It’s September, which for a lot of us, is really the start of the year. It’s when we take care of administrative things on a to-do list that went all summer without getting addressed because, “hey, it’s summer”. And although I love to make corny jokes in most of my posts, this one is all business. (Except for the really bad joke in this title.)
One of the administrative things that needs to be done from time to time is a fresh appraisal. You’ll need this if you are looking to have something added to your policy as a scheduled item. That means it is covered for loss in addition to theft and fire.
If you have changed insurance policies (for instance buying a new home or changing addresses and needing a new renter’s policy), you’ll need an appraisal and sometimes the original sales receipt. After getting an appraisal to insure a piece as a scheduled item, some insurance companies will request that you have an updated appraisal done every 2 to 3 years. (Prices of gold go up and down as do the prices of precious stones.)
Sometimes you need an appraisal in order to claim a loss under your insurance, even if you have not paid an extra premium to insure it as a scheduled item. This would be for fire or theft. If you don’t have the piece listed as a scheduled item, they will subtract your deductible.
You can also get appraisals for other reasons, such as for tax purposes in the case of a charitable contribution, or division of property in the case of an estate or when assets are being divided.
Of course, if you are reading this and realize you need an updated appraisal for a piece that we have created together the past, please contact me and we’ll get it taken care of right away.
If you are reading this because you need an insurance policy, I highly recommend G&N Insurance, which is a local company. The founder is a wonderful person and a client of mine. I am also a client of his, and I can say that over the last several years he has been everything I could ask from an insurance agent. Here is their site: http://www.insurewithgn.com/