In order to receive insurance for high ticket items such as antiques and jewelry, your items will have to go through an appraisal. Appraisals are necessary so that you have the appropriate insurance coverage on your important belongings. One situation that can happen is that your item is appraised or less than what you think that the item is worth. This can present a problem, should you ever need to file a claim for an item replacement, so the best course of action is to change it. Here are the steps you need to take to challenge an insurance appraisal.
Find the receipts
If the item is less than a few years old, a receipt may be enough to challenge the appraisal and get a new one. The receipt should be itemized for the item that you purchased, with the sales price, the date of purchase, and a good description of the item. If you cannot find an old receipt, many stores and shops that sell high ticket items will have a system that allows them to look up prior purchases. Though a receipt does not always tell the worth of the item, it can give the insurance company the idea that they may need to take a new look.
Get three independent appraisals
The best way to challenge an unfair appraisal is to get an independent proposal. Go to three different appraisers who specialized in the area of the item. You want to get three to determine how other professionals see the item and to allow the insurer to select the middle of the three appraisals as the fair market value. If the appraisals come back with a different amount than the insurance company, request a new appraisal based on evidence from experts. The insurer may send out a new appraiser to determine just what they want.
Ask for another insurance quote
The final step to getting a fair market value appraisal for your item is to get another insurance quote. If you are attempting to insure your item for more than your current insurance company is offering, you should ask another insurer to appraise and quote your item. Take this quote to your current insurer to determine if they will meet the same appraisal and quote. Showing that you may take your business elsewhere is a good way to get a fair quote and properly protect your items.
