How to choose the perfect appraiser for your property, art, antiques, jewelry, and other valuables

appraiserIf you have highly valuable, treasured property or possessions, you may need to get them appraised for insurance purposes. Many insurance carriers will insist on accurate valuation of property, art, antiques, jewelry, and other items so they can ensure the correct level of coverage and premium payment.

When you’re seeking out a good appraiser, here are some areas to consider:

Talk to your friends and colleagues

If you know other people who need to insure high-value items, talk to them about their experiences. Get recommendations on good appraisers and create a shortlist.

Look at professional qualifications

There are a variety of professional accreditations and qualifications depending on the fields an appraiser trains in. These include:

  • International Society of Appraiser’s credentials for fine art, antiques, and personal property.
  • A diploma in gemology for jewelry appraisal.
  • Uniform Standards of Professional Appraisal Practice exam for members of the American Society of Appraisers.
  • Principles of Valuation courses for members of the American Society of Appraisers.
  • Property appraisers should have one of the following designations from the Appraisal Institute — MAI Designation, SRPA Designation, SRA Designation, AI-GRS Designation, AI-RRS Designation.

There are various other exams and certifications available. Always check an appraiser’s qualifications to ensure they’re qualified to provide expert advice.

Check if they’re members of professional appraiser organizations

There are several industry bodies for appraisers. They include:

Many of these websites have membership directories for their appraisers.

Professional appraisers are required to uphold a strong code of ethics, including:

  • Providing truly independent valuation services, with no external influences.
  • Have no outside interest in the valued item, other than as providing a professional service.
  • Only carry out appraisal work in their area of expertise.
  • Consider all relevant factors when arriving at a valuation.
  • Treat and document property with the right level of care and respect.
  • Ensure personal remuneration and pay is independent of the value of property being appraised.

Interview your shortlist

When you have a shortlist of appraisers, call each one and ask questions about their area of expertise, qualifications, professional standards, and membership of industry bodies. Get a feel for what each appraiser is like and use that to decide which one would be right for your needs.

Remember that valuations change with time, many carriers will require updated valuations on a regular basis.

As always, if you have any questions about your scheduled property or how to get your property appraised, we are a phone call away!

Mary McGrath
Personal Lines Manager
mmcgrath@srfm.com

Appraiser

How to Insure Valuables: Fine Art, Wine, Jewelry & More

How to Insure Valuables Fine Art, Wine, Jewelry & MoreHow to Insure Valuables: Fine Art, Wine, Jewelry & More

As Hurricane Sandy rolls past the east coast, residents are grieving over the loss of their valuable possessions. Even as families pack up their luggage and travel to different destinations, they often leave their home and their valuables susceptible to theft. Although your home is covered by homeowners insurance, your valuable possessions inside may only be covered by a small amount. Valuables may mean many different things to many different individuals, some find the value in sentimental objects and some find it in monetary objects. However regardless of your definition of valuable, you need to be aware and educated with the best ways to insure your valuables.

Nobody wants to see their fine art, wine, jewelry, exotic car, or silverware stolen only to find out that it cannot be replaced. Because general homeowners insurance does not cover very much of these valuables, you will need to speak with an agent and purchase additional coverage. The most common policy on how to insure valuables is the personal articles floater (PAF). Although PAF varies with every carrier, it generally means it is a separate or supplemental policy added to your homeowner policy in order to protect your valuables against theft or damages.

When purchasing a PAF you will need to create an inventory which includes the name of the item, a picture and its monetary worth. In order to compute the item’s value you may have an appraiser look and examine it. Although this may seem costly, it will ultimately it will be very beneficial in the event of a loss. This will ensure you scheduled value of the possession when filing a claim.

There is also blanket coverage which is often recommended for smaller possession, such as a less valuable piece of jewelry. If you do decide to purchase blanket coverage instead you do not need your possessions to be appraised. However, blanket coverage does not guarantee that you will be covered for the full amount you purchased the item for.

Sinclair Insurance welcomes the opportunity to sit down with you and tell you more about the special programs we can develop just for you. At your convenience, please feel free to call us at 203.265.0996, email us, or return the form on this page.