How to appraise personal property.
There are many instances when you need to have your personal property appraised, from selling an item to donating it to a museum, to the settlement of an estate. Whether it’s your grandfather’s pocket watch, your parent’s estate, or a few collectibles from your childhood, a personal property appraiser can help you understand the value of these objects. Your homeowners insurance may require you to get an appraisal of high-end items. To help you get an accurate appraisal, check out these tips.
Gather as much information about the item as possible. Do you remember when this item came into your family or household? Was it new or used at the time? What are the dimensions? What is the condition? All of these details (and more!) could aid a professional appraiser in creating an insurance appraisal report on the item.
Choose your appraiser carefully. You can get an appraisal online just by submitting photos or you opt for someone who can examine the piece personally. Either way, check for reviews online or ask for references. Ask the appraiser about their qualifications, specialties, and rates. Be sure to let him or her know that you’re looking for an insurance appraisal so he/she can calculate the cost of replacing the item.
Get a copy of the report. Your completed appraisal report should include a detailed description of the item, its value, how the value was determined, and the appraiser’s name. Share this report with your insurance agency, and keep it in a safe place.
Remember that as years go on, the value of items can change. For example, a ring with a precious stone may be worth a lot more now than when you first got it appraised a few years ago. Keep appraisals up to date so that if your precious belonging is damaged in an incident, you can receive adequate compensation.
Make sure that you are protected with the right home insurance policy. Contact us at Sausman Insurance Agency for tailored insurance policies in Mifflintown, Millersburg, and Lewistown, Pennsylvania that can protect your home.