The Solution To ITV
iClarify™ is a unique property insurance 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™ is the only validation tool that provides instant access to precise geo-coded property intelligence, valuation data, and streetscape imagery. Our valuations are 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™.
The Research
In support of this validation, Opta conducts several studies throughout the year which include:
- Canadian Total Loss Studies
iClarify™ valuations are updated quarterly based on research into total loss records nationwide and through other total loss claims across Canada’s regions. - Canadian Inspection Reports
New reports from RMS are updated quarterly based on research into total loss records nationwide and through other total loss claims across Canada’s regions. - Canadian Reconstruction Cost Studies
Opta conducts three extensive studies each year 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 across Canada. These studies gather 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.
As the largest aggregator of property data in Canada, iClarify™ has the power to generate accurate replacement values on ANY residential risk, be it urban, suburban or rural.
A recent total loss study was conducted for rural communities across Canada using 32 losses. As shown, there is very minimal variance between Contractor Estimates and iClarify Valuations. With an average variance of -1.32% throughout Canada. All 32 results are well within the industry benchmark of +/- 15%.
Province | City | Number of Stories | Total Area (sq.ft.) |
Contractor Estimate |
iClarify Valuation | Variance |
AB | Debolt | 1 | 1,600 | $434,300 | $395,440 | -8.95% |
AB | Slave Lake | 1 | 1,736 | $504,407 | $492,416 | -2.38% |
AB | Drayton | 1 | 1,677 | $422,948 | $411,653 | -2.67% |
AB | Lac La Biche | Tri-Level | 2,000 | $420,000 | $459,620 | 9.43% |
AB | Slave Lake | 2 | 2,500 | $674,518 | $666,125 | -1.24% |
BC | Vanderhoof | 1 | 760 | $131,762 | $134,064 | 1.75% |
BC | Peachland | 1 | 1,430 | $487,900 | $516,688 | 6% |
BC | Enderby | 1.5 | 2,098 | $407,609 | $417,208 | 2.35% |
BC | Osoyoos | Bi-Level | 1,280 | $203,136 | $199,194 | -2% |
BC | Salmo | 1 | 1,200 | $253,521 | $229,776 | -9.37% |
MB | Narol | 1 | 1,956 | $533,414 | $579,524 | 8.64% |
MB | Melita | 1 | 1,800 | $381,972 | $418,806 | 9.64% |
MB | St Clement | Tri-Level | 1,400 | $345,920 | $347,116 | 0.35% |
ON | Rideau Ferry | 1 | 2,657 | $634,636 | $632,845 | -0.28% |
ON | Ayr, North Dumfries | 1 | 2,258 | $563,699 | $538,172 | -4.53% |
ON | Carleton Place | 1 | 1,152 | $199,637 | $188,433 | -5.61% |
ON | Cameron, Kawartha Lakes | 1 | 1,800 | $357,676 | $357,858 | 0.05% |
ON | Goderich | 1.5 | 976 | $218,359 | $196,518 | -10.00% |
ON | Erinsville, Stone Mills | 2 | 1,286 | $258,829 | $247,735 | -4.29% |
QC | Pabos (Chandler) | 2 | 1,350 | $254,898 | $229,136 | -10.11% |
QC | Newport (Chandler) | 1.5 | 1,650 | $334,836 | $308,996 | -7.72% |
QC | Lac Des Ecorces | 1 | 1,040 | $235,534 | $226,221 | -3.95% |
QC | Moisie | 1 | 960 | $236,667 | $220,445 | -6.85% |
QC | Saint-Leon Le Grand | 1 | 840 | $157,482 | $152,300 | -3.29% |
NS | Port Hawkesbury | Tri-Level | 1,650 | $292,246 | $291,639 | -0.21% |
NB | St-Jean-Baptiste | 1 | 1,062 | $202,268 | $202,300 | 0.02% |
NL | Southern Bay | 1 | 1,694 | $442,407 | $404,290 | -8.62% |
NL | Goos Bay | 1 | 1,500 | $457,995 | $456,807 | -0.26% |
NL | Fox Roost | 2 | 2,160 | $267,963 | $265,140 | -1.05% |
NL | Lark Harbour | 1 | 980 | $219,391 | $208,005 | -5.19% |
NL | Cabonear | 2 | 2,763 | $627,098 | $672,514 | 7.24% |
NL | Bishops Falls | Tri-Level | 2,680 | $426,103 | $472,162 | 10.81% |
* Based on 2014 study | TOTAL | $11,589,131 | $11,539,146 | -1.32% |
The Results
iClarify™ Total Loss Cost Variance - Rural
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Drayton, AlbertaContractor Estimate: $422,948iClarify™ Valuation: $411,653 |
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Enderby, British ColumbiaContractor Estimate: $407,609iClarify™ Valuation: $417,208 |
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St. Clement, ManitobaContractor Estimate: $345,920iClarify™ Valuation: $347,116 |
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Rideau Ferry, OntarioContractor Estimate: $634,636iClarify™ Valuation: $632,845 |
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Newport (Chandler), QuebecContractor Estimate: $334,836iClarify™ Valuation: $308,996 |
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Bishops Falls, NewfoundlandContractor Estimate: $426,103iClarify™ Valuation: $472,162 |
Why do rural homes cost more to construct?
- Local skilled labour tends to be scarcer in rural areas than in urban. Hence, extra costs for travel and accommodation are incurred when pulling in skilled labour from urban centres for rural work.
- Equipment and material are usually not available in rural areas which increases the costs for material delivery and equipment sourcing.
- Access to and around rural sites is usually more difficult and time consuming which further increases the costs of rural construction. Narrow and rough roads, fencing and extensive vegetation all play a part in this increase.
- Productivity at rural construction sites tends to be lower than in urban centres due to delays in material/equipment deliveries and difficulties in coordinating the timing of skilled labour.
These factors all contribute to increased costs of constructing rural homes over those in more urban settings. On a case by case basis, there could be other secondary factors which tend to drive up rural costs even further.
Supported by 90% of Canadian Insurance Companies, iClarify™ is the only desktop solution that lets you validate property data instantly, accurately and efficiently.