THE PURPOSE OF THE APPRAISAL


Retail Replacement Value

Retail replacement appraisal is required by an insurance company before it will schedule jewelry on an individual policy beyond a certain dollar amount. In insurance parlance, scheduled property is a list of personal valuables and the appraised value of each property item for which the insurance company will pay in the event of loss or damage.  The appraisal is the record that will be consulted by the insurance firm to set the premium and determine the amount of insurance, depending on the terms of the insurance policy.