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I’ve included a short excerpt below and the entire article can be read online here ( [link] ) “Many people are familiar with the concept of insurance coverage in the context of car insurance or travel insurance, but knowledge about insurance coverage of personal property such as fine art or antiques is much less widespread.
There are numerous reasons to seek a professional appraisal, including planning insurance coverage, charitable donations, probate of an estate, or simply determining the value of your tangible assets. Whether you're dealing with art, antiques, furniture, jewelry, or other possessions, an appraiser can give you a valuation.
As a personal property appraiser, my role encompasses tangible property including fine art, antiques, furniture, and collectibles. Reasons of valuations for tangible property can include estate and probate purposes, equitable distribution, insurance coverage, charitable donations, dissolution of marriage, and bankruptcy.
If you understand these commonalities, you can ask the right questions to ensure that your coverage is adequate. Most homeowner’s policies have a total coverage limit for household contents that is based upon a percentage of your home’s value. At this point, you know you have at least $7,000 worth of fine art.
Examples of retail replacement value are the price an art gallery asks for a painting in their inventory, the asking price of a table by a furniture designer, or the manufacturer listed price of a sterling silver serving item. The next level is Fair Market Value.
Collecting trends and changes in taste have had a major impact on everything from antique furniture to folk art. For example, in the last fifteen years, some antique Victorian furniture has experienced a reduction in both value and desirability. Choosing a Reputable and Qualified Appraiser But this is important.
The term “vintage furniture” simply means that the pieces were made at some point within the last century. Many types of older items, including artwork, furniture, and pottery, have defining marks or signatures, but you have to know where to look to find them. The word “vintage” by itself is meaningless.
These could include anything from furniture and jewelry to collectibles and antiques. This could be your car, furniture, jewelry, artwork, or even your collection of stamps. In personal property appraisal, movable items like furniture, jewelry, vehicles, and collectibles are evaluated. So, how does it work?
A provider evaluates the risk, provides a quote, issues coverage, and, in the event of a covered loss, pays the coverage set forth in the policy. House Fire, Pixaby Many of your possessions like clothes, furniture, and appliances are covered, in most cases, by a replacement value.
Your insurance agent has suggested that you need your art or jewelry appraised in order to put them under rider coverage. Residential Contents appraisers routinely handle all the furniture, rugs and decorative items that are normally encountered in a home. There are many reasons you might need an appraisal of personal property.
Serving as the Vice President and Head of Furniture and Decorative Arts at Morans, Maranda employs a holistic strategy that encompasses valuation, logistics, and marketing to secure the best possible results for her clients.
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