Why should I get an appraisal?
There are many different benefits to having an appraisal. An appraisal can be as simple as satisfying your curiosity about an object, it can be used to secure insurance, it can help establish a price when selling, and it is crucial in the distribution between family members in a divorce or an estate.
When should I get an insurance appraisal?
When the property is valuable to you and you would replace it in the event of a loss then you should get a replacement value appraisal for insurance purposes. This should be updated every 3 years as prices fluctuate.
What is the difference between Fair Market Value and Replacement Value?
A Fair Market Value appraisal report describes the value of an object on the open market at the present point in time. It is not a current cost to replace the object. Replacement Value is often for insurance purposes and is the estimated cost to replace an item of equal quality, appearance, size, and origin. As it’s a replacement, the value would often be from the current retail market instead of a secondary market. Replacement value is often higher than Fair Market Value.
Decide on what you what to do with your items and we will review your plans so we can assess your property accurately. Call us at 312-372-9216.