Insurance Appraisal Preparations and Guidelines
What is covered by your homeowner’s insurance policy varies from company to company. Generally, limits are placed on antiques (defined as anything over 100 years old), fine art, silver, jewelry and other collectibles. Your policy may state that you have 100k coverage of your personal property; however upon examination of the fine print, unless it is scheduled it is not covered. Scheduling items on an insurance policy involves providing your insurance company with a professionally prepared appraisal of those items you wish to be covered. The company, after reviewing the report will charge an additional fee to add those items to your policy. If you suffer a loss, the company will pay, generally without question, the replacement value of that item. Eldridge Appraisals Inc. recommends that you discuss this with your agent so that you have a clear understanding of your insurance policy and the limits that it contains. Think of it as knowing what color your parachute is before you jump out of an airplane. An appraisal for insurance purposes is a simple way to protect your treasured possessions.