Residential Types
Reliance can adapt the appraisal to include just the shell of the improvements, the shell plus interior finishes, the shell plus interior finishes and betterments or just the interior finishes based on the insurance policy requirements and depending on the property ownership rights such as fee simple or legal arrangements and title holding entities that divide property rights such as condominiums, strata lots, corporations, single ownership, partnerships, co operative corporations, and interval or timeshares.
Condominiums
As legislated in the Alberta Condominium Act insurance is a matter of insuring all common improvements. As part of the insurance requirements common site improvements and demolition are included in the appraisal report. Unit owner's improvements or betterments (if required in the corporations by-laws) must also be addressed. This is the least understood aspect of condominium insurance.
Stratas
Under section 149 of the BC Strata Property Act the strata corporation must obtain property insurance on common property and assets as well as buildings shown on the strata plan, and fixtures built or installed on a strata lot, if the fixtures are built or installed by the owner developer as part of the original construction on the strata lot. Optional strata corporation insurance may be obtained on fixtures built or installed on a strata lot that were not built or installed by the owner developer as part of the original construction on the strata lot. This is referred to as Fixture Improvements and is only included if required in the bylaws.
For both Condominiums and Strata's insurance appraisal estimates can vary significantly if the issue of betterments or fixture improvements is not correctly addressed by the appraiser and the corporation.
Particular attention must be paid where the improvements are significantly older with the majority of original fixtures or finishes removed or updated to current levels. Corporations should also make every effort to inform the owners as to their unit insurance requirements in concert with the corporation's coverage. Reliance has a number of methods to insure betterments or fixture improvements are handled correctly as part of our service package.
Reliance also specializes in Bare land Condominium & Strata (With or without Unit Improvements) Housing Co-Operatives, Home Owners Associations, Multi Family including Apartment Rental Accommodation, and Single Family Residences.