The Reason for an Insurance Appraisal

Before I explain what an appraisal is, here are some suggestions to help you determine if you need an item appraised:

If this item is lost, stolen and/or severely damaged, would I want to replace it? The reasons for replacement can include its romantic, sentimental or economic value. The only necessity is that it be important to you. If you would not bother to replace the item, then you probably do not need to have it appraised.

Assuming you have decided that you would replace the item, the next question is:

Do I know how much it would cost to replace the item? If you know how much it would cost you to replace the item, you may not need an appraisal, depending on your insurance coverage.

After establishing the cost to replace, are you financially secure enough to pay for replacing the item yourself? This requires that you be reasonable and realistic in setting replacement parameters.

If you are not willing to self-insure then it would be beneficial to have the item insured, which requires an insurance appraisal.