When to Use an Inventory Service or Appraiser
It is important to know what you own, for many reasons.
The most common purpose is to be prepared for a disaster so you can maximize an insurance claim.
This is achieved because you'll be able to remember and prove possession of the contents of your home or business.
What is personal property? Personal property is best described using this scenario: imagine cutting the roof off of a house, turn the house upside down and shake it.
Whatever falls out is personal property.
Therefore, furniture, electronics, artwork, linens, sports equipment, appliances, clothing, food, cleaning supplies, area rugs, etc.
, are all personal property.
On the other hand, items affixed to the floors, walls and ceilings are not considered personal property - they are part of the structure.
These are items such as built-in bookcases, lighting, flooring, crown molding, counter tops, etc.
Who should document your personal property? I'm assuming that you don't want to tackle this task on your own.
It can be time-consuming, boring and frustrating when you continue to get interrupted.
So, when it's time to create this document that compiles the report of your belongings, should you use an inventory service provider or a certified appraiser? Knowing the difference between the two professionals will help you make that decision.
Often you'll decide to hire both, each providing their specific niche.
Most often, a personal property inventory service provider is the professional you'll want to utilize for a whole-house personal property inventory.
This can be for disaster preparedness, disaster recovery, estate settlement, financial planning, moving, placing items in storage and estate planning.
For a business owner, this information is also used to know the value of the company assets, for dissolution of a partnership, buying or selling a business, to keep track of all assets and where they are, and to ensure personal property taxes are being correctly filed.
Both homeowners and business owners can also benefit from this report as backup documentation when claiming an uninsured loss on income tax returns.
When hiring a professional to create an inventory, the most cost-conscious decision would be to hire a personal property inventory service provider.
There is no certification for this industry, and therefore, their rates are much lower.
An appraiser is certified to review, examine and then estimate the value of jewelry, artwork, china, silver, coins, antiques and high dollar value collectibles.
Certified appraisers spend many hours earning their designations through experience and education.
Appraisers' rates can vary widely.
Some charge per item while others have an established hourly fee.
Hiring both professionals is most often the financially sound decision.
First, hire a home inventory service provider for all the normal household items.
Then, once that is complete, a certified appraiser can offer their expertise only on the items that would require special assessment.
The most common purpose is to be prepared for a disaster so you can maximize an insurance claim.
This is achieved because you'll be able to remember and prove possession of the contents of your home or business.
What is personal property? Personal property is best described using this scenario: imagine cutting the roof off of a house, turn the house upside down and shake it.
Whatever falls out is personal property.
Therefore, furniture, electronics, artwork, linens, sports equipment, appliances, clothing, food, cleaning supplies, area rugs, etc.
, are all personal property.
On the other hand, items affixed to the floors, walls and ceilings are not considered personal property - they are part of the structure.
These are items such as built-in bookcases, lighting, flooring, crown molding, counter tops, etc.
Who should document your personal property? I'm assuming that you don't want to tackle this task on your own.
It can be time-consuming, boring and frustrating when you continue to get interrupted.
So, when it's time to create this document that compiles the report of your belongings, should you use an inventory service provider or a certified appraiser? Knowing the difference between the two professionals will help you make that decision.
Often you'll decide to hire both, each providing their specific niche.
Most often, a personal property inventory service provider is the professional you'll want to utilize for a whole-house personal property inventory.
This can be for disaster preparedness, disaster recovery, estate settlement, financial planning, moving, placing items in storage and estate planning.
For a business owner, this information is also used to know the value of the company assets, for dissolution of a partnership, buying or selling a business, to keep track of all assets and where they are, and to ensure personal property taxes are being correctly filed.
Both homeowners and business owners can also benefit from this report as backup documentation when claiming an uninsured loss on income tax returns.
When hiring a professional to create an inventory, the most cost-conscious decision would be to hire a personal property inventory service provider.
There is no certification for this industry, and therefore, their rates are much lower.
An appraiser is certified to review, examine and then estimate the value of jewelry, artwork, china, silver, coins, antiques and high dollar value collectibles.
Certified appraisers spend many hours earning their designations through experience and education.
Appraisers' rates can vary widely.
Some charge per item while others have an established hourly fee.
Hiring both professionals is most often the financially sound decision.
First, hire a home inventory service provider for all the normal household items.
Then, once that is complete, a certified appraiser can offer their expertise only on the items that would require special assessment.
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