Why Do You Need One? - What is an Insurance Appraisal?
An insurance appraisal establishes the value of your personal property for insurance coverage. But its usefulness extends beyond the number on the page.
When property is lost, stolen, or damaged, the burden is generally on the owner to document what existed and, when relevant, its condition before the loss. For a significant collection, trying to reconstruct that information after something has happened can be difficult. Receipts disappear, photographs are incomplete, and details that once seemed obvious become harder to establish.
A well prepared insurance appraisal creates a record before it is needed. It identifies and describes each object, documents its condition, includes photographs, and establishes an appropriate replacement value based on the current market. If a loss occurs, that documentation can help support the resulting insurance claim and provide a clear point of reference for the owner, insurer, and other professionals involved.
The appraisal, however, is only as effective as the information available to the appraiser. Owners should be prepared to provide:
Purchase documentation including invoices, bills of sale, and receipts
Prior appraisals and other previous valuations
Provenance and ownership history when known
Certificates of authenticity and other supporting documentation when applicable
Conservation and condition reports including records of restoration or repair
Photo documentations
Relevant correspondence from artists, galleries, auction houses, dealers, or other specialists
Access to the property so that objects can be properly inspected, measured, and photographed
Not every object will come with a complete file, particularly when property has been inherited or collected over many years. That is not unusual. The goal is to give your appraiser everything that is available so the appraisal can create the most accurate record possible.
An insurance appraisal cannot prevent a loss. It can make proving what you had, what condition it was in, and what it would cost to replace considerably easier.
Unknown Art NYC works with collectors to create clear, thoroughly researched insurance appraisals that document their property before that documentation is needed.