Whether you own a business, or own farm equipment to maintain your property, there will be times when you will need a professional appraiser. Purchasing, maintaining, and selling are just a few reasons to acquire an appraisal of farm equipment. A certified machine and equipment appraiser (CMEA) does more than just look up numbers in a book. They help you get the most accurate fair market value by looking the farm equipment over, researching the specific brand and model, and applying their knowledge of depreciation and overall value.
Paying for new farm equipment can be very expensive, so you might look at used equipment instead. Knowing the value of the used equipment, and the possibility of having to pay for repairs in the future, is vital to your purchase. A CMEA appraisal could help you determine if the used farm equipment is worth the asking price, or if you should look elsewhere.
How much should you insure your farm equipment for? Not having your equipment insured could be an expensive mistake. If your equipment should become damaged, or break down, having insurance can save you from a hefty repair bill. Knowing the amount you should insure your farm equipment for, by getting an appraisal from a CMEA, can save you money. Using the appraisal, you can determine which insurance coverage would be best, instead of getting a higher priced policy.