|Re: Insurance Appraisal|
Subject: Re: Insurance Appraisal
by Urulöké on 2011/10/13 9:51:56
From my personal perspective:
The insurance company will let you declare your "personal property" for any value you want. They typically cover a certain percentage of the value of your house by default in your homeowner's policy. (If you are a renter, renter's insurance is a good idea but another topic). If what you delcare is higher than the default, they will make you get a rider (additional insurance). They may ask you to get it appraised if it is very high value, but that is up to them.
If (fingers crossed never) you have a loss, they will not pay you until you can prove your loss. This is key - before you have a loss, you should either get an official appraisal, or you should self-document - photographs of what you own, receipts from purchase, etc. - everything needed to prove "replacement value". They WILL NOT take your word for a loss - if you can't prove that pile of ash (or broken window for theft) was a $1000 copy of The Hobbit, they will pay you $20 to go buy a new hardcover copy. That's replacement value, in their book.
Your self documentation needs to be stored offsite (in a safe deposit box, for example) for obvious reasons.
I have not had to file a claim yet, so this is just anecdotal from conversations I have had and my own conversation with my insurer. I do not know if digital pics would be accepted, given how easy they are to scrounge off the Internet they may not take it as evidence you actually owned the book(s) in question.
Just my opinions, again...
In any event, it is a good idea to have documented what you own, what you paid for it, etc.