Angela Alvig, CPA

Is it Time to Consider a New Appraisal of your Valuable Personal Property?

Recently Published2 minute readInsights from Angela Alvig

There are some items in your home that you treasure more than others. Not only that, you care enough about them to obtain a “valuable articles” insurance policy to protect them. Antiques, collectibles, fine art, high value jewelry, and other items are commonly insured with an extension to a homeowner’s policy. If the value of an item was determined by an appraisal, holding itemized coverage as opposed to blanket coverage may be a good idea. Insurance professionals advise these items should be re-appraised from time to time.

Here are three reasons why:

  • The market value fluctuates so you will want to ensure full replacement if the value has increased.
  • Likewise, if the market value has decreased, it is in your best interest to avoid paying an unnecessarily high premium.
  • If an item has been damaged or has worn down over time, you will want to determine if it is worth restoring.

It is suggested that new appraisals for some valuable items should be done every 2-3 years. If you have questions about getting an appraisal, contact your insurance professional for more information.