An insurance replacement cost appraisal determines what it would cost to rebuild your property from the ground up using current labour, materials, and construction methods — and to current building codes. It is not a market value appraisal, and relying on assessed value or purchase price to set your coverage limits can leave your property significantly underinsured in the event of a major loss.

For residential strata corporations, an accurate replacement cost appraisal is one of the most important documents you can have. BC strata legislation requires strata corporations to insure their buildings to full replacement value, and many lenders require an independent appraisal to confirm that coverage is adequate. Without a current, professionally prepared appraisal, your strata may be exposed to a costly shortfall when you need coverage most.

As an AACI-designated appraiser with over a decade of experience in the Regional District Okanagan-Similkameen, I provide replacement cost appraisals that account for local construction costs, site-specific factors, and current building code requirements. My reports are detailed, defensible, and accepted by insurers and lenders across the region.

In addition to strata corporations, I prepare replacement cost appraisals for commercial and mixed-use properties throughout Penticton, Summerland, Osoyoos, Oliver, Okanagan Falls, Princeton, Keremeos, and Naramata.

Residential Strata Developments

Residential strata corporations have a legal obligation under the BC Strata Property Act to insure their buildings to full replacement value. An accurate, professionally prepared replacement cost appraisal is the most reliable way to confirm your coverage is adequate and to protect owners from the financial consequences of underinsurance.

Condominium Complexes — Mid-rise and high-rise concrete or wood-frame condominium buildings, including those with underground parkades, amenity spaces, elevators, and complex mechanical systems that significantly influence replacement costs.

Townhome Complexes — Attached and semi-detached townhome developments, including bare land strata and conventional strata configurations, where shared building envelopes and common property must be accurately accounted for in the replacement cost estimate.

Mixed-Use Strata Buildings — Buildings combining residential strata units with ground-floor commercial or retail space, requiring a nuanced approach to replacement cost that accounts for the differing construction standards and finishing levels across the residential and commercial components.

Age-Restricted and Adult Lifestyle Communities — Strata developments with age restrictions, often featuring higher-end common amenities, recreational facilities, and specialized finishes that require careful consideration in the replacement cost analysis.

Strata Conversions — Older buildings converted to strata ownership, where original construction methods, materials, and building code compliance issues can have a meaningful impact on estimated replacement costs and must be carefully assessed.

Multi-Family Properties

Apartment Buildings — Rental apartment buildings of all sizes, from small walk-up buildings to larger multi-storey developments, where landlords and lenders require an independent assessment of replacement value to ensure adequate coverage.

Senior Living Facilities — Independent living and assisted living facilities that often feature specialized construction, accessibility infrastructure, commercial kitchen equipment, and common amenity spaces that require detailed cost analysis beyond standard residential construction.

Mobile Home Parks — Parks with park-owned structures, common buildings, and infrastructure where replacement cost coverage is required for insurable improvements.

Commercial Properties

Retail Buildings — Standalone retail buildings, strip retail centres, and mixed-use retail properties where tenant improvement allowances, storefront construction, and specialized finishes influence replacement cost estimates.

Office Buildings — Single and multi-tenant office buildings, including medical and professional office buildings where specialized mechanical, electrical, and plumbing systems can significantly affect replacement costs.

Industrial Buildings — Manufacturing facilities, warehouse buildings, industrial flex space, and strata warehouse units where clear span construction, heavy electrical service, loading infrastructure, and specialized mechanical systems require careful consideration.

Self-Storage Facilities — Multi-building self-storage developments where replacement cost estimates must account for the full scope of structures, security infrastructure, and site improvements.

Hospitality Properties

Hotels and Motels — Full-service hotels, limited-service motels, and extended stay properties where replacement cost estimates must account for guest room finishes, commercial kitchen and laundry facilities, and amenity spaces.

Inns and Resorts — Boutique inns and resort properties featuring unique architectural character, high-end finishes, and recreational amenities that require a detailed, property-specific approach to replacement cost estimation.

RV Parks — Parks with insurable structures including amenity buildings, washroom facilities, laundry facilities, and utility infrastructure.

Strata Corporations and Strata Councils

Strata corporations are among the most important clients for replacement cost appraisals. Under the BC Strata Property Act, strata corporations are required to insure their buildings to full replacement value — a responsibility that falls directly on the strata council. A current, professionally prepared replacement cost appraisal gives your council the documentation it needs to set coverage limits with confidence, satisfy your insurer's requirements, and demonstrate due diligence to the owners you represent. Without an independent appraisal, your strata risks being underinsured and exposing owners to a potentially significant financial shortfall in the event of a major loss.

Property Managers

Property managers overseeing strata corporations and multi-family rental properties rely on replacement cost appraisals to ensure the buildings in their portfolio are adequately insured. A current appraisal supports informed decisions at insurance renewal, simplifies conversations with insurers, and helps property managers fulfill their duty of care to their clients. Many property managers coordinate replacement cost appraisals on behalf of multiple strata corporations and appreciate working with a local appraiser who understands the regional construction market.

Insurance Brokers and Insurers

Insurance professionals routinely require an independent replacement cost appraisal before binding or renewing coverage on strata and commercial properties. An AACI-credentialed appraisal provides the defensible, third-party documentation insurers need to confirm that policy limits reflect actual replacement costs, reducing exposure for both the insurer and the insured.

Mortgage Lenders and Financial Institutions

Lenders financing strata and commercial properties frequently require a replacement cost appraisal to confirm that insurance coverage is adequate relative to the loan amount. My reports are prepared to the professional standard required by major chartered banks, credit unions, and other lending institutions active in the Regional District Okanagan-Similkameen.

Commercial and Investment Property Owners

Owners of retail, office, industrial, hospitality, and multi-family rental properties require current replacement cost appraisals to ensure their buildings are insured to full replacement value at policy renewal, following major renovations, or when a lender requires independent confirmation of coverage adequacy.

Legal and Accounting Professionals

Lawyers and accountants involved in estate settlement, matrimonial property division, corporate transactions, or insurance dispute matters occasionally require a replacement cost appraisal as part of a broader property valuation or asset documentation process.

I provide insurance replacement cost appraisals throughout the Regional District Okanagan-Similkameen, serving strata corporations, property managers, lenders, and commercial property owners across the region. Whether your property is located in a larger urban centre or a smaller rural community, I bring the same level of professional diligence and local construction market knowledge to every assignment.

Penticton

As the largest urban centre in the region, Penticton is home to a significant concentration of condominium and townhome strata developments, multi-family rental properties, and commercial buildings. I have extensive experience appraising a wide range of property types throughout Penticton and maintain a thorough understanding of local construction costs and the building characteristics common to the area.

Summerland

Summerland's residential and commercial property base includes a growing number of strata developments alongside established retail, office, and industrial properties. I provide replacement cost appraisals across all property types in Summerland and the surrounding area.

Osoyoos

Osoyoos features a unique mix of residential strata developments, resort and hospitality properties, and commercial buildings, many of which are influenced by the area's distinctive climate and tourism-driven economy. I am familiar with the construction characteristics and cost considerations specific to properties in Osoyoos.

Oliver

Oliver's property market includes a range of strata developments, agricultural-related commercial properties, and hospitality buildings serving the South Okanagan's growing wine tourism industry. I provide replacement cost appraisals for strata corporations and commercial property owners throughout Oliver and the surrounding area.

Okanagan Falls

Okanagan Falls is home to a mix of residential strata properties, industrial buildings, and smaller commercial developments. I serve strata councils and property owners throughout Okanagan Falls with the same standard of professional service provided across the broader region.

Princeton

Princeton's property market is characterized by a combination of commercial, industrial, and multi-family properties serving the local resource and agricultural economy. I provide replacement cost appraisals for property owners, strata corporations, and lenders with interests in Princeton and the surrounding Similkameen Valley.

Keremeos

Keremeos and the surrounding Similkameen Valley feature a range of agricultural, commercial, and residential properties. I extend my replacement cost appraisal services to strata corporations and property owners throughout Keremeos and the broader lower Similkameen area.

Naramata

Naramata's character properties, boutique hospitality developments, and residential strata properties present unique replacement cost considerations given the area's distinctive architecture, rural setting, and construction access factors. I provide replacement cost appraisals for property owners and strata corporations throughout the Naramata Bench and surrounding area.