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Getting an Appraisal for Insurance Purposes

Whether you’re purchasing a home or looking to insure a valuable collection or another form of property you may need to have an appraisal done in order to get a fair estimate of value. An appraisal is generally a thorough and comprehensive evaluation of a collection or items to determine their replacement value . Appraisers are highly trained professionals who understand their industry and who know how to carefully evaluate the property or article in question.

The best appraisals are objective and unbiased. Such appraisals will include information regarding intended uses warnings about misuse they will describe how the appraiser arrived at the assigned value and also include any limiting conditions or extraordinary assumptions as to how it has been identified graded tested and inspected.

What is the International Society of Appraisers (ISA)?

Brokers will frequently recommend using members of the ISA to conduct an appraisal. The International Society of Appraisers is an association consisting of independent appraisers throughout Canada and the US. The ISA has specialists trained to provide a meticulous and comprehensive evaluation no matter what needs to be appraised. Association with the ISA lets you know that their credentials can be verified and that they have in fact completed the courses relevant to Uniform Standards of Professional Appraisal Practice (USPAP).

What should an appraisal for insurance purposes include?

Upon completion of your appraisal you should receive a signed certification page along with a detailed property description. An appraisal offers you a benchmark against which you might determine the value of your specific piece of property. With this when it comes to your insurance policy you are protected your broker can make sure you have the appropriate coverage and your insurance company understands more precisely what it is they are insuring. If you’re not sure where to turn when looking for an appraiser you might start by asking your broker. They will more than likely have a list of highly recommended appraisers with whom they’ve previously worked.