Protect Your Assets
with an Insurance Appraisal

Protect Your Assets
with an Insurance Appraisal

An insurance appraisal provides an estimate of total replacement cost for a property in the event of a total loss. We call this the Total Insurable Value (TIV) and it is used for placing property insurance.

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Four Reasons You Need an Annual Insurance Appraisal

Sufficient Insurance Coverage

An annual insurance appraisal ensures that you have sufficient insurance covered in the case of a total loss. Read about a 2019 fire in Chilliwack, British Columbia – a worst-case example of what can happen when you are underinsured.

Avoid Overpayment on Premiums

An appraisal completed by an accredited appraiser ensures you are only paying for the insurance you need and no more. Without one, you may be carrying excessive replacement costs, and as a result paying, too much for insurance.

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.

Fulfill Fiduciary Duty

An up-to-date appraisal ensures that council or board members are complying with their provincial Strata or Condo Acts, which mandate that the board insure the property for a value equal to total replacement cost. Only a professional appraiser can determine the correct replacement value.

Accredited Insurance
Appraisal Experts

At Normac, we specialize in insurance appraisals – it is the only type of appraisal we do!

While other companies offer various types of appraisal services, our team specializes in replacement cost reports. There is no confusion in our valuation methods – our reports are reliable and accurate.

Protect your assets with an insurance appraisal from Normac.

The Normac Difference

Experienced Appraisers

Our team has over 25+ years of experience, having appraised more than $1 trillion in replacement costs, in over 200 cities across Canada.

Competitive Pricing

We have a competitive fee structure with no additional charges for appraisal updates in years 2 & 3 of our three-year programs.

Superior Costing Database

Our proprietary costing database is based on actual construction projects and local cost guides, which make our valuations the most reliable and reflective of our communities.

Proactive Appraisal Management

Our reports are delivered quickly, with updates provided 60-90 days in advance of effective dates along with reminders for program renewals.

Alignment with Renewal Dates

We can coordinate the appraisal effective date with the insurance renewal date, preventing
mid-term limit adjustments.

Unparalleled Customer Service

Our dedicated client services team is always on standby, ready to answer your questions and support you throughout the appraisal process.

Industry-Leading Reports

Our appraisal reports are comprehensive and trusted by insurance brokers, property managers, and owners for their accurate and justifiable valuations. 

Our valuations include:

  • DETAILED property description with identifying photos and easy-to-find Total Insurable Value (TIV).
  • COMPREHENSIVE construction type summary that outlines frame type, floor and roof structure and materials, all heating, plumbing and electrical systems, fire protection details, and more.
  • ALL STRUCTURES landscaping, finishes, and common equipment. More on inclusions in our FAQ.
  • CONSIDERATION of all materials to rebuild, labour and professional fees, taxes and fluctuations, all demolition and removal costs to prepare the site for reconstruction, and costs to upgrade the property to meet current regional building codes and municipal bylaws including fire protection and accessibility.
  • A BREAKDOWN of different sections so brokers can secure the best terms based on construction type.

Experience With All Property Types

Case Studies

The following are fictitious properties which reflect actual scenarios that we see frequently across the various property types.

See why owners, property managers, and insurance brokers trust Normac.

Experience the Normac Difference