Insurable Value (Act 141) in Drummondville
Act 141 requires that your building be insured at its fair replacement value. In Drummondville, Éval+ produces compliant insurable value reports, signed by a certified appraiser who is a member of the OEAQ.
Request an AppraisalWhat is Act 141?
Legal Obligation
Since 2018, Act 141 requires insurers to offer coverage based on the actual reconstruction cost of your building, not its market value.
Certified Appraiser's Report
An insurable value report signed by an OEAQ certified appraiser ensures that your coverage is adequate and compliant with the requirements of the law.
Residential
Single-family home, condo, semi-detached, multi-unit dwelling: the replacement cost varies depending on the materials, area, and features of your property.
Commercial and Industrial
Commercial, industrial, and institutional buildings. The Drummondville industrial park has numerous buildings requiring an insurable value appraisal.
Why Get an Insurable Value Appraisal in Drummondville?
Drummondville is experiencing rapid growth and construction costs have increased significantly in recent years. If your building is underinsured, you could receive insufficient compensation in the event of a loss. Conversely, overinsurance means you are paying unnecessarily high premiums.
An insurable value report produced by a certified appraiser allows you to know the actual reconstruction cost of your building and adjust your insurance coverage accordingly.
Frequently Asked Questions: Act 141 in Drummondville
How much does an insurable value report cost in Drummondville?
The price varies depending on the type and size of the building. Contact us to get a price tailored to your situation.
Is the insurable value the same as the market value?
No. The insurable value represents the reconstruction cost of the building (materials, labour, related expenses), while the market value represents the price a buyer would pay on the open market, including the land.
Can my insurer refuse my report?
An insurable value report signed by a certified appraiser who is a member of the OEAQ is recognized by all insurance companies in Québec. It serves as a reliable reference for determining your coverage.
How often should I have the insurable value reassessed?
It is recommended to update your appraisal every 3 to 5 years, or after major renovations that change the replacement value of your building.
Need an insurable value report in Drummondville?
Contact us for an appraisal compliant with Act 141. Response within 24 hours.