Insurance appraisals make it easier for you to bind a policy and in the unfortunate case of a claim, it makes it easier for you to make your clients whole again.
For homeowners, you must provide insurance appraisals in order to be indemnified for replacement cost.
In the insurance industry, “replacement cost” or “replacement cost value” is one of several method of determining the value of an insured item. Replacement cost is the actual cost to replace an item or structure at its pre-loss condition. This may not be the “market value” of the item, and is typically distinguished from the “actual cash value” payment which includes a deduction for depreciation. For insurance policies for property insurance, a contractual stipulation that the lost asset must be actually repaired or replaced before the replacement cost can be paid is common. This prevents overinsurance, which contributes to arson and insurance fraud. Replacement cost policies emerged in the mid-20th century; prior to that concern about overinsurance restricted their availability.
If insurance carriers honestly determine replacement cost, it becomes a “win-win” for both for the carriers and the customers. However, when a replacement cost determination is made by the carrier (and, perhaps, its third party expert) that exceeds the actual cost of replacement, the customer is likely to be paying for more insurance than necessary. To the extent that the carrier has knowingly or carelessly sold excessive (i.e. unnecessary) insurance, such a practice may constitute consumer fraud.
Our insurance appraisals give a full description of every item. This includes the amount and fineness of all metals used, the counts, sizes, weights and gemological properties of all gemstones in the pieces.