inventory
Appraisal
Definition: A professional assessment of an item's value by a qualified expert.
An appraisal is a formal valuation of an item conducted by a qualified professional. Appraisals are essential for insuring high-value items and supporting insurance claims.
When You Need an Appraisal:
- Jewelry over $5,000
- Fine art and antiques
- Collectibles (coins, stamps, memorabilia)
- Inherited items of uncertain value
- Musical instruments
- Furs
- Wine collections
What Appraisals Include:
- Detailed item description
- Quality assessment
- Market value determination
- Appraiser credentials
- Date of appraisal
- Photographs
Finding an Appraiser:
- For jewelry: Gemological Institute of America (GIA) certified
- For art: American Society of Appraisers
- For antiques: International Society of Appraisers
- Ask your insurance company for recommendations
Appraisal Frequency:
- Update every 2-3 years for items that may appreciate
- Update after significant market changes
- Update before renewing scheduled coverage
Cost:
Related Terms
Replacement Cost Value (RCV)
The cost to replace damaged or stolen items with new items of similar kind and quality.
Scheduled Personal Property
Additional coverage for specific high-value items listed individually on your policy.
Proof of Ownership
Documentation that demonstrates you owned an item, essential for insurance claims.
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