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For insurance replacement purposes, appraisers should consider where the client typically shops, which, in most cases, falls under the retail market. This is because we use different approaches for determining fair market value and replacement value. The insured ends up with a comparable, used property and not a new property.
Do you need to have a collection appraised for insurance? For example, a client cannot use a restricted appraisal as a basis for a sales price with an auction house or antique dealer. Likewise, it cannot be used for insurance purposes. For insurance purposes, the appraisal report is written for replacement value.
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