If you have recently bought a piece of antique furniture at an antique sale, you need to take it to an antique appraiser (such as one from Bucks County Estate Traders) to ensure that you insure it for the right amount on your homeowner's insurance policy. Learn what the appraiser will be looking for with the following guide.
The Overall Condition of the Item
The appraiser will inspect the item thoroughly. They will be looking for any signs of damage and if any of the parts of the antique have been replaced. The value of an antique will decrease greatly if the piece does not have all of its proper parts. If the item has been painted, there is a good chance that it will not be as valuable as it would have been if the paint had not been put on it. It is important to get the appraiser's opinion about whether or not restoring the piece is worth your while. If it will only increase the value marginally, you may not want to spend your time doing it.
The Desirability of the Item
The value of the item will be directly affected by the desirability of it. If no one is searching for the item, it will not be as valuable as an item that is very sought after. The appraiser will know if the piece is desired by collectors or if it is something that is old and neat to own, but not as valuable as you would think.
The Insurance Value
When you get an appraisal for a piece, the appraiser will give you two different values. One value will be an auction price value. The auction price value indicates how much the piece could sell for if you put it up for auction. The second appraisal value the appraiser will give you is the insurance value of the piece. The insurance value will more than likely be greater than the value that the appraiser gives you as the auction value. This is because the insurance value covers not only the value of the piece, but also the sentimental value of the piece.
You want to be sure that you get the appraiser to give you the appraised value of the piece in writing. You can then submit the value to your insurance company and ensure that your item is covered no matter what happens later on down the road. Be sure that you add new antiques to your homeowner's policy as soon as you get them to ensure that they are covered as well.