Definition Series for the Insurance Illiterate: Appraisal

Appraisal

Definition of Appraisal

// an evaluation of your insurance claim by an authorized person to properly value your damaged property or item(s).

Unfortunately, your insurance company can’t just take your word for it (trust issues and the law) because your property and/or items might need to be appraised by someone who is approved to do so. That way, we are all on the same page and one big happy family. *insert awkward family hug* and legitimacy all around.

EXAMPLE OF APPRAISAL

Fred and Wilma have been living together for 3 years. Fred has a home policy where Wilma is a named insured. Last night, Fred popped the question and put a giant diamond rock on Wilma’s finger (literally, it was the Stoneage after all). It was a large purchase and Fred wants to add it to his home policy and wonders if he needs an appraisal?

INSURELY SAYS…

Fred might not need an appraisal if he has the receipt from his recent purchase for proof of value. If the ring were not originally purchased by him or it was an heirloom passed down for three Stoneage-generations ago, he would most likely need to get it appraised to determine its value.

How to add jewelry to your home policy? Insurely’s online platform makes it simple to do just that! From boats to bikes to jewelry – Insurely makes it fast and convenient. Fred can call us or alternatively, log onto his online account and under “coverages and deductibles” press on the diamond symbol to add a piece of jewellery. It will ask for a description, value and recalculate his premium. Once Fred accepts, he has 30 days to provide either a proof of purchase, receipt or an appraisal. Yabba-dabba-I-DO!

Have you had your valuables appraised and added to your home policy? We think you should by starting here >> get covered today!