The insurance appraisal is an important way to protect your investment in personal property such as furniture, antiques, porcelain, silver, paintings and collectibles. This appraisal will provide the necessary documentation to substantiate the existence, condition and replacement value of your belongings. It is prudent to have an update done every 3 to 5 years or ahead of any pending household move to insure values accurately reflect the cost of replacing these items in the current market.
When thinking about your insurance needs you may want to check with your insurance company on the following points:
1. Do they limit the contents of your home to a percent of the total value of your home.
2. Do they limit the amount they will pay for theft of valuable items such as silver, crystal, guns, stamps or historical documents.
3. Do they replace your items at replacement value or do they pay you actual cash value on your personal property items.
It is important to talk to your insurance agent in order to make sure that you clearly understand how you will be compensated if something does happen to the items in your home