How the Right Home Appraisal Will Protect You

Your home is the biggest and most important investment you will make in your lifetime. More than just a place to claim ownership, your home can be customized to meet your personal tastes.  Beyond just brick and mortar, it is where memories are made and families raised. Properly maintaining your home’s value goes beyond just the regular upkeep like cleaning, repairing and replacing worn aspects.  Knowing that your home insurance policy properly reflects the value of the home and the contents inside provides invaluable peace of mind.

What a Thorough Home Appraisal Includes

A home appraisal helps you better understand the value of your home. The Palladium Insurance home appraisal process provides a holistic view of your property and calculates the precise replacement costs by using the most recent construction data. We carefully look at unique unique features and finishes of your home to properly assess your home’s value. The following lists some of the points included in our appraisal valuation:


  • Architect, engineer, permit and design fees.
  • Rebuilding costs associated with accelerated rates and timelines.
  • Contractor’s profit and overhead.
  • Custom features such as built-in cabinetry, interior finishes, built-in appliances.
  • Light fixtures, chandeliers and window treatments.
  • Smart home automation including entertainment, audio, security and lifestyle technology.
  • Basement foundations and footings.
  • Heating, plumbing and electrical systems.
  • “Green’ and ultra-efficiency technology.
  • Debris removal.

A Palladium Insurance home appraisal goes beyond the standard appraisal process and loads additional cost multipliers for unusual or unique conditions. In short, we use multipliers that account for special conditions that could potentially elevate the cost of rebuilding your property in the event of a total loss. These multipliers also adjust for local conditions for things like labour and materials as well.  Our home appraisal process factors in these conditions, so in the event of a loss, you are protected with no sticker shock, hidden fees or add ons:

  •       Labour Shortage
  •       Congested Area/By laws
  •       Hillside Construction
  •       Remote Area
  •       Affluent Area
  •       Resort Location
  •       Weather Extremes
  •       Seismic/High Winds
  •       Town/home/Semi-detached
  •       Heritage Designation
  •       Renowned Architect/Designer
  •       Island Location
  •       Complex Design
  •       Superior Craftsmanship

What a Home Appraisal Entails

So, where do things begin with a home appraisal? We typically calculate the first floor of the home separately from the second. A home’s first floor costs are typically higher than the second as they typically have more expensive features and appliances.  Many home appraisals also tend to blend the cost of the first and second floor together into a single “Living Area” to avoid the ‘sticker shock’ of the first floor. The overall replacement cost remains the same, but the blended cost per square foot appears more in line with what our clients expect.

Comprehensive Home Appraisal Guide

What does this all mean for you as a homeowner and client of Palladium Insurance? The more you understand the current valuation of the particular parts of your home, the better positioned you’ll be in the event of having to make a claim should you ever suffer a loss. Make sure to download our comprehensive appraisal guide provided by Guarantee Gold. Contact us to learn more, and let us earn your trust.

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