Get the Most Money for Your Insurance Claim with an Insurance Appraisal
Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
Have you heard stories of people damaging their own property or claiming jewelry has been stolen in order to file an insurance claim and get a little cash?
During difficult economic times, the insurance industry sees higher claims activity. Unfortunately, fraud, such as false insurance claims, also picks up and damages the industry.
If the insurance company is investigating fraud, they may also scrutinize your legitimate claims.
Up-to-date and accurate appraisals for your valuables will ensure that when you file a legitimate claim, you receive the reimbursement you deserve.
Appraisals allow you to list your valuable items with your agent on an agreed-value basis. That means if you file a claim, you’ll be reimbursed for the appraised value. Appraisals are usually valid with an insurance carrier for three to five years, depending on the carrier. When you buy a new item, you should be able to negotiate an appraisal as part of the purchase, depending on the price of the item.
Cost of appraisal can vary, depending on where you live. Ask your insurance agent for a recommendation of where to go to get an appraisal.
If you do not secure an appraisal and only have receipts for your items, you would have to include the total of all the items on a blanket basis. The premium for that coverage is usually less, because the coverage is based on replacement cost versus agreed value. With blanket coverage, you may not be covered for the full amount you paid for a piece, especially if the insurance company secures a replacement piece at a lower price.
For valuables like furs, silverware, cameras, and personal computers, the value may be determined at the time of the loss. You may be reimbursed in one of several ways:
You may be able to get a reduced premium if you protect your valuables in a safe-deposit box. Just make sure to notify your insurance company when you remove the item.
Enjoy your bling, but, more important, protect your bling.
Linda Rey is a licensed insurance agent at Rey Insurance with a broad spectrum of expertise in life, accident, health, property and casualty insurance as well as retirement planning and college funding strategies.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.