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REPLACEMENT COST EVALUATION AND RISK PREVENTION REPORT
INSURED: Mr. & Mrs. Risk
ADDRESS OF RISK: 123 Policy Avenue
INSURER: Kings & Queens Insurance Co.
INSPECTION DATE:
SCOPE OF INSPECTION AND REPORT
The primary purpose of the inspection is to establish the minimum
cost to re-build the above captioned dwelling and any outbuildings
if noted. The quoted figure assures that the reconstruction will be
of the same quality and matches the existing features of the house
where possible. The replacement cost also takes into account the difference
in modern day construction techniques and practices
The figure was arrived at by using current formal construction estimating
procedures.
The estimated replacement cost takes into account the worst case scenario
vis-a-vis damage. The figure includes:
- complete demolition of existing structure, construction rubbish
removal, etc.
- architect's fees
- project managements fees and inspection fees
- permit application fees
- new services (hydro, sewage, water, natural gas, etc.)
- temporary services, temporary construction buildings, etc.
- re-construction of dwelling in accordance with approved drawings
and specifications
- landscape and driveway restoration
The figure does not include:
- excavation and removal of contaminants from
site or compliance with recent environmental or other regulations.
- committee of adjustment fees
-
re-zoning or Municipal Board hearings
General
The dwelling located at ------------------- is a 2- storey detached
wood frame structure with a brick veneer wall covering. The house
is approximately 12 years old. The house is approximately 2,700 square
feet with an 800 square foot finished basement.
Classification
The dwelling has been classified as an average subdivision style construction
type. It is important to note that the house has been upgraded in
certain areas and the basement has been professionally finished. This
will be taken into consideration in our calculations.
Calculations
Demolition, rubbish removal
Professional fees
Permit fees
New services
Temporary facilities
Landscaping & driveway restoration
Basic reconstruction
(calc. @ $90.00/sq. ft.) |
$10,000
$12,000
$3,000
$6,500
$2,200
$3,300
$2,200
$243,000 |
Upgrades:
Finished basement
Central air conditioning
Fireplaces
Skylight
Humidifier, electric air cleaner
Central vacuum system
Upgraded hardwood floor premium
Upgraded master bathroom premium
Total |
$24,000
$2,500
$6,000
$2,000
$800
$800
$2,700
$3,500
$324,500
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The estimated replacement cost of the above captioned dwelling
is $ 324,500. This figure is considered accurate to within five
percentage points. The actual replacement cost will increase due
to labour and material shortages, inflationary periods and improvements/upgrades
to the dwelling or risk.
For risk prevention recommendations please see attached report.
INSURANCE INSPECTION REPORT
Replacement Cost Evaluation
The report includes:
- replacement cost evaluation (long form calculations)
- photographs of pertinent features (if requested)
- building footprint dimensions (site survey if available)
- present occupancy usage, intended usage
- occupancy suitability
Risk Prevention Report
The report includes risk prevention recommendations on the following:
- security and burglar prevention
- health and safety
- water resistance of the building envelope
- major systems (i.e.) heating, plumbing electrical
RISK PREVENTION REPORT
The Building Envelope
- The roof was fully accessed and reviewed. Two
items which require immediate attention in order to repel rain water
are:
- (i) Two shingles have blown off the roof at the
ridge and require replacement.
- (ii) The skylight flashing is loose.
Major Systems
- There is a probability of sewage back-up. There
are two reasons for this. They are:
- (i) The eavestroughs/downpipes discharge into sub-grade
rain water leaders which connect the floor drains in the basement. Thus,
semi-annual eavestrough cleaning is imperative.
- (ii) There is no evidence which suggests that the
sub-grade drains leading to the city sewer line have ever been replaced. In addition,
there is a large tree on the front yard. The possibility for sewer back-up in
the future is probable.
- The furnace is enclosed in a small room in the basement. There
is inadequate provision for combustion air which could result in the
furnace misfiring. Increased ventilation into the furnace room is
required.
In addition, paints and other highly combustible items are being stored
in this room. The owner must be advised to remove these articles from
the furnace room immediately.
Health & Safety
- The door leading into the dwelling from the garage requires
a self closing device in order to eliminate the chance of automobile
fumes permeating into habitable space.
- Smoke detectors are recommended to be installed at all levels
of the house. Presently, there is only one at the second floor.
- The balcony railing off the rear 2nd floor bedroom is loose
and requires repair. In addition, the railing height is only 29".
Modern building codes require a 42" height for this element. It
is recommended that this railing be modified to provide better
safety precautions.
Security
- The deadbolt at the side door is old, of poor quality and has
been installed improperly. A new "double-keyed" deadbolt is recommended.
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