FAQ
Insurance Appraisal questions, answered.
Common questions on replacement cost, insurable value and the Canadian co-insurance clause — drawn from briefings with brokers, property managers and trustees.
Frequently asked questions
An independent estimate of the cost to rebuild a property on a like-kind-and-quality basis after a total loss. Which allowances are included — for example demolition, professional fees or code upgrades — is confirmed in the written scope for each engagement.
There is no single fixed interval. A review is worth considering at renewal when the property has changed — additions, renovations, re-roofing, a change of use — when construction costs have moved significantly, or when your policy or insurer requires one. Your broker can tell you what your policy asks for.
Some property policies contain a co-insurance clause requiring the amount insured to be at least a stated percentage of the property's value. If it is below that level, a partial loss may be paid proportionately. Whether a clause applies, the percentage, and how value is defined all depend on your policy wording. An appraisal gives you an independent replacement cost figure to discuss with your broker; it does not by itself guarantee how a claim will be settled.
Reports set out the basis, assumptions and limitations behind the replacement cost figure so your broker can review them. Whether a particular insurer accepts a report is their decision — if your insurer has specific requirements, tell us at the enquiry stage.
Desktop appraisals are available for eligible residential (including condominium), retail, education, commercial and light industrial property. CA$399 for one eligible, straightforward condominium building as a whole, subject to written scope confirmation. Other property types are quoted after scope review; complex properties and portfolios require a custom quote. The figure is an indicative insurance replacement cost estimate based on client-supplied asset details — not a market-value, mortgage or sale-price appraisal. There is no site inspection, and suitability is confirmed in writing before any work begins.
We are based in Calgary, Alberta and serve property across Canada — all provinces and territories. Whether a desktop review or a site inspection suits a property is confirmed in the written scope, and any travel costs are confirmed in the written quote before work starts.
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