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

Immediate vs. Deferred Annuities

Immediate vs. Deferred Annuities

Looking forward to retirement? It's critical to understand the difference between immediate and deferred annuities.

Consider These 3 Things Before Driving Off the Lot

Consider These 3 Things Before Driving Off the Lot

There are a few things to consider when buying or leasing your next vehicle.

Fallen Tree Damage—Who Pays?

Fallen Tree Damage—Who Pays?

Your liability for damages that occur when a tree on your property falls on your neighbor’s property is not clear cut.