Comparable replacement cost is defined as the amount of money that would be required to replace an item with another of similar age, quality, origin, appearance, condition and utility, within a reasonable length of time (6 months or less) and in the appropriate and relevant market where the property is customarily sold to the public.
Many personal property Items, by their nature are not "exactly" replaceable. An accredited appraiser will determine a comparable replacement cost for your personal property for insurance purposes.
Please note that most Insurance companies will require a Professional Appraisal vs. simple a "value" from an auction house or dealer. The good news is that Insurance Companies ususally do not require appraisals every year. Often, they don't ask for updates for several years.
Our Insurance Appraisals are typically $200 plus Hst for an approximate 13-15 page report per item. However, this fee is signifcantly less per item when we complete an Insurance Appraisal for multiple items.