We do appraisals for insurance purposes
$75 per hour with a minimum of 2 hours
1. Appraisals are important to the insurance process
If you have an attachment to your most cherished cards and memorabilia pieces, you’ll love them no matter what they’re worth. Still determining a value is important, especially when you’re purchasing insurance.
- You need to know if your Homeowners Policy will cover them, or if you need a valuable items endorsement or a separate policy.
- If you need a special endorsement or policy, underwriters will base your coverage amount on the appraised value of your collection.
- Your insurance premium will be based on that same value.
2. Insurance companies never take your word for value
Even if you’ve had the same insurance agent for years, that relationship will only take you so far. Your agent might trust you when you tell him the value of your newest pieces, but the insurance company will insist on a written appraisal from a reputable source.
3. A sales receipt won’t do
Insurance companies won’t accept a receipt of purchase as a legitimate measure of value. It doesn’t matter how much you paid for your cards or memorabilia. When writing a policy or paying a claim, the insurance company relies on the actual appraised value, not the cost.
4. You may still have to prove the value if a loss occurs
When you file a claim, the insurance company won’t simply write a check for the amount of your stated coverage. They will verify the details before settling your claim.
If a thief stole your collection, they will want to see a police report. If you lost it or it simply disappears, they will want to know how and why. If you have no witnesses, the insurance company adjuster may decide to talk to friends and relatives about you and your collection.