Can’t I Just Use the Purchase Price?
Purchase price feels like a logical starting point – after all, you have the receipt. But it’s rarely the right number for insurance purposes, and relying on it can leave you significantly underinsured.
Markets change. Artists appreciate. Condition shifts. A work purchased for $8,000 a decade ago may be worth $40,000 – or significantly less. The only way to know is with a current, independent appraisal that reflects today’s replacement cost.
A USPAP-compliant appraisal gives your carrier an independent, defensible valuation they can stand behind if/when a claim is filed. Purchase price alone does not.
If you have never had a formal appraisal done, or if yours is years old, now is the right time.
