when the value of specific items exceeds a homeowners policy limit the policyholder may wish to obtain additional insurance that covers luxury items such as jewelry or collectibles including art objects and antiques before issuing personal property insurance policies for high end items many insurance underwriters require applicants to have the object appraised the appraisal creates a record of the item s existence along with its description it also helps establish the item s actual value 
some insurance contracts include an appraisal clause that specifies the owner agrees to obtain an appraisal from a mutually agreeable expert in the event of a dispute between the owner and the insurance company neutral appraisals can speed the resolution of a settlement and keep disputes from escalating into lengthy and expensive lawsuits the actual amount you pay for a home appraisal can depend on where the property is located and how much time is required to complete the appraisal home appraisal process and costthe home appraisal process typically begins after a buyer makes an offer on a home and that offer is accepted by the seller the buyer s mortgage lender or broker may order the appraisal on their behalf though the buyer is typically expected to pay for it out of pocket on average a home appraisal for a single family property runs between 300 and 450 while appraisals for multi family homes can start at around 500 3once the appraisal is ordered the appraiser will schedule a time to visit the property the appraiser will then conduct a thorough review of the interior and exterior of the home to determine what it s worth this may require them to take measurements or photos of the property appraisals can take a few minutes to a few hours to complete depending on the details of the home and the appraiser s methods after visiting the home the appraiser will use the information they ve collected to create a reasonable estimate for the home s value at this stage the appraiser will also look at the values of comparable homes in the area using these comps and what they ve learned from visiting the home the appraiser will prepare an appraisal report that includes a figure that represents their perceived value of the home a copy of this appraisal report is then shared with the buyer and the buyer s mortgage lender it can take anywhere from a week to 10 days for the report to be completed sellers can also request a copy of the report if a buyer disagrees with the appraisal report they can request a reconsideration from the lender or opt to pay for a second appraisal the appraisal process is meant to be objective but appraisers are human good curb appeal and clean uncluttered rooms send a message of a well maintained home and they can be achieved without a great deal of time or expense there are some easy ways to quickly improve the appraised value of your home on the other hand you should avoid big expensive improvements just for the sake of increasing your home s appraisal value they generally don t pay off make sure you know your rights as well if you hire the appraiser to determine your home s value the appraisal belongs to you if you re refinancing your mortgage and the lender hires the appraiser the lender is required to provide you with a copy possibly for a reasonable fee of the appraisal and any other home value estimates 4if you think the appraiser has the value wrong first review the written appraisal for errors check whether the comps the appraiser chose are reasonably similar to your home if you still think the price is incorrect you can appeal the valuation with your lender or ask it to order a second appraisal 