What Is a Replacement Cost New (RCN) Insurance Appraisal?
A Replacement Cost New (RCN) insurance appraisal determines the estimated cost to rebuild a property new, at today’s construction prices, in the event of a total loss. The objective is to ensure the property is neither under-insured nor over-insured.
We specialize in delivering accurate, reliable and compliant insurance appraisals for strata corporations, institutional, commercial and industrial buildings, and all different properties.
Accurate. Compliant. Independent.
REGIONS COVERED
We proudly provide Insurance Appraisal service in ALL regions of British Columbia.
From the Lower Mainland and Vancouver Island to the Okanagan, Kootenays, and Northern B.C.
Insurance Appraisals in British Columbia – Local Considerations
Insurance appraisals in British Columbia must reflect regional construction practices, regulatory requirements, and risk factors.
Key BC considerations include construction cost volatility, seismic design requirements, municipal permitting costs, and evolving building code standards. These factors can materially affect reconstruction costs and insurance coverage limits.
Local expertise is essential to ensure RCN values remain relevant and defensible for insurers and brokers operating in British Columbia.
Who We Provide Insurance Appraisal Services For
We provide insurance appraisal services across British Columbia for:
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Strata corporations (low-rise, high-rise, townhouse, bare land, townhouse etc.)
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Commercial and industrial buildings
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Institutional and non-strata properties
Each appraisal is tailored to the property type, construction complexity, and insurance requirements.
Why Insurers Accept Our Insurance Appraisal Reports
Our insurance appraisal reports are prepared by an Accredited Appraiser Canadian Institute (AACI) and comply fully with CUSPAP standards.
Reports are independent, professionally supported, and suitable for use by insurance brokers, insurers, strata corporations, and property owners. Final coverage decisions remain with the insurer and broker.
FAQ
Insurance Appraisal
Why is an insurance appraisal important?
An insurance appraisal helps ensure a property is neither under-insured nor over-insured by determining an accurate Replacement Cost New (RCN). Proper coverage reduces the risk of unexpected out-of-pocket costs after a loss and avoids paying unnecessarily high insurance premiums.
What does an insurance appraisal include?
An insurance appraisal report typically includes a property inspection, a detailed building description, and an RCN estimate based on current construction costs. Where applicable, allowances for demolition, permits, and professional fees are also considered, along with stated assumptions and limiting conditions.
Does an insurance appraisal determine market value?
No. An insurance appraisal does not determine market value. It estimates Replacement Cost New (RCN) for insurance coverage purposes only and does not include land value.
Are your insurance appraisal reports accepted by insurers?
Yes. Our insurance appraisal reports are prepared in full compliance with CUSPAP standards.
How Often Should an Insurance Appraisal Be Updated?
Insurance appraisals should be reviewed and updated periodically to reflect changes in:
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Construction costs
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Building improvements or alterations
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Code and regulatory requirements
Relying on outdated RCN values increases the risk of inadequate coverage in a rapidly changing construction cost environment.
How much does an insurance appraisal cost?
The cost of an insurance appraisal depends on factors such as property size, number of units, construction complexity, and scope of work. We provide clear, upfront pricing once the property details are reviewed.