3 Tips for Getting a Personal Property Appraisal

Posted by Safeco January 30, 2017
Get Your Personal Property Appraised

Insurance Appraisals Help You Select Coverage for Your Valued Belongings

Your Great Aunt Marge has always known how much you admire her antique Turkish rug, so, during an extensive remodel of her home, she gifts it to you. Now you couldn’t imagine your living room without it. So, you pick up the phone and call your independent insurance agent to ask if it’s covered under Personal Property on your homeowners, condo or renters policy.

While your policy notes that you have $40,000 worth of Personal Property coverage, it also states that only $1,000 of that can go toward rugs at any one time. You’re not even sure how much the rug is worth, but you think it’s more than that.

When you bring the question to your insurance agent, her reply is: Get it appraised. With an appraisal, she can designate or “schedule” specific coverage for it on your policy – regardless of any coverage limits your policy imposes.

It seems perfectly logical, until you realize you’re not quite sure how to go about getting a personal property appraisal for insurance. These three tips will help:

  1. Collect all the information you can about the item. How much did Great Aunt Marge pay for the rug? When? Was it new or used at the time? What are its dimensions? What kind of condition is it in? Who is the manufacturer? All of these details and more could aid a professional appraiser in creating an insurance appraisal report on the item or collection of items.
  2. Choose your appraiser carefully. You can get an appraisal online just by submitting photos, or you may want someone who will examine your item personally. Either way, you’ll need to pay a fee for the service. Before moving forward with an individual appraiser or an appraisal service, check for reviews online or ask for references. Ask other questions, too: What are your qualifications, specialties, rates, etc.? Be sure to let the person know you’re looking for an insurance appraisal so he/she can calculate the cost of replacing the item. Also ask your insurance agent whether your carrier has any specific guidelines on what type of appraisal it will or will not accept.
  3. Get a copy of your insurance appraisal report. Your completed appraisal report should include a detailed description of the item, its value, how the value was determined and the appraiser’s name. Share the report with your insurance agent. Your carrier may require a copy of it, too. And, of course, keep your own copy in a safe place, such as your home safe, for your records.

Now that you’ve gone through the process of getting a personal property appraisal, keep in mind that the value of your item may change in the coming years. You will likely want to get it appraised again, possibly as soon as 2 to 5 years after the initial appraisal. Ask your appraiser for his/her recommendation on how often to get it appraised.

As its value changes, be sure the amount you have it insured for does, too. That way, if it’s stolen or destroyed in a covered incident, you may have a higher likelihood of being able to purchase a suitable replacement.

It’s oh-so nice to fill your home with the things you love. It’s also nice to protect them with your homeowners, condo or renters policy. To check on or update your Personal Property coverage, contact your independent agent today.

To learn more about appraisals and appraisers, visit the American Society of Appraisers.


Get a Safeco Home Insurance Quote Online

Start your free online home insurance quote today and then fine-tune your coverage by working with an independent insurance agent. Your independent agent can help you select the options, such as Equipment Breakdown coverage for your appliances, that give you additional peace of mind and explore Safeco’s full range of insurance discounts.

Tell us what you think

Let the world know what you think, but do so responsibly. Comments are moderated and we will not post personal attacks, obscene language or inappropriate material, comments with links, or comments from people under the age of 18. If you have a question, check out our Comment Submission Guidelines.

By posting your comment, you agree to our site's Terms & Conditions and Privacy Policy.

© 2017 Liberty Mutual Insurance, 175 Berkeley Street, Boston, Massachusetts, 02116

Insurance is offered by Safeco Insurance Company of America and/or its affiliates, with their principal place of business at 175 Berkeley Street, Boston, Massachusetts, 02116. This website provides a simplified description of coverage. Nothing stated herein creates a contract. All statements made are subject to the provisions, exclusions, conditions and limitations of the applicable insurance policy. Please refer to actual policy forms for complete details regarding the coverage discussed. If the information in these materials conflicts with the policy language that it describes, the policy language prevails. Coverages and features not available in all states. Eligibility is subject to meeting applicable underwriting criteria.