|
Site Navigation
Client Resources
|
|
|
|
|
Ask the Appraiser?
Other
1. We have had our property expropriated. How do we ensure we obtain fair compensation for our loss?
Under legislation you are entitled to receive that amount which places you in a position
where you are no worse off than before the expropriation. In the case of a principle
residence if the home is to be taken or severely negatively affected, a house for a house
is often the compensation. Most often government will try to resolve the amount of
compensation to be paid before actual expropriation. It is important for you to ensure
you are fairly compensated for more than simply market value. Other issues such as in the
case of a partial taking of your property, the loss in value to your remaining property,
your costs to obtain fair compensation along with other items must be considered. In
addition to valuation advice, legal advice is strongly recommended in such matters.
2. What is the right amount of insurance we should carry on our property?
It is recommended that you first consult with your insurance professional to determine the
type of insurance coverage that best suits your needs. There are two types, replacement cost
or actual cash value. It is important to keep in mind, the co-insurance clause contained in
your policy makes you responsible for any shortfall in your coverage. Conversely, you would
not be paid any more than replacement cost or actual cash value, which ever type of coverage
you have in place and regardless of the limit carried. The amount of insurance coverage should
be determined by a qualified independent appraiser. Establishing the right type and amount of
insurance that suits your needs is very important when protecting your most important assets.
|
|
|
