionals and thank all those who had dropped by our booth.

CCI - Golden Horseshoe Chapter Conference

We were one of the proud sponsors for the CCI-Golden Horseshoe Annual Chapter Conference. The event hosted educational seminars, motivational speakers, and ended with a post reception party at the Courtyard Marriot. We had a great time mingling with industry professionals and thank all those who had dropped by our booth.

The COVID-19 Pandemic

When it was officially announced that we were in a global pandemic, Normac’s team responded quickly and effectively to ensure no interruption in service to our clients. We enforced strict health and safety protocols for site inspections, moved our teams to work remotely, and set up systems to continue operating business as usual. As an essential service, our biggest priority was maintaining the safety of our clients, staff, and their families, while continuing to deliver exceptional service and reliable valuations.

Virtual Social Events

Pictured here: the Normac team at a virtual murder mystery escape room. 

 

One thing that hasn’t looked the same is our team’s weekly social gatherings. While we are no longer meeting around the beer fridge, we now connect virtually bi-monthly for cocktails, catch ups, and competitions. Our team is made up of some fierce competitors; from trivia to escape rooms and murder mystery experiences, there is no shortage on smack talk.

Virtual Conferences

In September, we sponsored the CAI Virtual Conference followed by the ACR Virtual conference in November. Both were 2-day events hosting a virtual exhibit hall along with several educational seminars held by industry experts on insurance, communications, and property management. It was a great experience for the team given all in-person events are suspended at this time.

Virtual Seminars

With conferences shifting online, so too did educational seminars. We had sponsored a handful of virtual seminars including the “Riding the Insurance Wave” Seminar held by CCI-Golden Horseshoe, CCI – Vancouver’s seminar on Mental Health, as well an Associa-Vancouver seminar on Complicated Stratas. We had also participated in a virtual escape room with PAMA in November!

Holiday Food & Gift Hamper – Adopt A Family

Normac is proud to announce that this holiday season, a family of three will not be hungry. Through the Surrey Adopt a Family program, the Normac team came together to cover the cost of food for a family, along with holiday gifts for their two daughters. We had a delightful time picking out the gifts. In the famous words of Winston Churchill: “From what we get, we can make a living; what we give however, makes a life.”

Normac Christmas Party

With in-person social gatherings not permitted at this time, Normac had moved our annual Christmas Party online! We kicked off the party with a year-end celebratory message from our President, Cameron Carter, followed by an assortment of fun Christmas activities. The celebrations included a Christmas themed trivia & scavenger hunt along with a Secret Santa gift exchange amongst the staff.

Looking Ahead: Normac’s Vision for 2021

As insurance appraisal specialists, we are continuously improving our internal processes to ensure that no update is missed, and all valuations are delivered on time. Combined with the efforts of our dedicated client services team, we aim to pass on cost savings to our clients without compromising on the quality of our work.

Normac has been recognized as an essential service and will continue to provide our services with little to no disruption to our clients. We have adapted to the new norm – implementing new procedures and abiding by the guidelines set out by public health officials. The safety of our staff and clients is of utmost importance. Learn more about our COVID-19 Response.

We sincerely thank all our clients and partners for your trust in Normac and wish you all a happy holiday!

Do Not Be Underinsured

When people ask us why they need an insurance appraisal done every year, or why they need one at all, the number one thing we tell them is that a current appraisal ensures that they have enough insurance coverage in the case of a loss.

 

Do not gamble with the biggest asset in your life – your home.

The Consequences of Being Underinsured

In August of 2019, a three-alarm blaze tore through an apartment complex in Chilliwack. Investigations determined smoke materials started the fire on a fourth-floor balcony. The fire quickly breached the attic space and by the time fire crews arrived, there were flames as high as 30 feet shooting in the sky.

 

Fortunately, no one was injured but 60 families were displaced in the disaster. Over 16 months later, those families are not yet back in their homes, and to make matters worse, they are facing thousands of dollars in special levies. It turns out, the strata was underinsured by $3.2 million. Now, each unit owes between $36,000-$57,000 to make up for the shortfall in coverage.

 

Read more about this story here: https://www.cbc.ca/news/canada/british-columbia/condo-insurance-fire-1.5829511

How Property Insurance Works

When you live in a strata or condominium corporation, a portion of your monthly fees goes towards paying for annual insurance premiums. Insurance policies are valid for a one-year period and the adequacy of the insurance coverage must be reviewed annually. The board must also report on the insurance coverage at each annual general meeting. The strata or condo’s property insurance is intended to cover the structures, common property, landscaping and original standard unit finishes.

Standard unit fixtures and finishes include cabinets and countertops, lighting fixtures, plumbing, natural gas lines, floor, wall, and ceiling coverings among others.

In BC, Alberta, and Ontario it is not a requirement to carry your own personal homeowner’s insurance, only a recommendation. Some corporations may write into their bylaws that owners must carry personal insurance to cover things like high deductibles. Homeowner’s insurance would typically cover your personal, moveable assets and any improvements made to your unit. It is advisable to review your condo’s insurance policy with your insurance broker to determine if additional coverage is required to help protect yourself.

Derek Wubbs, one of the unit owners from the Chilliwack apartment complex, believed that he had sufficient coverage through the strata’s insurance and did not have personal home insurance for his few valuable possessions:

"I was under the belief that paying my strata fees would result in the appropriate building insurance being purchased."

Why You Need an Insurance Appraisal

An insurance appraisal provides an estimate of total replacement cost for a property in the event of a total loss. This is called the Total Insurable Value (TIV) and it is used for placing accurate and sufficient property insurance. All property owners should have an insurance appraisal completed on an annual basis and here are FOUR reasons why:

1. Sufficient Insurance Coverage

An annual insurance appraisal ensures that you have sufficient insurance covered in the case of a loss. The fire in Chilliwack is a worst-case example of what can happen when you are underinsured.

2. Avoid Overpayment on Premiums

We have seen cases of properties carrying excessive replacement costs, and as a result paying too much for insurance. An annual appraisal ensures you are only paying for the insurance you need, not more.

3. Avoid Co-Insurance

When a property does not have a current appraisal, it may be subject to a co-insurance clause that requires the owners to self insure a percentage of the replacement cost. Under this scenario, in addition to the deductible, the owners will be responsible for paying a portion of the reconstruction costs on a total loss or partial loss.

4. Fulfill Your Fiduciary Duty

Finally, an up-to-date appraisal ensures that council or board members are complying with their Strata or Condo Acts, which mandate that the board insure the property for a value equal to total replacement cost. Without an appraisal, the council or board can be found to have failed in their fiduciary duty to the property owners, as was the case in this 2008 Quebec apartment fire. Only an experienced, professional appraiser who specializes in replacement costs should determine the Total Insurable Value.

Hope for the Best, Prepare for the Worst

While we hope that we are never faced with a major disaster, the results of being underinsured can be devastating. There are liability concerns, major financial risk, and significant hardship that can endure for years.

 

Avoid any gamble: An insurance appraisal gives you peace of mind that you and your assets are protected.