an appraisal is an opinion based upon education, experience and expertise. there are different types of appraisals based upon your needs.
- insurance appraisal:
an evaluation based upon fair market value of the item and should include an observed description of the item. this type of appraisal should be descriptive enough that your insurance company would be able to replace that item with one of like kind and quality if needed. many insurance companies write replacement polices with that in mind. it is always recommended to question your agent on the types of policies and requirements needed for the policies.
- estate settlements:
an evaluation of an item with particular consideration of the condition, antique or designer value. estate appraisals may also be known as stress appraisals.
- divorce agreements:
an evaluation based upon the cost of materials and again takes into consideration the condition and provenance of the item.