At Strata Reserve Planning, we provide high-quality Insurance Appraisal reports that meet the Strata Property Act as well as the needs of the Strata Corporation. An insurance appraisal aims to estimate the full Replacement Cost New (RCN).
This includes
- All buildings, including the foundations, exterior walls and building envelope, the roofing system, the interior finishing, elevators, the electrical and mechanical systems, fire protection equipment, and parking. This also includes all common assets owned by the Strata Corporation, such as furniture, appliances and gym equipment;
- Site improvements such as roadways and driveways, landscaping, playgrounds, and fencing;
- Bylaw endorsements, which account for changes in fire protection, parking, and handicapped access; and
- An allowance for Demolition and Debris Removal so the fire-damaged improvements can be removed and the new construction started.
As with the Depreciation Reports, we believe that Accurate Physical Inspections, combined with Informative Analysis, lead to Reliable Appraisals.
The number one problem we find with many insurance appraisal providers is that the first appraisal has an interior inspection and then nobody goes back in again. They do "curbside" or "drive-by" inspections. The price is low, but it may lead to problems on value, as the interior photos are the proof of loss that an actuary will use.
This may also be a violation of the reasonable appraiser test, meaning the providers Errors and Omission (E&O) Insurance may not accept any liability for loss.
When we inspect the property, we note the construction details and take photographs so that the Strata Corporation has proof in case of a loss. Appraisals are made by members of the Appraisal Institute of Canada (AIC) so Strata Corporations know they receive reports that qualified individuals prepared.
GET AN INSURANCE APPRAISAL AND DEPRECIATION REPORT DONE TOGETHER AND SAVE ON THE INSURANCE APPRAISAL