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:
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.
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.
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