Appraisals for Insurance Coverage
When it comes to fine art, furniture and antiques, avoid being over-insured or under-insured. The market is ever-changing. Do not assume a bill of sale for art or an antique is an accurate indicator of an item’s value. A report for insurance purposes can protect against loss in the event of damage, theft, flood, tornado or fire. Items are often damaged in storage and by moving companies; an appraisal report will protect property so you can receive proper compensation.
Each item is carefully measured, documented and photographed with particular attention given to condition. Each item is then extensively researched for replacement value in the most appropriate market. Because of the dynamic nature of the marketplace, appraisals should be re-evaluated every 5 years in order to protect your properties.
Appraisals for Damage & Loss
Appraisal reports prepared for damage and loss claims are provided for mediation or arbitration, in some cases the court. These appraisals include detailed documentation, condition issues, and photographs of damaged objects as a result of breakage, fire, water damage, and natural or other causes. The diminution of value is concluded. Recommendations regarding restoration services or replacement are suggested when appropriate. A hypothetical appraisal can be provided for items stolen based upon photographs, receipts and other forms of documentation supplied by the client.
Before You Proceed…
Not all personal property insurance coverage requires a formal appraisal. Speak with your insurance agent to determine which items need to be scheduled under a rider. Certain types of items require a rider, such as fine art, fine furniture, antiques, silver, crystal, and particular types of ceramics. For items that do not fall under a household policy, an independent appraisal is your best protection.