If you own an antique or family heirloom, you likely are holding onto it because it has both financial and sentimental value. While the sentimental value obviously can't have a dollar figure placed on it, the financial value can. But just how much is that item actually worth? This is where getting a personal property appraisal can pay off for you. The appraisal process will allow an expert to assess your item and set a financial value. Here's why you might want to get personal property appraisal today.
You Want to Buy an Insurance Policy for the Item
Your homeowners' insurance likely covers personal belongings in the home, but this might only be to a certain limit. If you have an especially valuable item, you might need to get an insurance policy just for it. But how will the insurance company verify that the item really is worth what you claim it is? This is where your appraisal comes into play. You can send the appraisal to your insurance company with your application. The appraisal can also be used if something does happen to the item and you need to verify your claim or defend yourself if your claim is challenged.
You Want to Sell the Item
Some heirlooms and antiques have more sentimental value than others. If you are in possession of something that has high financial value but is not sentimental to you, you likely won't have a problem trying to sell it for a quick and tidy profit. Depending on the item, it might not be immediately clear to the buyer just how valuable it is. An appraisal will help you maximize your payout when you do sell it, and it will also give your buyer piece of mind about their new purchase.
You Have Valuable Items You Will Leave in Your Estate
If you are beginning to create a will or estate plan, you'll need to get a financial accounting for everything you are going to hand down to your family when you pass on. If you are trying to leave a certain amount of money to each person, it can help to know exactly how much each item in the estate is worth. Someone getting an old pocket watch or piece of jewelry might not think it's worth much at first glance, but showing them an appraisal that says it's worth thousands will help eliminate any drama if your estate ends up in probate.
Contact a company that does personal property appraisals today for more information.