What is the Purpose of an Insurance Appraisal ?
The main purpose of an insurance appraisal is to ensure that the entire property; materials, labour, professional fees, overhead, contractor’s profit, taxes and insurance are adjusted to reflect the current costs for the area that the property is located.: e.g. different building costs in Nanaimo, V9R 5G9 vs. the Gulf Island vs. Tofino etc. on Vancouver Island. What is Included in an Insurance Appraisal ? For a high end residential home the report is approximately 10 to 12 pages long and a commercial and/or multi-family project can be 20 to 30 pages long. The appraisals will include a complete description of the home and/or multi-family project etc. Its location including exterior and interior photos, building sketch and an itemized cost break down of the structures including the main home and any other improvements located on the property. The structures include adjustments for quality of interior and exterior finishes, built-in appliances, number of bathrooms, fireplaces etc. etc. An
