You work hard for what you own, and you even have a few cherished heirlooms in your home that you value more than anything. While you know that purchasing property insurance is essential for protecting the value of what you own, you are also confused by how to determine how much insurance coverage you need and prove what you own. Follow these steps to get your property appraised so that you have a full understanding of what it would cost to replace the items in your home should the worst happen:
Understand the Appraisal Process
In some instances, a renters insurance company may send an appraiser to your home. If not, then securing a private appraisal is an effective way to gain a better understanding of what your property is worth. Keep in mind that appraisals sometimes result in different values than what you might expect. For instance, an heirloom piece of china may be appraised at a lower rate than you think if it is still easily replaceable. Alternatively, that vintage piece of furniture may be worth more if it is no longer being manufactured.
Identify Potential Important Items
An appraiser will walk through your home to help you identify the value of the major items. However, it helps to be able to show them things that they might miss such as a valuable book that sits with others on your bookshelf. Make a list of important items that you think an appraiser should see so that you don't miss essentials such as jewelry or home electronics. Your homeowner's insurance coverage may also require an appraisal of the actual house as well so be prepared to give a full tour.
Make Copies of the Appraisal Report
After your appraisal, you will be furnished with a report that covers the main pieces of your personal property along with an estimated value of the total. Make copies of this report, and distribute it to your condo insurance company and any agent that assisted you with buying the coverage. Then, scan and store an additional copy in your digital documents, and place a paper copy with your other essential paperwork.
Whether you rent or own your home, it is important to know that you have the right type of coverage to replace your belongings if you experience a disaster. By knowing how to go through the appraisal process properly, you can be certain that you have secured the right amount of coverage to rebuild your household if you lose it all.
Check out a website like http://www.statefundhomeinsurance.com for more information and assistance.