An oriental carpet is an expensive investment and like other pieces of art should be insured against theft, loss or damage. There are many things that could happen to your carpet, and having spent a lot of money on it, it would be wise to insure it against loss or damage. There can be only one thing worse than the sadness of losing or damaging your rug, and that is being out of pocket as a result.

The value of a carpet can be determined by factors such as it age, the size of the rug, the type of rug, the colors and dyes that were used (whether synthetic or natural), the condition, the design - although this is probably a more subjective measure.

However, a professional evaluator will be able to judge this with a measure of objectiveness.

Who should evaluate your rug?

Most antique dealers or general auctioneer would probably not be able to give you a fair evaluation of your oriental rug since the appraisal of such a rug should probably be carried out rather by someone with authority in this field such as a reputable rug dealer or auctioneers who specialize in rugs. The fee for an evaluation could be anything from a fixed cost to a percentage of the value - make sure that you ascertain the fee structure from the evaluator before the job starts else you might be in for a nasty surprise!

The value of the rug is usually estimated at the amount that the rug would fetch on the open market, less any expenses such as the auctioneer's fee.

Why evaluate the value of the rug?

This might be necessary in order to ensure that the correct value is passed into the estate when the owner of the rug dies. The value of the rug would also be important in the case of divorce settlements or the setting up of family trusts. The rug would also need to be insured, and for that, the value of the rug is necessary in order to calculate any insurance fees. Please note that if the rug is just included in the overall insurance for household items, that if it gets stolen or damaged, you might not be able to claim the full value of the rug since the value of normal household items are usually capped at a certain amount. You should rather insure your carpet separately as a separate item, for which you will require the evaluation certificate and probably pay a separate insurance premium. Discuss this with your insurance advisor since different insurance companies have different policies.

Valuation certificate and photographic record

It is vital that a photographic record is kept of the rug together with the evaluation certificate. The rug should also be described in sufficient detail so that any distinguishing characteristics can be identified afterwards. In case of insuring against fire damage, it is important that a copy of the valuation certificate, the description of the rug, and the photo be kept at a location other than the one being insured.