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 Underwriting?

What is Underwriting?

Do you know what Underwriting is?

The Cost of Medical Care

The Cost of Medical Care

Learn about the risks of not having health insurance in this informative article.

Did You Know This Fact About Flood Damage?

Did You Know This Fact About Flood Damage?

Prevent major flood damage with this tip.