Definition - What does Appraisal mean?
An appraisal is the impartial assessment, evaluation, or estimation of an item's worth or property damage to determine the amount of loss.
Insuranceopedia explains Appraisal
An insurance appraiser assesses the situation to determine the costs to replace or repair the item or property in question to ensure a fair claim payment from the insurer. A policyholder who disagrees with the amount offered in light of an appraisal can often ask for another appraisal, depending on the policy terms.