During the Christmas season, many people will be making special purchases, items such as jewelry, guns, furs, artwork, special collectables and other high ticket items. These items would be well deserving of a Personal Articles Floater, because this type of property often requires more coverage than what is covered on a homeowner’s policy. It is a good time to also stop and consider having valuables re-appraised that have been appraised in past years, because often values of special items can change dramatically with a changing financial market.
According to Crain’s Cleveland Business there are a few good reasons to re-appraise your valuables:
If you had your valuables assessed more than five years ago, a re-appraisal would be in order. Many people when faced with a claim, are taken by surprise to find out that their property value has changed considerably, and they will not receive what the item is currently worth. You want to make sure the value on your schedule (listing each possession and valuing them separately) is not below the appraised value.
If you have an appraisal prior to 2009, you should seriously consider updating your information. The market crash of 2008 drastically affected the art market as well as all other markets. The fine art market has mostly recovered, however, certain collectibles, such as antique furniture, are still recovering. There are always exceptions, but those are reserved for the best of the best in the collection world.
When dealing with estate planning, current appraisals are essential so that owners can plan for donation, estate tax and distribution and make adjustments to their plan to reflect updated values.
If you have any questions about a Personal Articles Floater or whether your valuables need re-appraised, call your agent at Barker, Beck, Collins and Kronauge. We are just a phone call away!