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 Insurable 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.

Insurance appraisals are highly specialized reports that start with a site inspection followed by a property analysis to determine the calculation of supportable estimates for replacement costs.  Qualified appraisers are able to produce reliable estimates based on expertise acquired through extensive training and experience. Moreover, experienced appraisers make their estimates based on an analysis of the current environment, and do not rely on third party software based outside the region or use generic information to determine their estimates.

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.  Click here to read Normac’s  post on the importance of insuring your property to value.