RECONSTRUCTION VALUE
of condominiums in Quebec
The assessment of the reconstruction value is a requirement of Law 141. It makes it possible to determine the estimated total cost of rebuilding an identical building in the event of a total loss. The assessed sum also corresponds to the amount of insurance to be taken out.
WHY ENTRUST US WITH THE ASSESSMENT OF THE RECONSTRUCTION VALUE OF YOUR BUILDING
By choosing to carry out your reconstruction value appraisal with us, you can be sure of being fairly valued thanks to our experienced chartered appraisers who are members of l’Ordre des Évaluateurs Agréés du Québec (OEAQ).
Our assessments are carried out by experienced approved assessors, in accordance with the requirements of Law 141.
We have expertise in co-ownership, which guarantees you comprehensive follow-up before, during and after the delivery of our valuations.
A precise description of the private areas is drawn up and submitted to the condominium association if necessary.
All our departments work together to offer you integrated, comprehensive and effective solutions.
FREQUENTLY ASKED QUESTIONS
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The valuation of the reconstruction value is very important for two main reasons:
To ensure adequate insurance coverage.
To comply with current legal obligations.
More specifically, this assessment allows insurance companies to determine the appropriate deductibles and co-ownerships to set up a self-insurance fund to cover the highest deductible in the event of a claim. By using this fund, co-owners avoid drawing on the contingency fund, which contributes to better financial management of the co-ownership.
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The union has a maximum period of two years to repay the self-insurance fund if necessary, depending on the amount withdrawn:
If less than half has been withdrawn, the period is one year.
If more than half has been withdrawn, the period is two years.
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No, the law only concerns divided co-ownerships.
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The law requires that an evaluation of the reconstruction value be carried out at least once every five years by a certified appraiser.
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They are covered only if they have been included in the description of the private portions (reference unit) of the building. Otherwise, you will have to take out co-owner insurance to cover the improvements made to your condominium.
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