Actual Cash Value

Personal Inventory – Statement of Values – Replacement Cost – Limited Waiver of Depreciation – Classic Car Appraisers

Personal Inventory with Photos

To ensure the accuracy of coverage for personal belongings, consider doing a personal inventory with photos. This not only helps keep track of your possessions but can also serve as valuable evidence in case of a claim. Below is a list of insurable items that it is recommended to take pictures of for documentation purposes:

  • Home: Take photos of the exterior of your home, including all sides, roof, and any unique features. Also, capture interior shots of each room, focusing on valuable items such as furniture, electronics, appliances, and artwork.
  • Vehicles: Capture multiple angles of your vehicles, including the front, back, sides, and license plate. Take close-up photos of any unique features, modifications, or customizations. It’s also helpful to take pictures of the vehicle’s VIN (Vehicle Identification Number) and odometer reading.
  • Valuable Possessions: For high-value possessions such as jewelry, watches, collectibles, and antiques, take detailed photographs that clearly depict their condition, unique markings, and any distinguishing features. If possible, include close-ups of any appraisals, certificates of authenticity, or receipts.
  • Electronics: Document your electronic devices, including computers, laptops, tablets, smartphones, gaming consoles, and audio/video equipment. Capture serial numbers, model numbers, and any visible identifying marks.
  • Appliances: Take pictures of major appliances in your home, such as refrigerators, stoves, dishwashers, washers, and dryers. Include the brand, model, and serial numbers if visible.
  • Furniture: Photograph valuable or antique furniture pieces, including couches, dining tables, cabinets, and bedroom sets. Focus on any unique details or marks that can help identify them.
  • Artwork: Document any valuable paintings, sculptures, or other artworks you own. Take clear, well-lit images of the entire piece and any signatures or artist’s marks. If possible, include a ruler or measuring tape in the photo to provide scale.
  • Personal Belongings: For personal belongings like clothing, shoes, handbags, and accessories, it may be helpful to take general photos showing the range and quantity of items owned.
  • Business Equipment: If you have a home office or own a business, capture images of your equipment, such as computers, printers, scanners, and specialized machinery. Note serial numbers and include any relevant documentation.

Remember, storing these photos in a safe and easily accessible location, such as a cloud storage service or external hard drive, is essential to ensure they remain protected and available in case of a claim.

Statement of Values

A Statement of Values (SOV) for clients with tenets insurance is a document that outlines the insured property’s key details and values. It provides vital information to the insurance company regarding the client’s assets and helps determine appropriate coverage levels. Here are the typical elements included in a Statement of Values for clients with tenets insurance:

  • Property Details: The SOV begins with essential property information, such as the address, legal description, and type of property (e.g., residential, commercial, multi-unit).
  • Building Valuation: It includes the estimated value of the building or structure itself, considering factors such as construction type, square footage, age, and quality.
  • Contents Valuation: This section provides an itemized assessment of the contents within the insured property, including furniture, appliances, electronics, and other valuable items.
  • Additional Structures: If there are any detached structures on the property (e.g., sheds, garages), their values are specified separately.
  • Liability Coverage: The SOV may also include liability coverage details, specifying the maximum amount of coverage required for personal injury or property damage claims.
  • Special Considerations: Any unique attributes or features of the property that may affect its value or insurability, such as swimming pools, fire protection systems, or security measures, can be mentioned here.
  • Deductible Selection: The client may specify their preferred deductible amount, which represents the portion of a claim that the insured would be responsible for before the insurance coverage applies.
  • Coverage Limits: The SOV identifies the desired coverage limits for the various aspects of the policy, such as dwelling coverage, personal property coverage, loss of use coverage, and liability coverage.
  • Endorsements or Riders: If there are any specific endorsements or riders required to extend coverage for additional risks or unique circumstances, they can be listed in the SOV.

It’s important for clients to provide accurate and up-to-date information in the Statement of Values to ensure appropriate coverage and avoid any potential coverage gaps or disputes in the event of a claim.

Click here for Kevin’s Statement of Values  Spreadsheet

Replacement Cost SEF 18

  • The term is 5 years
  • In the event of a write-off, it is designed to pay for a similar make/model, current model year. I.e. if you have a 2020 Ford Edge, you have to buy a 2023 Ford Edge for this to work – Sometimes, it provides cash up front and then a “top up” if the replacement cost provisions are met.
  • In the event that a current model year vehicle (same make/model) is not purchased as the replacement vehicle, the policy will pay up to the MSRP or purchase price of the original vehicle (whichever is less), and the endorsement basically acts like a 43R limited waiver of depreciation
  • It tends to cost more (slightly)
  • The cost escalates year over year as the endorsement becomes more valuable
  • Cash payout (ACV) also available
  • Not available on leased vehicles
  • It may not be available on vehicles with high annual km’s

Limited Waiver of Depreciation (SEF 43R)

  • The term is 2-3 years (depending on the company, it can be 24 months, 30 months or 36 months)
  • The policy will pay up to the MSRP or purchase price of the original vehicle (whichever is less)
  • It tends to cost less (slightly) than the SEF 18
  • The cost escalates year over year as the endorsement becomes more valuable
  • It can be used on a leased vehicle as the SEF 43R(L)
  • Can be converted (with Wawanesa) to the SEF 18 if this term is expiring IF done on time
  • Cash payout (ACV) also available

Classic Car Appraisers

Appreciated Vehicle Appraisal Group Ltd. | Calgary AB | Red Deer AB | Edmonton AB

  • Serving Alberta, Canada
  • Services: Appraisals for antique, classic, custom, exotics, modern cars, muscle cars, special interest, street rods, etc.
  • Website:

All Classic Auto Appraisals | Calgary AB

Norm Flanders Vintage Vehicle Appraisals | Calgary AB

Vintage and Collector Car Appraisals | Calgary AB

  • Contact: Randy Hill, President and Founder, 403-813-7506

Vanishing Vintage Hot Rod & Classic Appraisals LTD | Calgary AB

Car Guy Appraisals | Terry Beuerlein | Edmonton AB


Specialty Vehicle Appraisers | Edmonton AB

Sunburn Auto Appraisals | Edmonton AB

Carousel Group | Grande Prairie AB

Aurora Auto Appraisals Ltd. | Leduc AB 

Classic Auto Appraisals | Lethbridge AB

  • Contact: Information available on MapQues

Appreciated Vehicle Appraisal |  Red Deer AB

Auto-Appraisals-By-Trefko | Red Deer AB

  • Located in Red Deer
  • Services: Classic Car Appraisal, Insurance Appraiser, Rat Rod Appraisal
  • Yellow Pages Listing: Auto-Appraisals-By-Trefko

Monty-Coulombe-S-E-N-C | Rocky Mountain House AB

  • Located in Rocky Mountain House, AB
  • Services: Classic Car, Rat Rod, Car Appraisal, Insurance Appraiser, Classic Car Insurance
  • Yellow Pages Listing: Monty-Coulombe-S-E-N-C
target pixel