Tips for having a personal property appraisal

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Tips for having a personal property appraisal

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You grandmother just gifted you a Turkish rug, hand woven and simple beautiful. Since you have laid it in your living room, people can’t stop complimenting on how amazing it looks and now of course you don’t want to lose it.

This piece is not old but antique and you know its worth is in thousands. You call up your insurance company to find out if the cost of the rug is covered in your personal property policy and their answer leads you towards getting an appraisal of your things being covered in insurance.

At times you think that the things in your home are much more in worth than that being covered in the insurance. In such times of confusion it is best to go for a personal property appraisal. Here are a few tips that you might find helpful:

  • Find the true value of your things

Take this rug for example. Ask your grandmother when she bought it and how much she paid for it. If she is unable to recall it, search the internet to get an estimate of its true value. Try to find out the value of things that you own so that it can help the appraiser in making the most accurate report of your property’s appraisal.

  • Choose the best appraiser

There are many websites that can help you with appraisal. Submit the pictures of your personal property and they will provide you with an estimated value of those things. Or you can hire a personal appraiser for it. Either ways you will have to pay the fees so make sure you do some research before going for hiring an appraiser so that you pay for the best services.

  • Get a copy of the report

Once the appraisal has been completed, ask the appraiser for a copy of the report so that you can forward it to your insurance company. Upon receiving the report, your insurance company will re-evaluate the value of your things and re-design the personal property policy for you in order to cover maximum value of those things.

  • The value of your things

Getting things appraised and estimating their value does not necessarily mean that it will sell for the same price. There are many other factors that may contribute to selling price of the object especially the time it is been sold in. as for the appraisal of your personal property, it uses the data from the past to analyze the current values of your things that may vary.

 

  • Conclusion

If your house is filled with valuable items and you think that your insurance of personal property does not completely cover them, then it is a good idea to hire an appraiser, pay him for his services and get an appraisal done. Submit the report to your insurance company so that they may reconsider their policy and offer you the best when that covers the true value of your items to some extent.

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