Personal property values change over time, often faster than people realize. Jewelry, fine art, collectibles, antiques, and other high-value items can appreciate in value, fluctuate with market demand, or become significantly more expensive to replace. Without updated insurance appraisals, homeowners may unknowingly be underinsured.

An appraisal is the foundation for proper coverage. It establishes the insured value of an item and helps ensure that, in the event of a loss, insurance responds as expected.

Why Updated Appraisals Matter

Values Change Over Time

Market conditions, material costs, and demand can dramatically affect the value of personal property. An appraisal from several years ago may no longer reflect current replacement or market value, leading to coverage gaps.

Claims Are Settled Based on Documentation

Insurance companies rely on appraisals and documentation when settling claims. Outdated or missing appraisals can delay claim resolution or result in lower settlements than expected.

Policy Limits Depend on Accurate Valuation

Scheduled personal property coverage requires accurate values. If an item is undervalued on the policy, the insurance payout will be limited to the scheduled amount—even if the item costs far more to replace today.

Special Coverage Requires Appraisals

Many high-value items need to be specifically scheduled to avoid sublimits, higher deductibles, or restricted coverage. Updated appraisals ensure these items receive broader protection.

How Often Should Appraisals Be Updated

As a general guideline, personal property appraisals should be reviewed every three to five years, or sooner if:

• Market values have changed significantly
• Items have been modified or restored
• New high-value items have been acquired

Your insurance advisor can help determine the appropriate review cycle based on the type of property.

The Role of an Insurance Advisor

A knowledgeable insurance advisor does more than collect appraisals. They help ensure values are current, coverage forms are appropriate, and policy limits align with today’s realities. Regular reviews reduce surprises and provide confidence that cherished and valuable possessions are properly protected.

Updated appraisals are a simple but essential step in protecting personal property. They help preserve value, streamline claims, and ensure insurance coverage keeps pace with changing markets. Taking the time to update appraisals today can prevent costly shortfalls tomorrow.

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