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Replacement Cost Appraisals

What is an Insurance Appraisal?

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 exactly as it stands on the day the report was prepared.

These values are provided to assist the client in determining the amount of insurance needed for each structure and/or amenity on the property. Our appraisers calculate each building’s replacement cost on a component-by-component basis from the ground up.

Why obtain an Insurance Appraisal?

Prudent property owners, managers, strata corporations and/or insurance agents know that obtaining an insurance appraisal for their property is one of the best decisions they can make. Some of the benefits of obtaining an accurate and up to date replacement cost are:

  • Obtaining an insurance appraisal demonstrates due diligence on the part of the strata corporation members, property manager and/or insurance agent.
  • The owners, board members, manager and/or agent have the peace of mind knowing that the property is correctly insured.
  • An insurance appraisal assists the agent in placing the property coverage with a carrier by providing documentation and support that underwriters need to write coverage.
  • Obtaining an insurance appraisal prevents under-insuring, which puts the property at risk for not having adequate funds to rebuild in the event of a catastrophic loss, or over-insuring, which results in paying extra insurance premiums.
  • An insurance appraisal provides a third party, unbiased valuation of the property’s replacement cost.
  • Having an up-to-date insurance appraisal provides accurate values for coverage, eliminating the possibility of a coinsurance penalty in the event of a loss.

Your Insurance Appraisal Specialists

Each of our appraisers have significant experience in construction cost valuation, and have the expertise and experience to provide insurance appraisals for any type of property. We recognize that accurate valuations require an on-site inspection of the structures and amenities, and the utilization of construction plans. Our appraisers utilize the Marshall Valuation Service Cost Manual, which is used by a large number of construction, engineering, and architectural companies in Canada. Our cost data is updated quarterly and is postal code specific in order to assure each property accurate and up-to-date construction valuations. In addition we maintain contact with construction professionals in the marketplace, and are able to acquire cost data on new developments throughout the area, further insuring the accuracy of the replacement cost values in our reports.

Service Area – Insurance Valuations

Jackson & Associates provides insurance appraisal inspections and reports on Vancouver Island and within the Sunshine Coast regions. Cities served include Duncan, Nanaimo, Parksville, Qualicum Beach, Courtenay, Comox, Cumberland, Campbell River, Powell River, Gibsons/Sechelt, Port Alberni, Tofino/Ucluelet, Port McNeill, Port Hardy, and surrounding areas. Additional areas available upon request.

Contact us today for a detailed quote.

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