Understanding What Your Home Is Worth

« Back to Home

Inherited A Piece Of Art Work? Two Reasons Why You Should Have It Appraised

Posted on

If someone you know has passed away and left you with some art, you may not be thinking about having it appraised. Your main objective might be to simply hang it up in your home, especially if the colors in the piece match your interior decor. However, it's very important to know how much the artwork is worth so you can take the proper precautions. Use this information to learn more about why now is a great time to have the artwork that you inherited appraised.

You May Need To Add A Rider To Your Home Insurance Policy

One of the main reasons why you should have your artwork appraised is because you just might need to add a rider to your home insurance policy. If the value of the piece exceeds a certain threshold, you could find yourself at a loss if something ever happens to it.

Your home insurance policy typically only extends a certain amount of coverage for specific types of personal property. For example, you may have obtained a policy that provides $5,000 dollars in personal property coverage. However, unless you've carefully poured over the fine print, you may not know that only $500 dollars of that is reserved for antiques or family heirlooms. If it's determined that your artwork is worth substantially more than that and you're the victim of theft, you could be left holding the bag.

That's why it's so vital for you to have your art appraised. You'll know exactly what your piece is worth so you can add on the appropriate insurance rider just in case your policy is not currently adequate enough.

Art Appraisal Keeps You From Being Stiffed

Another reason why you should have your artwork appraised is because it's the key to making sure that you don't get stiffed. The last thing you want to do is shortchange yourself in the event that you decide to sell the artwork.

Unless you're an art connoisseur yourself, you may just see an attractive picture when you look at the artwork. Unbeknownst to you, the piece could fetch a very hefty price tag in art circles and among art collectors. Don't risk getting less for the piece than you deserve; have it appraised right away.

Getting your artwork appraised could prove to be an incredibly sound decision. Don't wait; get your piece over to an art appraiser immediately so you can enjoy these great benefits and much more. For more information, contact an appraiser at a company like Wardell Appraisals.


Share