Most individuals do not even realize they have a need for an appraisal. There are many reasons to have one but the most common one is for Insurance Purposes.
You may have items of value that you want your household insurance to cover in case of loss or damage. You have several hundred thousand dollars of coverage on your home and you think that will cover these items. WRONG!!!
Almost any item in your house worth more than your deductible amount on your policy should be covered by having an appraisal done on the item so it can be added to a SPECIAL RIDER endorsement to your household insurance. (Please check with your insurance agent to find our the specifics about your policy.)
I will get into details about other types of appraisals in future articles, but needless to say, this is certainly an important one.
Here are some other types of appraisals:
- Estate Settlements
- Damage Claims
- Insurance Evaluations (including collector cars & trucks)
- Bank & Private Trusts
- Probate
- Equitable Distribution Among Heirs
- Charitable Donations
- Business Equipment Donations
- Bankruptcy Evaluations
- Divorce Property Settlements
- Domestic Litigation Claims
As you can see, there are many different reasons to have an appraisal done. I will go into detail on each one including more information on Insurance Appraisals in the near future.
Make sure you have taken the proper steps to protect your valuables,
Hal Resnikoff
Arizona Certified Appraisal Group
480-540-2753
www.azcertifiedappraisal.com
