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There are numerous reasons to seek a professional appraisal, including planning insurance coverage, charitable donations, probate of an estate, or simply determining the value of your tangible assets. An ISA appraiser plays an important role in providing the fair value so that an equitable settlement can be determined.
Reasons of valuations for tangible property can include estate and probate purposes, equitabledistribution, insurance coverage, charitable donations, dissolution of marriage, and bankruptcy. As a personal property appraiser, my role encompasses tangible property including fine art, antiques, furniture, and collectibles.
While it might be possible to scour the auction market for years searching for an offering similar to the lost item and then obtain that item at a much lower price, this is not the function of insurance coverage. Fair Market Value is also frequently encountered in equitabledistribution and family distribution appraisal reports.
Common Reasons to Get an Appraisal Insurance Coverage If you own valuable artwork, having an appraisal ensures you have the right insurance coverage in case of theft, damage, or loss. Many insurance companies require a professional valuation to determine an appropriate coverage amount.
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