When reading the insurance policy, there are many terms about valuation.
Actual Cash Value: the fair or reasonable cash price property would bring in a fair market, allowing for depreciation.
Assessed Value: The valuation placed on property by a public tax assessor for purposes of taxation. The main assessor for B.C. is BC Assessment, a provincial Crown corporation governed by the Assessment Act. Due to the high number of properties it must assess, BC Assessment uses a mass appraisal system, using data from sales, land titles, municipal planning departments and other sources. Only a limited number of properties are actually inspected in any given year, and individual property appraisals are usually not undertaken by BC Assessment unless an assessment is appealed. The mass appraisal approach means that the assessed value may not include some unique components of a dwelling that would contribute to its value. But since taxes must be calculated based upon a specific value, the Assessment Act requires that the assessment notice specify a single value. A certain amount of information about assessed value is in the public domain and is available online at www.bcassessment.ca; click on e-Value BC. BC Assessment determines properties value as of July 1 (the ‘valuation date’) of each year, and sends assessment notices to homeowners the following January. Municipal taxes are assessed on the basis of this assessed value. Property owners can appeal the valuation, or can request that the valuation change to reflect temporary conditions such as major refurbishment.
Appraised Value: An opinion of a property’s fair market value, based on an appraiser’s knowledge, experience and analysis of the property.
Cost Approach: One of the techniques used by appraisers to estimate value, cost approach combines the estimated land value and the depreciated value of the improvements. The underlying presumption is that a person will not pay more for a property than the cost to replace it: that is, the cost of the site plus the value of the improvements. The value of improvements is determined using a manual that is adjusted for local conditions, or from construction costs derived from local contractors. The value is then adjusted to reflect any depreciation to the improvements. This technique is not frequently used for older properties, due to the difficulties in accurately calculating the depreciated value of the improvements.
Fair Market Value: The highest price that a buyer, willing but not compelled to buy, would pay and the lowest a seller, willing but not compelled to sell, would accept. Market value is a product of many factors including location, size, features and current market conditions. To develop market value, an appraiser typically does a full physical inspection of the property followed by a detailed study of all the other factors. This is the most fluid of all the values on a given piece of property as the factors are almost always changing. The only time the factors from the actual cost of construction play into this number is when it is a new construction. The new construction costs are used as a basis to determine the worth of building relative to the anticipated sale price. Obviously the truest indicator of the market value of a piece of property or home is what it actually sells for.
Reconstruction Cost: The cost to rebuild, including soft costs (engineering reports, architectural drawing, municipal permits), removal of debris and reconstruction. Could include the cost of enforced demolition and removal of undamaged portions of the building.
Replacement Value: The cash value or cost to replace a thing. The value placed on a piece of property by an insurance company for the purpose of coverage.
The world is becoming more and more reliant on digital technology and digital communications. It is estimated that there are roughly 1.95 billion websites on the Internet right now. That number is only going to grow as the years go by. Websites are not only increasing in number, buy they are also increasing in complexity. The simple HTML/CSS webpage that seemed phenomenal a decade or more ago is now so boring that no one would give it a second look.
As a result, more and more people are deciding that they may want to learn how to code. Along the way, they have made use of tools like Austin web development bootcamp to give them the fundamentals that they need in order to delve into the world of coding. Many people would argue that the decision to start developing websites changed their lives in a number of ways.
One of the reasons that many have fallen in love with coding is because it has given them a freedom they did not have previously. Once they become proficient at coding, they are able to have a job where they have unlimited freedom and are able to make their own schedule. They are able to transition out of the 9-to-5 cubicle job and become part of the nomad employment group. They will still need to meet with clients, but knowing how to code has given them the freedom to decide when they will meet with clients.
Another benefit that people have seen once they have learned about web development is that they are able to charge more, make more money, and work fewer hours. In this field it is not uncommon for a developer who has years of experience and a portfolio full of high profile clients to charge in excess of $100 an hour for freelance work. This ability to make more money while working less is something that has attracted many people to the Austin Coding Academy as a way of improving their coding skills.
Continuing on the line of freedom and flexibility, when a person is a coder, they are able to select the jobs they will work on as a freelancer. It is likely that as an individual starts out they are going to take any job that they can get, even if the compensation is poor. However, as they improve their skills, grow their customer base, and start making more money, they are able to turn away clients who they do not want. Jobs that are uninteresting, jobs are going to require a lot of time and energy, or jobs that require one to work with a personality they don’t gel with can all be declined. With skill, a web designer knows that there is almost nowhere they can go on the earth that doesn’t need a web designer.
The insurance industry and government have a long tradition of working together in a social contract to provide relatively seamless compensation to citizens who suffer devastating losses of property. The insurance industry takes most of the risks (e.g., fire, theft, windstorm). Government mitigates others through public policies such as land-use laws, regulations, and zoning that prohibit people from building in high-hazard areas such as flood plains. For the thin band of situations that fall between insured perils and prohibited activities, the provincial government provides a limited amount of compensation through the Disaster Financial Assistance (DFA) program. When its costs exceed a predetermined threshold per capita of the affected population, the provincial government may request financial assistance from the federal Disaster Financial Assistance Arrangements program. These requests must be made by the province within six months of the end of the event.
BC province has a program, Disaster Financial Assistance (DFA) program. The provincial government may declare the event eligible for DFA, following a disaster. Once declared, the DFA program may compensate individuals for essential uninsurable losses.
What are the essential uninsurable losses?
Look, the essential uninsurable losses. They are essential to your home, livelihood or community service.
It does not pay for:
Loss or damage for which you could have obtained insurance
Recreational or seasonal residences
Land that has been lost through erosion
How much help is available?
If your claim is accepted, DFA will compensate you for 80% of the total eligible damage that exceeds $1,000 to a maximum claim of $30,000.
Your claim can not exceed the cost to replace or repair essential items and property to their immediate pre-disaster condition.
Do you eligible for DFA?
You are eligible for DFA assistance if items essential to your principal residence, business, farm or charitable organization have been damaged in an eligible disaster, and if you are a:
There are so many different styles of house. Yes, I mentioned the single house, or detached house. It is a free-standing residence building. Sometimes referred to as a single-family home, as opposed to a multi-family residential dwelling.
I get the list of these variations below.
One Story, Rancher and Rambler
A dwelling consisting of one story or single floor, of living area, with a full height stairway to the basement usually at the centre of the house or at the side door entrance. Typically the basement is unfinished at the time it is built. When the homeowner finishes the basement it can be finished as either a simple or custom design. This style of home ordinarily has a simple floor plan and generally includes a low pitched gable* roof, large windows, attached garage, sliding glass doors leading out to a back deck or patio.
1.5 Story or Cape Cod
Popular during the 1930s, 1940s and 1950s. The Cape Cod, boasts one and a half stories of finished living area. The second level typically has a steep roof slope and dormers*. The area of the second floor is usually smaller than the ground floor area because of the roof design. The chimney is typically placed at one end of the home instead of at the center.
Two Story, Colonial
An uncomplicated, economical, and refined home of two finished floors of approximately the same living area and both with full ceiling heights. The roof structure commonly has a medium slope.
A residence with three levels of living area, a steep roof slope and dormers*. The upper most level is usually 40 % to 70% of the ground floor area. The 2.5 story home is similar to the Cape Code, with the exception being, the additional level of living area.
A residence with three levels of finished living space, of approximately the same square footage and each floor having full ceiling heights.
Popular from the mid 1950s through the 1970s. The A-Frame has steeply angled sides (the roofline), that meet at the top in the shape of the letter A. The sloped roof creates a half floor at the top of the house which can be used as a loft. A-frames have limited living space and are commonly constructed as vacation cottages.
Bi-Level, Raised Ranch or Split Foyer
A home with two levels of living area of approximately the same size. The dwelling entrance is between floors and is considered a split-foyer entrance. The main entrance enters onto a landing with a flight of stairs leading to the main living areas on the upper level and a flight of stairs leading down to the lower level of living space. Practical style that fills a need for space and flexibility, little decorative detailing and sliding glass doors leading to a back yard patio are all familiar traits of a Bi-Level.
A space-efficient floor plan of the early 20th century. The Bungalow is ordinarily asmall, one story dwelling, usually with a front porch. Wood shingle exterior walls or wood siding and wood shingle roofs are regular features of the Bungalow style home.
Contemporary homes are designed for today’s lifestyles with large open spaces and huge windows of very tall panes of glass. A combination of square and rectangular, geometric patterns designed are used to blend both interior and exterior. Commonly, the Contemporary home will consist of plain exteriors with the exception of the extensive use of glass.
Generally used as a seasonal home, the cottage is a small simple one story building. Cottages typically have a minimal foundation, the building resting on posts, at the corners of the building.
The Log home is typically made from logs that have not been milled into conventional lumber. The Handcrafted style of Log homes is typically made of logs that have been peeled but are essentially unchanged from their natural appearance, when they were trees.
The ornamentation of a Mediterranean home can range from simple to dramatic. The exterior walls are commonly stucco of white or pastel. Arched windows and balconies with wrought iron or wood detail is a common trait of the Mediterranean style.
Elaborate exteriors, interior finishes and trims including 36’ of gingerbread* on at least three lines of the exterior of the building are the features that set this home apart from the rest. Typically the Ornate Victorian boasts 2.5 or 3 stories, which include bay windows*, turrets*, tall chimneys and extensive porches.
The Queen Ann is customarily 2.5 stories with abundant use of wood trim on both the interior and exterior of the home. Victorian Queen Anne homes often have steep roof lines, towers, turrets*, wrap-around porches and other fanciful details. Queen Anne became an architectural fashion in the 1880 and 1890s.
Split Level, Tri-Level
A dwelling that is divided into several parts, with often three or more levels of finished living area: lower level, intermediate level and upper level. The lower level is immediately below the upper level as in the two-story residence. The intermediate level, adjacent to the other levels, is built on a grade approximately one-half story higher than the lower level. The main entrance is usually (although not always) on the center level.
A home made of adobe brick. There is a common use of stucco and various wood beams for both support and ornamentation. Roofs are typically flat.
A Victorian home is a house that was constructed during the Victorian era, approximately 1840 to 1900. Victorians typically have elaborate exterior and interior finishes and trims, including 18” of gingerbread on at least three lines of the house. Usually, 2.5 or 3 stories of living area, Victorian homes commonly include the use of bay windows, turrets, tall chimneys and extensive porches.
When I study the construction phrases, I saw this set of terms of construction. Recorded here for further use.
Balloon Framed Wall – Framed walls (generally over 10′ tall) that run the entire vertical length from the floor sill plate to the roof. This is done to eliminate the need for a gable end truss.
Baluster – Vertical member in a railing used between a top rail and bottom rail or the stair treads. Sometimes referred to as a ‘picket’ or ‘spindle’.
Column- A vertical structural compression member which supports loads.
Crawl Space – A shallow space below the living quarters of a house, normally enclosed by the foundation wall and having a dirt floor.
Damp-proofing – Black, tar like waterproofing material applied to the exterior of a foundation wall.
Dormer – An opening in a sloping roof, the framing of which projects out to form a vertical wall suitable for windows or other openings.
Downspout – A pipe, usually of metal, for carrying rainwater down from the roof’s horizontal gutters.
Drywall – A manufactured panel made out of gypsum plaster and encased in a thin cardboard. Usually 1/2″ thick and 4′ x 8′ or 4′ x 12′ in size. The panels are nailed or screwed onto the framing and the joints are taped and covered with a ‘joint compound’. ‘Green board’ type drywall has a greater resistance to moisture than regular (white) plasterboard and is used in bathrooms and other “wet areas”.
Duct – A round or rectangular metal pipe installed for distributing warm (or cold) air from the furnace to rooms in the home. Also, a tunnel made of galvanized metal or rigid fiberglass that carries air from the heater or ventilation opening to the rooms in a building.
Eaves – The horizontal exterior roof overhang.
Fascia – Horizontal boards attached to rafter/truss ends at the eaves and along gables. Roof drain gutters are attached to the fascia.
Footing – Continuous 8″ or 10″ thick concrete pad installed before and supports the foundation wall.
Form – Temporary structure erected to contain concrete during placing and initial hardening.
Foundation – The supporting portion of a structure below the first floor construction, or below grade, including the footings.
Framing – Lumber used for the structural members of a building, such as studs, joists and rafters.
Gable – The upper triangular-shaped portion of an end wall, beneath the roof.
Gable Roof – A ridge roof which terminates in a gable.
Gingerbread – Wood trim or molding of an elaborate ornamentation or superfluous embellishment.
Insulation – Any material high in resistance to heat transmission that, when placed in the walls, ceiling or floors of a structure, will reduce the rate of heat flow.
Jamb – The side and head lining of a doorway, window or other opening. Includes studs as well as the frame and trim.
Joist – Wooden 2 X 8’s, 10’s or 12’s that run parallel to one another and support a floor or ceiling, and supported in turn by larger beams, girders or bearing walls.
Millwork – Generally all building materials made of finished wood and manufactured in millwork plants. Includes all doors, window and door frames, blinds, mantels, panelwork, stairway components (ballusters, rails, etc.), moldings and interior trim. Does not include flooring, ceiling or siding.
Post and Pad Foundation – A foundation assembly for supporting a cross member that comprises a vertical timber post attached to the upper surface of a wider pre-formed concrete pad.
Rafter – Lumber used to support the roof sheeting and roof loads. Generally, 2 X 10’s and 2 X 12’s are used. The rafters of a flat roof are sometimes called roof joists.
Soffit – The area below the eaves and overhangs. The underside where the roof overhangs the walls. Usually the underside of an overhanging cornice.
Slab – Concrete pavement, including driveway, garage, and basement floor.
Stud – A vertical wood framing member, also referred to as a wall stud, attached to the horizontal sole plate below and the top plate above. Normally 2 X 4’s or 2 X 6’s, 8′ long. One of a series of wood or metal vertical structural members placed as supporting elements in walls and partitions.
Sump Pump – A submersible pump in a sump pit that pumps any excess ground water to the outside of the home.
Turret – A small tower projecting from a building, usually at a corner.
Vancouver Special – A common reference to houses built in a particular architectural styleroughly between 1965 and 1985 in Vancouver, B.C. They are characterized by their box-like structure, low-pitched roofs, balconies across the front of the house, and brick or stone finishes on the ground-floor level of the facade with stucco elsewhere. Vancouver Specials usually have the main living quarters on the upper floor and secondary bedrooms on the bottom, making them ideal for renovating to secondary suites. The style takes maximum advantage of the buildable area of a standard city lot.
Vapour Barrier – A building product installed on exterior walls and ceilings under the drywall and on the warm side of the insulation. It is used to retard the movement of water vapour into walls and prevent condensation within them. Normally, polyethylene plastic sheeting is used.