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iClarify Valuations: Alberta

iClarify Valuations: Alberta
16 July 2015

The Solution To ITV

iClarify™ is a unique property insurance valuation and validation tool that provides the insurance industry with the knowledge they need to assess risk with confidence. Developed from the largest nationwide repositories of total loss claims from ClaimsPro and inspection data from SCM Risk Management Services (RMS), iClarify™ has evolved to become the only valuation tool that provides instant access to precise geo-coded property intelligence, valuation data, and streetscape imagery.

The Research

iClarify Residential™ valuations are powered by precise geo-coded property intelligence and validated by ongoing research that considers and monitors economic factors, industry trends, local restoration costs, residential inspections, and Canadian total loss data. When combined, this information provides tremendous insight used to ensure that our clients receive the most current, local, and accurate valuation costs through iClarify™. In support of this validation, Opta conducts several studies throughout the year which include:

  • Canadian Total Loss Studies
    Through our association with ClaimsPro, the largest independent claims adjusting firm in Canada, iClarify™ valuations are updated quarterly with access to the greatest repository of total loss records nationwide and through extensive regional analysis of Canadian total loss claims. This information is used to validate our replacement costs, making iClarify™ the strongest and most accurate valuation source in the industry.

A recent total loss study was conducted for Slave Lake, Alberta using 24 losses. As shown, there is very minimal variance between Contractor Estimate and iClarify™ Valuations.

Year
Built
Number
of Stories
Living Area
(sq.ft.)
Current
Contractor
Estimate
Contractor
Estimate (Sq.
Ft.)
iClarify (Sq.
Ft.)
iClarify Valuation Variance
1995 1
1,240 $300,000 $241.94 $271.18 $336,263 12%
1964 1
1,233 $285,000 $231.14 $215.02 $265,120 -7%
1995 1
1,348 $373,070 $276.76 $283.98 $382,805 3%
1980 1
1,148 $360,165 $313.73 $265.80 $305,138 -15%
1981 1
1,404 $443,516 $315.90 $268.90 $377,536 -15%
1998 Tri-level 2,385 $580,000 $243.19 $264.58 $631,030 9%
1983 1
1,200 $338,647 $282.21 $286.33 $343,596 1%
1986 1
1,454 $393,963 $270.95 $287.66 $418,258 6%
1985 Tri-level 2,700 $650,716 $241.01 $245.44 $662,688 2%
1994 2
1,322 $330,000 $249.62 $266.50 $352,313 7%
1974 1
900 $268,720 $298.58 $256.90 $231,210 -14%
1980 1
1,250 $402,315 $321.85 $289.63 $362,034 -10%
1967 1
962 $265,277 $275.76 $238.37 $229,312 -14%
1984 1
1,350 $413,147 $306.04 $302.49 $408,362 -1%
1970 Bi-level 3,120 $504,188 $161.60 $222.95 $695,604 38%
1995 1
1,377 $483,100 $350.84 $292.65 $402,977 -17%
1997 Tri-level 2,528 $486,386 $192.40 $229.79 $580,909 19%
1978 1
936 $278,708 $297.77 $261.49 $244,755 -12%
1998 1
1,249 $367,896 $294.55 $295.41 $368,967 0%
1991 2
2,127 $536,040 $252.02 $266.11 $566,016 6%
1995 1
1,570 $581,000 $370.06 $273.03 $428,657 -26%
1989 Bi-level 2,340 $397,564 $162.21 $220.77 $516,602 36%
1996 Tri-level 1,891 $518,606 $274.25 $241.35 $456,393 -12%
1967 Bi-level 1,705 $349,948 $205.25 $204.99 $349,500 0%


 TOTAL $9,907,972 $267.90 $260.47 $9,916,045 -0.30%
* Based on 2014 study        




Canadian Inspection Reports

Through our association with RMS, the largest home inspection company in Canada, iClarify™ has access to the greatest repository of inspection data nationwide. New reports are updated into iClarify™ weekly and provide unique property attributes allowing our values to be driven by real Canadian data.

iClarify™ has unique information on over 485,000 properties in Alberta. In addition to this, we have access to other sources that provide us with almost complete coverage for the province of AB.

Below are samples of real data maps showing the number of inspections completed within 1 km radius of any given address.

Canadian Reconstruction Cost Study

Opta conducts three extensive studies each year, gathering local reconstruction cost data on multiple sample homes which vary in size and features. Local taxes, overhead and profit, productivity, debris removal, general conditions, and other essential costs are completely and accurately reflected in the local reconstruction values of homes. These studies are conducted from 86 cities across Canada which have been identified as “Centres of Influence.” Data is collected from 300 licensed contractors and generates over 7750 data points annually that are used to validate the accuracy and regional relevance of iClarify™ replacement costs in Canada.

n Alberta, the 10 Centres of Influence are Calgary, Edmonton, Fort McMurray, Red Deer, Grande Prairie, Medicine Hat, Canmore, Jasper, Wood Buffalo, and Lethbridge.

A recent Reconstruction Cost study completed on a 2000 square foot home highlights the changing cost per square foot since the study’s inception in September 2011.

The Power of iClarify™

iClarify™ is committed to providing accurate property valuations that represent local, current, and accurate replacement costs. Our access to the largest database of claims and inspection records nationwide combined with extensive regional total loss studies empowers users to assess risk with confidence knowing that each property is accurately insured to value.

Supported by 90% of Canadian Insurance Companies, iClarify™ is the only desktop solution that lets you validate property data instantly, accurately, and efficiently.

11 Parkdale Way, Slave Lake, AB

Contractor Estimate: $504,407 
iClarify™ Valuation: $492,416

Site 446 RR#2, Drayton Valley, AB

Contractor Estimate: $422,948 
iClarify™ Valuation: $411,653


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