Insurance Coverage & Claims Overview

The purpose of obtaining an insurance coverage report is to be in a position to collect the full replacement cost less your deductible in the event of a claim (damage to your personal property covered under your insurance).

It is important to have these types of appraisal reports updated every 3-5 years and given to your insurance agent to establish coverage.

Looking at the big picture, the cost of insurance is minimal in comparison to the benefits the insured will receive in the event of a fire, flood, art theft etc.

In the event that you do not have an appraisal report for damaged personal property of significant value, you will need to contact your insurance adjuster to discuss the situation.

If needed, the insurance company can then contact us and we can provide them with an unbiased insurance claim report that describes and states the value of the damaged items of personal property.

The vast majority of insurance coverage and claim reports are based on retail replacement cost because it is the value that the insured would have to pay to replace the damaged item, which involves buying an item from a retail establishment.

In some instances an insurance claim report will be written to assess the cost to restore an item to good condition, therefore, the only value stated will be the restoration cost.

MIR Appraisal Services, Inc. · Site Map
307 North Michigan Avenue, Suite 308 · Chicago, Illinois 60601 · Phone: (312) 814-8510 · Email

Our appraisers are accredited members of the International Society of Appraisers (ISA) and/or the American Society of Appraisers (ASA).