Appraisal

What Does Appraisal Mean?

An appraisal is an impartial assessment, evaluation, or estimation of an item’s value or property damage, conducted to determine the amount of loss.

Insuranceopedia Explains Appraisal

An insurance appraiser evaluates the situation to determine the cost to replace or repair the item or property in question, ensuring a fair claim payment from the insurer. This process matters most in total loss claims, where how insurance companies value cars directly determines what the policyholder receives. If a policyholder disagrees with the amount determined by the appraisal, they can often request a second appraisal, depending on the terms of the policy.