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Re: Insurance Appraisal

Subject: Re: Insurance Appraisal
by Urulöké on 2011/10/13 9:55:43

One other thought on the appraisal - it is less important to get an appraisal now, as they will pay you the value at the time of loss, not at the time the policy was taken out. They leave it to you to guess (or get an expert opinion) on the value of your collection and choose how much you insure it for. Then, at the time of loss, if the official appraisal (based on the documentation you have for the books you lost) comes in lower than your policy, they pay the lower value. If it comes in over your policy amount, they pay the policy amount and you are out of luck for the difference.

So basically, your best bet is to insure your collection for how much it will appraise for when you lose it.

Again, the insurer may well ask you to get an appraisal when you get the policy.