Definition of "Appraisal"

Stephanie Hillebrand real estate agent
Stephanie Hillebrand Realty One Group

Valuation of property for damage resulting from an insured peril or for establishing the base amount of insurance coverage to be purchased. If an insured and an insurance company cannot agree on the amount of an insurer's liability for a property loss, the policy may specify that, upon written request, the dispute is submitted to appraisal. Usually, each party selects an appraiser and the two appraisers select a disinterested umpire. Disagreements by the appraisers go to the umpire, whose decisions typically are binding.

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