Why an insurance appraisal?
You will get the most out of your insurance coverage by having current and independent values placed on your personal belongings. Today’s open market is volatile, and in the event of a loss due to any number of damaging events, you would not be satisfied receiving only 50% of the value of your objects due to outdated appraisals.
Can’t I just use purchase receipts or the appraisal from when I purchased the item?
Values change over time, requiring periodic appraisals which are unbiased, specialized and independent assessments of valuable items. After purchase, objects should be actively managed to ensure that market fluctuations have not adversely changed the value.
How often do I need to get an appraisal?
We recommend reviewing appraised values annually and consider re-evaluation depending on the type of object, fluctuations in the market and your insurance policy. We highly recommend following your insurance policy guidelines related to items over a certain value.
Will I get a discount on my insurance premium with a current appraisal?
Discuss your personalized policy with your broker since carriers have various guidelines.
What should I look for in an appraiser?
To assure competency and an understanding of industry regulations, hire an appraiser who is a member of either the Appraisers Association of America, the International Society of Appraisers or the Appraisers Society of America.
Is an appraisal expensive?
Every client receives a detailed proposal with an estimate for the scope of work and associated costs, and must sign off before any appraisal work begins. All invoicing is based on time-on-site only, regardless of the value of the items being appraised.
How do I know what my blanket coverage total should be?
Contents appraisals or curatorial listings, along with video inventories, are a great way to quantify overall value and document contents so that in the event of a loss, proof of ownership is easily obtained. Depending on your policy and your comfort level, a threshold can be established for contents items versus individual appraisal items.
Do you only appraise art and antiques?
We have generalist appraisers on staff who can appraise a wide variety of items, as well as specialists with expertise inclusive of, but not limited to, furniture, wine, jewelry, antiquities, old master paintings and coins.
Can I use my inherited estate appraisal as the basis of value for my insurance coverage?
Estate appraisals are based on fair market values and are not the appropriate values for insurance coverage. Insurance values should be retail replacement values and clearly defined. Using estate values would leave the objects underinsured and the client at a disadvantage in the event of damage or loss.
Through pre-existing estate appraisals or written documentation, our staff can assist you in determining which pieces need to be looked at in person and whether a complimentary walk through consultation on site is needed.
When should I schedule versus blanket? Is it more expensive to schedule?
We can recommend a professional insurance broker who will be able to lay out the options for you.
For inquiries please contact Kate Molets
Director of Appraisals