insurance appraisals

PROTECT YOUR ASSETS WITH AN INSURANCE APPRAISAL

An insurance appraisal provides a current and accurate estimate of property reconstruction costs in the event of a total loss.

The insurance appraisal determines the Replacement Cost Value (RCV) or Total Insurable Value (TIV). The valuation is used by insurance brokers to place property insurance.  It’s kind of like having insurance on your insurance – how can you be certain that your insurance is adequate without a proper valuation?

Why you need an appraisal

All property owners should obtain an insurance appraisal by a professional insurance appraiser. 

An up-to-date insurance appraisal has two important benefits:

  1. Protects you in the case of a total loss by ensuring you have sufficient insurance coverage.
  2. Prevents you from over-paying on insurance premiums.
As a result of the current hard property insurance market, premiums are on the rise.  It is essential that you have an up-to-date and accurate insurance appraisal to ensure you are paying for exactly what you need, no more and no less.
 
Click here to learn more about the importance of insuring a condominium to its full replacement cost.

We are insurance appraisal experts

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

Condo boards, owners, property managers, and insurance brokers trust us to provide accurate replacement costs prepared by our accredited and certified appraisers. Our objective, third party reports use a Cost Approach to determine replacement cost where estimates are based on replacing a property with an equally desirable substitute.

We are experienced in appraising all property types:
  • Lowrise and highrise apartment buildings
  • Townhouse complexes
  • Mixed use developments
  • Bareland properties and home owner’s associations
  • Government + senior’s housing
  • Housing co-operatives
  • Light industrial buildings 
  • Places of worship
  • Malls and commercial developments
  • Hotels and resorts
  • And more!
  • Lowrise and highrise apartment buildings
  • Townhouse complexes
  • Mixed use developments
  • Bareland properties and home owner’s associations
  • Government + senior’s housing
  • Housing co-operatives
  • Light industrial buildings 
  • Places of worship
  • Malls and commercial developments
  • Hotels and resorts
  • And more!
View our Case Studies below for more information on property types.
See the Normac difference for yourself.

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

Our comprehensive valuations are inclusive of demolition and removal expenses, labour and professional fees, materials to rebuild, costs associated with upgrading to current bylaws and building codes, all taxes, inflation, and construction industry fluctuations.

Our breakdowns make the report easy to read and valuations quickly accessible for brokers and owners.

Contact us to request a sample report for your property type.

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

Once you sign on with us, we take care of everything. Appraisal reports are delivered quickly and we automatically provide updated reports 60-90 days in advance of effective dates. Our systems ensure that appraisal programs never expire without notice and we provide regular reminders about program renewals. 

Upon request, we can coordinate the appraisal effective date with the insurance policy renewal date. This flexibility prevents mid-term limit adjustments and makes accounting more straightforward.

During this time, we want to ensure that your appraisal needs are met with as little interruption as possible. We have the systems, technology, and team in place to continue delivering our appraisal services in a timely manner.

Read more about our current protocols to prevent the spread of COVID-19.

we can help!

Request your complimentary, no-obligation proposal today using our online form.
Not ready for a quote? No problem!  Contact our client services team or learn more about insurance appraisals by clicking below.