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All Things Appraisals – Insuring to Value

William Shin
Publication date:
April 11, 2023
Article Summary: 

An insurance appraisal provides an estimate of the total replacement cost (Total Insurable Value - TIV) for a property in the event of a total loss. Condo Corporations have a fiduciary duty to insure to full replacement cost as per the Ontario Condo Act. The appraisal involves a thorough inspection of the property, using a cost approach to determine accurate rebuild costs, considering building codes and bylaws, and factoring in demolition and debris removal costs. Having an up-to-date appraisal ensures adequate insurance coverage, accurate premiums, compliance with regulations, and may enhance the property's appeal to insurers.


Insurance appraisal, Total Insurable Value (TIV), Condo Corporations, fiduciary duty, property insurance, appraisal firm, report delivery, inspection process, cost approach, costing databases, local costing sources, building code, bylaw review, insurance coverage, insurance premiums, compliance, insurance market, property risk.

Source Citation: 
William Shin
All Things Appraisals – Insuring to Value
April 11, 2023
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