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?

Thank you! Oops!

Related Content

4 Tips to Avoid an Insurance Claim This Winter

4 Tips to Avoid an Insurance Claim This Winter

As winter continues on, there are a few things you can do to prepare for and prevent a costly insurance claim.

Three Business Auto Coverage Gaps

Three Business Auto Coverage Gaps

Running a business with vehicles? These three coverage gaps could leave you exposed. Here's what you need to protect it.

Think Flood Safety this Spring

Think Flood Safety this Spring

Floods are among the most frequent and costly natural disasters, especially in the Spring. Last year alone, excessive rainfall brought flooding to many locations, making it the deadliest for flooding since 2017.