Personal property is assets in your home such as artwork, jewelry, and collectibles that have monetary and personal value to you. We all have these in our home but if a hurricane hit tomorrow, would you know what you have? Hurricane season is not a phrase people in the south like to hear. The season officially begins June 1 and ends November 30th and peaks in mid-August until early October. We know a hurricane can happen anytime in the warmer months and before this season starts (and especially before the first-named storm), this is a great time to think about your personal property. Let’s take a look at the reasons why you need an appraisal of your personal property before the hurricane season.
1. List of Your Valuables Is Important
Maybe you have family heirlooms, furniture, artwork, jewelry, etc. or other pieces of valuable property in your home. If a storm were to destroy your house tomorrow, would you be able to prove what you have? Start with a room in your home and make a list of the items of value. Also, take pictures of these items. The saying, “a picture is worth a thousand words” is true in this case, as you need these pictures to prove what you own. If you have a list already, that is great! Now is a good time to make this list current and up to date with items that may have been added to your home.
2. Insurance Companies Want An Appraisal
Once a storm is named, insurance companies will not accept appraisals during a certain window of time. This is why it is important to call and schedule the appraisal to be done early. While you are waiting for the appraiser, take the list you made and the pictures and store them on a personal device and in a fireproof cabinet in case of loss. The appraiser will also make another list for you and take pictures as well as give you a report for you and the insurance company. Know that YOUR idea of value versus realistic replacement may be different. The appraiser will research for you to find out what the replacement cost would be in the event of a loss. We always put a higher price tag on heirlooms and things that mean a lot to us, but unfortunately, the market dictates the replacement cost.
Why not protect your valuables and the things in your home that mean the most to you? Without an appraisal, you will have a hard time getting back from the insurance company the value you lost. The amount of money to pay for an appraisal is small compared to the protection of your valuables that you will receive. Feel free to contact us at Terry Estate Appraisals if you have any questions or need an appraisal. Have you had an appraisal before? Leave us a reply below!
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