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

5 Factors That May Impact Your Car Insurance Rate

5 Factors That May Impact Your Car Insurance Rate

While there are many factors that could affect your car insurance rates, these five you’ll want to keep at the top of your mind.

Insurance Needs Assessment: For Empty Nesters and Retirees

Insurance Needs Assessment: For Empty Nesters and Retirees

Do your insurance needs stay the same when the nest empties?

Is Your Business Auto Up to Date?

Is Your Business Auto Up to Date?

A business owner needs to answer only one question when determining whether to have a commercial auto policy.