Appraisal FAQ
1. How often do I need to update my insurance appraisal?
We recommend that you do it every 3-5 years. This will depend on the category of item. Personal property falls in and out of fashion, so the values inherently change.
2. What type of items should be included in a policy?
Anything that may be hard to replace later.
– Fine art and antiques
– Luxury items (handbags, luggage, furs, etc.)
– Collectibles (coins, stamps, trading and sports cards etc.)
– Musical instruments
– High-end electronics
– Firearms
– Jewelry and watches
3. What do I do about everything else that does not fall into one of the specialty categories?
Take as many pictures as you can. You should have some record of the contents of your home and or business. You can store them on the cloud. This helps if there is a partial or total loss or damage of the items that are covered under your umbrella policy.
Mariam Whitten, Director, Appraisals
““The end of the year is a good time to review your insurance coverage to make sure you have adequate coverage for your personal property, and it is also a good time to review your estate plan concerning the valuation of your personal property for equitable distribution to ensure your plan fits your intentions.” ”
Favorite appraisal of 2024:
One of our favorite appraisal assignments this year was an insurance appraisal we prepared for an Andy Warhol screenprint. The print was one of fifty signed Artist’s Proofs from a total print run of 250 making it a fairly rare print. This helped make the research and value determination process interesting and fun. The results revealed that the print’s value had increased nearly 10x the price our client originally paid for it, which validated their decision to have it appraised and added to their insurance policy. Their investment is now well protected. We also advised that they keep an eye on the market for any meaningful shifts in value. If that should occur, we can update the valuation, so they aren’t over or underinsuring the piece.
Andy Warhol (1928 - 1987 New York, NY) John Wayne, 1986 Price Realized: $150,000
Appraisal Services
Our appraisal services provide formal, well-researched documentation for insurance, tax, and estate distribution and tax filing purposes, with valuations grounded in comparable secondary market prices. Accurate appraisals help clients avoid the risks of undervaluing their collections or overpaying on estate taxes and insurance premiums. To ensure proper coverage, insurance companies typically recommend reappraising property every five years. Our team of knowledgeable, USPAP-compliant appraisers is skilled in evaluating a wide range of specialty property. We offer comprehensive services for everything from single items to entire collections, even if they span multiple locations. These services include Fair Market Value appraisals for estate tax filings, estate planning, or equitable distribution; Retail Replacement Value appraisals for insurance purposes; and Donation Appraisals for charitable contributions and tax deductions. For more information on appraisal services or to schedule an appointment, contact Mariam at (626)628-9344 or email [email protected].
View our Trusts & Estates Brochure