The homeowner's insurance policy you have for your home protects you, your home, and your things. However, a standard home insurance plan has limitations with what it covers, especially when it comes to your personal property. When you have valuable things, your policy might not provide full compensation for them if you lose the items to a covered peril. If you want full protection for them, you might want to hire a company that performs personal property appraisals.
What Are Personal Property Appraisals?
A personal property appraisal is a service designed for one purpose. The purpose is to determine the value of a specific item. If you have multiple items to appraise, the appraiser can tell you the values of each thing. You can have a company appraise just one item or many, and they can appraise almost anything. You might have jewelry, art, or antiques that you would like the values for, or you might have other things. If you need to know the actual worth of an item, this is the best way to find out.
Why Do You Need Them?
People need appraisals for many reasons, but one common reason is for their insurance coverage. If you lost your home to a covered peril, your insurance policy might not cover everything you own for the true value of the items. Instead, you might receive only a portion of the value for your compensation. If you want to have items covered at their actual worth, you can get the items appraised. You can give the appraisals to your insurance agent, and the agent will update your policy to reflect these items, their coverage, and their values.
How Can You Use Them to Protect Your Things?
If you are not sure if you need appraisals for things you own, talk to your insurance agent. The agent will ask you questions about your assets and may recommend appraisals for some. Once you get the appraisals, you can use them to add riders to your policy for additional coverage. Riders provide compensation for the actual value of the items instead of a general value that the insurance agent puts on your things.
If you like having the peace of mind knowing you have all the coverage you need, you might want to consider getting personal property appraisals. To learn more, contact an appraisal company today to set up a meeting to get started with your necessary appraisals.