Appraisal
/uh-PRAY-zul/
A professional assessment of property value.
Definition
An appraisal is an expert's assessment of the value of property. In insurance, appraisals determine the value of items for coverage purposes or to settle disputed claims. You may need appraisals for jewelry, art, antiques, or other valuable items to ensure adequate coverage.
Example
The jeweler's appraisal valued the diamond ring at $20,000, which was used to schedule it on the homeowners policy.
More General Terms Terms
The amount you pay for your insurance policy.
The amount you pay out-of-pocket before insurance kicks in.
The contract between you and your insurance company.
A request for payment under your insurance policy.
The protection provided by your insurance policy.
The maximum amount an insurer will pay for a covered loss.
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