Are on-line appraisals sufficient for insurance coverage or tax purposes?
Your insurance company or the IRS may require what is referred to as a qualified appraisal. This is an appraisal based on firsthand inspection and in-depth research by a qualified appraiser. Depending on your intended use and the results of your online appraisal, you may wish to arrange for the appraiser to provide a qualified appraisal. A qualified appraisal is generally required by the IRS if the value of your object is over $5000. The level at which insurance companies require a qualified appraisal for itemization on a policy varies from company to company. You should consult with your insurance company and tax advisor for specific details as they apply to you. What is the turnaround time for an on-line appraisal? The turnaround time for an appraisal is anywhere from one to 10 days from the time the appraiser has all the required information and images needed to prepare the report. This is a function of the research required for the property and whether you have properly submitted t
