City of Edmonton

Welcome

Gardiner Appraisals Inc. of Edmonton, Alberta, delivers high-quality Appraisals for Insurance Purposes. As a forward-moving company, offering over 40 years of appraisal service, Gardiner Appraisals is a known industry leader serving clients across Western Canada. All appraisal reports carry an Errors and Omissions Policy, and are accepted by all Insurance Companies. Our appraisals are intended to guide proper insurance coverage.

WHY ORDER AN APPRAISAL FOR INSURANCE PURPOSES?

The best time to order an Insurance Appraisal is before an insurance claim. Should your property suffer a devastating loss, an up to date Appraisal for Insurance Purposes provides a clear path to prompt payment from the insurance company. It is the responsibility of the insured to prove the loss. An Insurance Appraisal enables you to rebuild without unnecessary delay.

Do you have a co-insurance clause? If yes, an Appraisal for Insurance Purposes is essential to ensure proper coverage. If underinsured while in a co-insurance clause, the results could be financially shocking.

WHAT IS AN APPRAISAL FOR INSURANCE PURPOSES?

An Appraisal for Insurance Purposes estimates the Replacement Cost New of the insured structure, which includes all costs associated with the demolition and rebuilding of the structure. The definition of Replacement Cost New, as calculated in our reports and in so far as insurance is concerned is: the cost to construct a similar structure with like type and quantity of modern materials, taking into consideration any by-law endorsements and building codes that have been enacted since initial construction (source: Gardiner Appraisals Inc.).

HOW IS AN APPRAISAL FOR INSURANCE PURPOSES
DIFFERENT FROM A MARKET VALUE APPRAISAL?

An Appraisal for Insurance Purposes estimates the property’s current construction costs plus necessary insurance inclusions as per the insurance policy. A Market Value Appraisal estimates the likely sales price of the property, which includes land value. Appraisals for Insurance Purposes do not include land value. The two estimates of value can vary considerably, which is why market value estimates are not suitable as insurable values. For example, a very old building may sell for significantly less than what it would cost to construct new. On the other hand, if land value is very high, the sales price may be significantly greater than the cost to construct. Our appraisers use research and methodology relevant to insurance appraisals.