Insurance

What is an Appraisal?

Appraisal

[uh-prey-zuh l]

noun

1.

An Appraisal happens just before an insurance Policy is put into effect and is undertaken by the insurance company. The objective of an Appraisal is to determine property’s current replacement cost in the event of a loss. This step is helps ensure that a policyholder is not over- or under-insured.

Have A Question About This Topic?

Related Content

The Best of Both Worlds

Here are a few reasons we’ve chosen to be independent.

What Does Boat Insurance Cover?

Learn the basics of boat insurance, including what it is, what it covers, and why you may want to consider protecting your watercraft against accidents.

Did You Know This Fact About the Claims Process?

Claims can be left open as long as you need.