How to Appraise Valuables for Insurance
Take the time to make a list of all valuables in your home. The standard homeowner’s insurance policy automatically covers appliances, televisions, stereo equipment, jewelry, furs, collectibles, etc. If you have anything that is antique, rare, or one of a kind it is recommended that get a “rider” to your insurance policy. A rider is an extension to your insurance policy that broadens the limits on your homeowner’s coverage to allow for additional items. There is some extenuating circumstance where an item is of such a high value that it requires a special policy. Talk with an insurance agent that specializes in homeowners insurance
Check with a homeowner’s insurance agent on rare items that are breakable such as fine china and statues. Make sure the limits cover breakage. If you have several valuable items that are rare or antique, you may want to consider a blanket rider to your insurance policy. A blanket rider covers all items of similar value at one agreed upon price. If you have statues, china, etc for example you could purchase a blanket rider for a price for example $100,000 that covers all those items.
Obtain an appraisal from a professional appraiser of high value items such as paintings, etc. The appraiser will give you a certificate that you can submit to your insurance company verifying the dollar value of an item. Make sure the appraiser specializes in the item or items you want appraised. If you have a rare painting, you would want to hire an appraiser that specializes in rare art. If you have rare sports memorabilia then you want to hire an appraiser specializing in sports memorabilia.
Receive discounts on your homeowners insurance when you install security systems to protect your valuables.
Consider a general appraiser if you have several items to be appraised. The general appraiser will contact several specialized individuals to get the correct dollar value with certification of each valuable item.
Research homeowner’s insurance websites and get as many free quotes as possible.
Check the references of the appraiser you hire this will ensure that your appraiser is knowledgeable in the field you valuable is in. Also determine whether the appraiser charges a flat rate or by the hour.
Sources (The sites you used to gather the information): http://www.insureme.com/content/rsrc/home/homeowners-insurance-valuables/, http://www.commonwealth.com/RepSiteContent/hiring_appraiser.htm
