Insurance Appraisals

The requirement for Insurance Appraisals is set out in the Condominium Act, 1998(5b), and in each Condominium Corporation's Declaration. The Declaration typically states the frequency of repeating Insurance Appraisals and specifies that it must be completed by an independent insurance appraiser. To be in compliance with the declaration it is important that the appraisal is not completed by your insurance company representatives.

First Condo's Insurance Appraisals comply with all legal requirements and are recognized by major insurance providers.

First Condo's Insurance Appraisals estimate the cost of replacing the Corporation's buildings and site improvements with new structures, buildings and facilities of similar design, quality, material, workmanship and utility.

The final replacement cost estimate includes construction cost, demolition and disposal costs, material dumping fees, and applicable taxes. There are no deductions for depreciation.

Insurance Appraisal Updates

First Condo also provides annual update services to keep a comprehensive insurance appraisal current for more than one year. This is a cost effective way for corporations to ensure that they maintain adequate insurance coverage given the volatility of construction costs in recent years.

First Condo will advise each client corporation on the most effective insurance appraisal schedule. First Condo clients may also request reminders for their insurance appraisal updates. These update reminders are free of charge.