Insurable value appraisal in Victoriaville.
A certified insurable value appraisal ensures your Victoriaville property is covered for the right amount. Our OEAQ certified appraisers calculate the replacement cost new of your building to protect you in case of total loss.
Understanding the different values
Market value, replacement cost, and municipal assessment are three distinct concepts. Insurable value corresponds to the cost of rebuilding your building from scratch, and that is the amount your insurance policy should cover.
Market value: the price your property would sell for on the open market. Includes the land.
Replacement cost new: the cost to rebuild the building with equivalent materials at today's prices.
Municipal assessment: a value established by the city for tax purposes. Not used for insurance.
Risks of inadequate coverage
Under-insurance
If your coverage is lower than replacement cost, you bear the difference out of pocket. A co-insurance penalty may also reduce your payout.
Over-insurance
Insuring above replacement cost means paying higher premiums for coverage you can never collect on.
Rising construction costs
Material and labour costs have risen significantly. A policy based on outdated figures may leave you exposed.
Act 141 compliance
Condo syndicates in Québec must maintain coverage validated by a certified appraiser under Act 141.
Who needs an insurable value appraisal?
Whether you are an owner-occupant, investor, or property manager, knowing the exact replacement cost of your building is essential.
Homeowners
Make sure your home insurance policy covers the actual cost to rebuild your house.
Condo syndicates
Act 141 requires syndicates to have the building's replacement cost appraised by a certified appraiser.
Commercial property owners
Offices, retail spaces, and industrial buildings all need accurate replacement cost estimates.
How it works
01.Request
Describe your property and current insurance coverage. We provide a quote within 24 hours.
02.Detailed inspection
We visit the property to document its characteristics: construction type, materials, finishes, mechanical systems.
03.Cost calculation
Using recognized cost manuals and local construction data, we calculate the replacement cost new of the building.
04.Report delivery
You receive a detailed report signed by an OEAQ certified appraiser, ready to share with your insurer.
Frequently Asked Questions
How often should I update my insurable value?
Every 3 to 5 years, or after major renovations. Construction costs evolve, and an outdated appraisal may leave you under-insured.
Is insurable value the same as market value?
No. Insurable value is the replacement cost of the building alone, excluding land. Market value includes land and reflects supply and demand.
What is Act 141 and how does it affect condos?
Act 141 requires Québec condo syndicates to obtain a replacement cost appraisal from a certified appraiser to validate insurance coverage.
Need an insurable value appraisal in Victoriaville?
Contact us for a certified replacement cost report.
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