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

What is a Liability?

What is a Liability?

Do you know what a Liability is?

Should You Have More Than One Life Policy?

Should You Have More Than One Life Policy?

Whether you need more than one life insurance policy will depend on your personal and financial situation. In this article, we explore some of the reasons one might purchase additional policies.

Interested in a Fuel Efficient Car?

Interested in a Fuel Efficient Car?

Estimate how many months it may take to recover the out-of-pocket costs when buying a more efficient vehicle.