Insurance Appraisal Services Process

Brigitte Kruse Appraisal Service is the ultimate location to get the most accurate appraisals. With Brigitte Kruse’s impressive and extensive resume, no one else will do for your appraising needs. She is a fifth generation auctioneer, speaks multiple languages, was the first woman auctioneer to recently be inducted into the Guinness Book of Records, has been called as an expert witness in court cases, has extensive training and pertinent education, and is well versed and experienced in the appraising industry. Offering many forms of appraisals, Brigitte Kruse Appraisal Services is unbiased and upholds the guidelines, protocols and high standards of the USPAP, or Uniform Standards of Appraisal Practice and ISA, or International Society of Appraisers.

Insurance Appraisal Definition

An appraisal is the unbiased assessment, estimation or evaluation of a specific item’s worth. In the event of theft or damage of an insured item; an insurance appraiser assesses the situation to determine the costs to repair or replace the item to ensure a fair claim payment from the insurer. Insurance appraisals are commonly needed for many items. Brigitte Kruse Appraisal Service can provide insurance appraisals for a number of items. We specialize in Fine Jewelry, Coins, Asian Antiques, Art, Designer Clothing and Shoes, Personal Property, Antiques, Enamels, Faberge, Russian Antiques, French Antiques, Furniture, Heavy and Commercial Equipment.

Replacement Value Method

There are different types of appraisals that serve different purposes, and the values assigned to your treasures can vary depending on the purpose of the appraisal. Insurance appraisals are obviously for insurance purposes, which determine the replacement value of your items. Replacement Value is defined as “The amount it would cost to replace an item with one of similar and like quality purchased in the most appropriate marketplace within a limited time period.” With that in mind, Brigitte Kruse Appraisal Services considers your item’s quality, rarity and condition. We embark on extensive research, along with all the elements which you present upon purchase, in order to determine the item’s comparative value on the market.

Inventory List for Insurance

Insurance policies typically limit the reparation paid for individual items including fine art, oriental rugs, furs, silver and jewelry. It is recommended that you check your individual policy, as these caps can often be between $2,000 and $5,000. Items valued within your policy’s cap need not be appraised. Obtaining additional coverage for more valuable items requires adding a rider to your policy. Check to see that your policy is for replacement value insurance to be certain you are fully covered. Whether your collection is inherited or collected by you, it is important to keep all essential documentation on each item, clearly marked in files. It is a good idea to keep a complete inventory of all fine items, even if their value is within the limits of your homeowner’s policy and do not require a rider or appraisal. Appraisals for insurance should be re-evaluated every 3-5 years, unless there is a notable dramatic change in the market for specific items.

Appraisal Report of Fair Market, Replacement or Liquidation Values

After the insurance appraisal is finished, you will receive an appraisal report. The report becomes a legal document that will clearly state the kind of value being determined, such as fair market – used for taxes, replacements – used for insurance coverage, and liquidation – used for bankruptcy or business dissolution. The appraisal describes the item being valued and includes details to the procedures used to estimate the value such as; analysis of comparable sales, estimation, analysis of income (if applicable), and the relation of the appraisal values to a specific point in time. The appraisal report also includes the signature of the appraiser responsible for validity and objectivity and specifies the personal qualifications of the appraiser.

Insurance Appraisal & Report Services in Beverly Hills, Agoura Hills, Palm Springs, Indio & Southern California

For your insurance appraisal needs there is no other more qualified than Brigitte Kruse Appraisal Services. Call us today to get started!