An insurance appraisal is a replacement cost analysis which provides an accurate estimate of the amount of insurance required to replace each structure and/or amenity to current building codes and standards. It is used for obtaining or updating your property insurance coverage.
Our reports include a current estimate of replacement costs for all structures and site improvements. We use true, component-based cost valuations, the latest building costs, and integrate current building code requirements into your appraisal. Replacement costs vary by region and city and can fluctuate widely over time.
We use the latest costing data and software to provide dependable, claims-driven, component-based appraisals that account for all material and labour required to rebuild. Our costing data is continually updated and refreshed to validate construction costs at the local level.
We provide replacement costs for:
• Commercial buildings
• Agricultural structures
• Condos, Apartments, Townhomes
• Standard residential homes
• High-value residential
• Mobile/manufactured homes
Benefits to having a replacement cost appraisal done:
Avoid Being Over-Insured
You may be carrying excessive replacement costs, and as a result paying, too much for insurance.
If a property does not have a current appraisal, it may be subject to co-insurance that requires the owners to self insure a percentage of the replacement cost.
Required by the Strata/Condo Act
An up-to-date appraisal ensures that the strata council is complying with their provincial Strata Property Act. that the board insure the property for a value equal to total replacement cost. which states, “All strata corporations, regardless of size, must obtain property and liability insurance. This includes strata-titled duplexes and bare land strata developments (“strata subdivisions”).
Single Year and 3-Year Appraisal Plans Available. Click or call to discuss your requirements.
Call Us Today: (604) 313 – 7598
See what our customers have to say:
“My insurance company required a replacement cost value for my commercial building. I found Elliott Appraisals to be very informative and accurate for this valuation. The process was simple and quick, and the technology they use ensures local construction costs. ” J. Bata, Vancouver
“Elliott Appraisals provides replacement cost appraisals of strata buildings throughout Greater Vancouver. They offer excellent service, from 3 unit complexes up to 100+ unit buildings” C. Adamson, Vancouver, The Co-Operators Insurance Co.
“I am very pleased with Elliott Appraisals and have already recommended them to other strata councils for their buildings insurance replacement cost appraisal” J. Singh, New Westminster