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Home Insurance Glossary Terms  4 A B C D E F H I J L M N O P Q R S T U V W

Appraisal


An unbiased licensed or certified expert typically who evaluates the worth of property and/or the extent of damage from an insured risk. This evaluation or appraisal is used to determine the amount of insurance to be written or the amount of loss to be paid. Insurance companies generally require that appraisals be no more than three years old for specifically scheduled/listed items, such as jewelry, fine art, musical instruments, silverware and cameras.

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