What is an IRS Qualified Appraiser?
March 12, 2026
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If you’ve been researching appraisals for estate tax, charitable donation, gift tax, or another tax-related purpose, you’ve likely encountered the
An insurance appraisal establishes the replacement value of your personal property so that your coverage accurately reflects what it would cost to replace items after a loss.
High-value personal property often warrants more than a standard homeowner’s policy can provide, and obtaining the right coverage relies on an accurate appraisal.
Jewelry, fine art, antiques, watches, and collectibles often require scheduled coverage based on accurate, current replacement values, and that coverage begins with a professional appraisal. Our insurance coverage appraisals are conducted and signed by an ISA Certified Appraiser of Personal Property and document the replacement value, condition, and identifying details of each item at the time of appraisal. This creates a contemporaneous record of existence and condition that is invaluable not only for obtaining appropriate coverage, but as ongoing documentation should a claim ever arise.
It is recommend that Insurance Appraisals for significant property are updated every three to five years. We can help you stay current and make sure your coverage keeps pace with the market.
Here are answers to questions frequently asked about Insurance Appraisals.
Q: What is an insurance appraisal?
A: An insurance appraisal establishes the replacement value of personal property, defined as: the cost to replace each item with a comparable one of like kind, quality, and function at current retail prices. This value takes into consideration additional costs as well, including, for example, shipping, taxes, and installation. This value is typically higher than fair market value and is the standard used by most insurance policies covering fine art, antiques, jewelry, and collectibles.
Q: Why do I need an appraisal if I already have a homeowner’s policy?
A: Standard homeowner’s policies typically provide limited coverage for high-value items like fine art, jewelry, silver, and antiques — often capped at amounts far below actual replacement cost. A professional appraisal allows you and your insurer to set appropriate scheduled coverage for specific items, ensuring you’re not underinsured.
Q: How is replacement value different from fair market value?
A: Replacement value is what it would cost you to go out and buy a comparable item today at retail. Fair market value is what a seller might realistically receive in the open market. For insurance purposes, replacement value is almost always the correct standard — and it’s typically higher, often significantly so for antiques and fine art. This can be a somewhat complex concept, learn more about it in the following article: Fair Market Value Vs. Replacement Value.
Q: What types of personal property do you appraise for insurance?
A: Fine art, antiques, furniture, decorative arts, jewelry, silver, ceramics, rugs, artifacts, collectibles, luxury goods, and other significant tangible assets. Collections of any size and scope are welcome.
Q: How often should I update my insurance appraisal?
A: Most insurance companies and appraisal professionals recommend updating insurance appraisals every three to five years. The art and antiques market can shift substantially in that time. Items that were adequately covered five years ago may be significantly underinsured today, or, in some categories, overinsured.
Q: Will my insurance company accept your appraisal?
A: Yes. Appraisals prepared by The Expert Appraisal Company are USPAP-compliant and prepared by an ISA CAPP-credentialed appraiser, which meets the qualification standards of virtually all major personal property insurers. Prior to us beginning the assignment, we work with you to determine if your insurer has specific requirements, and if so, we are happy to accommodate.
Q: Do I need to bring items to you, or will you come to us?
A: For insurance appraisals requiring in-person inspection (not all do), we conduct an on-site inspection at the location where the property is kept. This allows us to assess condition accurately and photograph items in context. We serve clients throughout the Midwest and nationwide.
Q: What is included in the appraisal report?
A: The report includes a detailed description of each item, condition notes, photographs, provenance if available, comparable market data, and the appraiser’s concluded replacement value and justified reasoning. It is formatted for direct submission to your insurance agent or broker.
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