Why does the type of appraisal matter when insuring antiques?

Appraisals are written for a specific purpose, and the purpose drives the value. An insurance appraisal usually aims at replacement value, meaning what it would cost to buy a comparable item, which is often higher than a resale figure. An estate or donation appraisal typically uses fair market value, and a quick dealer offer reflects what that dealer would pay to resell.

Using the wrong type can cause problems. Insuring a piece based on a resale figure may leave you underinsured. Using an inflated number may mean higher premiums without more benefit, since insurers may look at actual value at the time of a claim.

Tell the appraiser exactly why you need the appraisal, and ask that it describe each item in detail with photos, measurements, condition, and the method used. Independent appraisers who are not offering to buy the item avoid a conflict of interest. Your insurance agent can tell you what documentation the insurer requires.