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Personal Property Appraisal Defined A personal property appraisal is a professional, unbiased evaluation of the value of tangible assets like art, antiques, collectibles, furniture, or other personal effects. Legal and Insurance Requirements In many cases, insurers and courts require an accredited appraisal to validate claims.
Collecting trends and changes in taste have had a major impact on everything from antique furniture to folk art. For example, in the last fifteen years, some antique Victorian furniture has experienced a reduction in both value and desirability.
This includes real estate and personal property, such as furniture, antiques, artwork, and general residential contents. Depending on the state, the inventory must be submitted within a specific timeframe, which can range from 30 to 90 days after the estate is opened.
House Fire, Pixaby Many of your possessions like clothes, furniture, and appliances are covered, in most cases, by a replacement value. Depending on the damage, it may not be desirable to file a claim. But it is always best to notify your broker of the damage so they can notify the insurance company. I was wrong.
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