FREQUENTLY ASKED QUESTIONS
Answers to your most-asked questions
Asset Verification – Frequently Asked Questions
What is Getty Object ID?
Originally developed by the Getty Museum to be a standardized system for identifying and recovering lost or stolen art, AVI uses Getty ID to record the identifying details of your personal possessions. It’s an inventory process that is highly respected by the insurance and financial services industry.
What does Aggregate Valuation mean?
This is a term used by the appraisal and insurance industry that represents the total value of everything that is inventoried. If we inventory your entire house, your Aggregate Valuation represents the value of all your personal property.
What does it mean to be USPAP-compliant?
USPAP compliance refers to the Uniform Standards of Professional Appraisal Practice that set performance and ethical standards for certified appraisers. These standards are designed to ensure that your valuations are developed in an unbiased manner to the highest standards in the appraisal industry.
Does AVI provide any documentation that outlines the services and associated cost?
After we’ve agreed to the details, AVI prepares a formal Letter of Agreement for your signature. This letter will confirm the services to be provided, the dates of service, the names of the Inventory Specialists who will be assigned to your home, and the fee and terms of payment.
How long does the inventory process take?
On average our team of 2 Inventory Specialists can inventory approximately 3000 square feet in your home per day. Obviously, this may vary based on each client’s home contents. For example, inventories that include large collections of sterling silver, china or collectibles generally require more time.
Does the Inventory Specialist require the homeowner’s assistance during the inventory?
After the walk-through is completed and any special instructions are given, there is no need to stay with the team. We understand that our clients have active lifestyles and our Inventory Specialists are highly trained to work independently.
What must be done to prepare for the inventory process?
Our goal is to make the process as easy as possible. If you have items that you want cataloged and appraised, they should be removed from storage, unpacked if necessary and made available to our Inventory Specialists. Items such as china, silver and crystal do not need to be removed from cabinets. Clothing and other items located in closets will be discussed during the walk-through.
In areas such as bedrooms and bathrooms, will the Inventory Specialist open drawers and closets?
Our Inventory Specialists will not open any drawers or closets unless they have permission to do so, with the exception of the kitchen and dining room. This will be discussed during the walk-through. Under normal circumstances, most closet areas are documented with digital images at a minimum. If requested, specific high-value items such as designer suits, handbags and evening gowns will be individually documented, photographed and appraised.
What about areas in the home that are not included in the finished square footage?
Items you would like cataloged and appraised located in areas such as basements or storage buildings can be included in the project. These areas and associated fees will be explained during our initial discussions and will also be included in the Letter of Agreement.
How long does it take to receive the final documentation once the inventory is completed?
The formal appraisal report and corresponding documents are uploaded to a secure flash drive and delivered within eight weeks of payment of the initial onsite invoice.
How can I keep my inventory reports current when I acquire new assets or dispose of others?
For customers who purchase AVI’s All-Inclusive inventory service, we recommend our Asset Manager service which allows users to add, delete or move items after our initial inventory, appraisal and valuation reports are delivered. In addition, users can request new or updated certified appraisals along with a wide range of other reports.
How do I use AVI's services for Estate Planning or distribution?
AVI’s Estate Planning services provide our clients with effective tools for the equitable distribution of all personal property assets, including jewelry, to all beneficiaries. Whether you’re planning for the distribution of your assets while you’re still living, or your estate attorney is handling it after your death, AVI has the services and tools to minimize stress and make the entire process fair for everyone involved.
What if I want to inventory my personal property myself and have a few items appraised?
For customers who want a DIY inventory option to use for insurance coverage on their dwelling contents, we offer Inventory Safe. (Coming soon!) Inventory Safe is our DIY service for storing photos and descriptions of every item in your house or apartment in your own account on our secure servers. Imagine how valuable these records would be for a claim if the unthinkable happens- a fire, flood, theft or other catastrophic loss. You can also order Certified appraisals for just $30 per item.
What if I just want a few items appraised?
We all have treasures lying around that we know have value but up until now had no way to appraise. AVI also offers a simple appraisal service called Appraise My Stuff. Simply fill out the form to send us photos and a description of your item and we’ll expertly appraise it and return a Certified appraisal within 72 hours. Each appraisal is only $30 and is prepared using the same quality standards as all our appraisals.