Insurance Appraisal (Replacement Cost) in the Kootenays
Summit Appraisal & Consulting Ltd. is the leading provider of Insurance (Replacement Cost) Appraisals within the West Kootenay and Boundary regions.
What is an Insurance Appraisal?
An insurance appraisal provides an estimate of total replacement cost for a property in the event of a total loss.
Why do you need one?
Sufficient Insurance Coverage
An insurance appraisal ensures that you have sufficient insurance coverage in the event of a loss (ex - damage or destruction by wind, fire, etc).
Avoid Co-insurance
When a property does not have a current appraisal, it may be subject to a co-insurance clause that requires the owners to self insure a percentage of the replacement cost.
Avoid Overpayment on Premiums
An appraisal completed by an accredited appraiser ensures you are only paying for the insurance you need and no more. Without one, you may be carrying insurance on excessive replacement costs and therefore overpaying on premiums.
Fulfill Fiduciary Duty
An up-to-date appraisal ensures that council or board members are complying with their provincial Strata or Condo Acts, which mandate that the board insure the property for a value equal to total replacement cost. A professional appraiser can assist with estimating the correct replacement value.
Why choose Summit?
Summit Appraisal & Consulting utilizes costing software in conjunction with local (in-house) construction data to estimate an accurate replacement value.
To order an appraisal or to request a free quote click here.
We offer insurance (replacement cost) appraisals on:
Apartments
Townhouses
Strata developments
Commercial Buildings
Industrial Buildings
All appraisers at Summit Appraisal & Consulting Ltd are accredited members in good standing with the AIC (Appraisal Institute of Canada) – the largest governing and insuring body in Canada for appraisers. Each report is authored by a designated member and conforms to CUSPAP (Canadian Uniform Standards of Professional Appraisal Practice).