There are different types of valuations depending on the purpose required. Retail replacement for insurance purposes is the most common type of valuation. The other types of market contrasts with the above market as equivalent to selling items on the open market or turning assets into cash which can be generally described as a sale between a willing buyer and a willing seller taking into consideration saleability and physical condition. These normally refer to Family law, Family Division, Estate Probate and Auction Realisation.
In the event of a claim, specified items in a valuation report will expedite a claim and help result in correct compensation from the insurance company.