I always think of a story of my mother's contracting fiasco.

Mom had her house resided, and little did she know, the contractor had a cocaine addiction. One day, Mom left the house unlocked so the workers could use the restroom, and when she returned home, they had robbed her house.

They took what they thought had value: her jewelry; my great grandmother’s wedding ring, my father’s watches and cufflinks. But after that, they went back for the state quarters she had been collecting for her grandkids. While the valuable items were a shock, she was the most upset about things that didn't have nearly as much value, but had her memories.

Don't worry, that company is no longer in business, but it leaves the question: How do we set a price to memory?

After a flood, fire, or other natural disaster, the questions are no easier.

When valuing items of personal property, we consider three categories: real value, antique value, and sentimental value.

Real Value: This is the money required to replace your item. We have to remember that replacement cost may differ from the actual value of an item. For instance, age and the condition of the lost item will affect the actual value. For replacement, these factors are unimportant: you'll simply need to find the amount necessary to replace the item "of like kind and quality" at current market value. Electronics, for instance, may cost less to replace now than they did when first purchased.

Antique Value: This is the value an item has accrued with age. When considering antique value, we look at age, originality, condition, rarity, and its demand in the marketplace. Valuable antiques should be listed in an insurance policy after verified by an appraisal or expert in the field. Professional restoration companies work to appease unexpected damage from a fire or flood.

Sentimental Value: This is the hardest to define. Sentimental value is the emotional trauma associated with the loss of an item, rather than the monetary amount. Nevertheless, items of sentimental value often mean the most when they can be saved and restored.

No matter the item, know the combination of values to work with professionals to restore the things that matter most to you.