Property owners, managers, strata corporations and/or insurance agents obtain an insurance appraisal for their property as part of risk management practices, as it provides a third-party unbiased valuation of the property’s replacement cost. By obtaining an insurance appraisal you ensure that your property has the appropriate coverage and is not over or under-insured.
Our Insurance Division specializes in providing insurance appraisal services throughout Metro Vancouver, the Fraser Valley and other areas within British Columbia.
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. These values are provided to assist you in determining the amount of insurance needed for each structure and/or amenity on the property.
For Strata Properties
The Strata Property Act states that strata corporations are required to obtain and maintain property insurance for common property, common assets, common buildings shown on the strata plan, and fixtures built or installed on a strata lot, if the fixtures are built or installed by the owner developer as part of the original construction on the strata lot.
Having an up-to-date insurance appraisal ensures that the strata corporations complies with its duty to insure the common property and assets to its “full replacement value” and avoids self-insurance exposure in case of a loss.
