An insurance appraisal provides a cost estimate of the replacement cost new for existing improvements. An insurance appraisal does not estimate the market value of the property but rather estimates the replacement cost of structures for use by insurance companies. In most cases, our Insurance Appraisals can be adapted to match the insurance policy requirements based on the property ownership rights.
Under the Alberta Condominium Act, most insurance requirements include common site improvements, demolition and all structures. Typically the unit holder’s betterments or improvements to units are not included and must be addressed in all reports.
In order for condominium corporations to ensure that they maintain adequate coverage TruePoint Appraisals can provide an initial appraisal with three annual updates at a reduced overall cost. All of our insurance appraisals provided comply with legal requirements and are always recognized by major insurance providers and underwriters.